OPEC meeting ends with no new accord on extending production cuts

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       All eyes on the monitoring committee

On Friday, Novak met with ministers of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna where they said they were still halfway toward clearing the global glut.

Members of the OPEC+ agreement on crude production cap note lower volatility on the oil market, he said, adding that oil prices are 30% higher versus the first half of past year.

Minister of state for Petroleum Resources, Emmanuel Kachikwu, who led Nigeria's delegation to the meeting, argued that though Nigeria's production recovery efforts have made some appreciable progress since October a year ago, Nigeria is not yet out of the woods.

In May, OPEC agreed to extend until March 2018 an oil output cut agreement put in place for six months effective from January 1 and which expired in June.

West Texas Intermediate for November delivery was at $50.53 a barrel on the New York Mercantile Exchange, down 2 cents, at 10:44.

"We've actually joined", he said.

Oil prices have gained more than 15 percent in the past three months to trade above $56 a barrel, suggesting the deal is making progress in getting rid of excess supply. It is now expected for OPEC to extend this deal to possibly the end of 2018.

However, market sentiment has generally been positive lately as Brent has risen nearly 12% just in the past week buoyed by fall in USA distillate stocks, which has driven up refining margins, causing a jump in the appetite for crude.

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The Minister of State for Petroleum Resources, Ibe Kachikwu, told the meeting that even though Nigeria hit 1.802 million barrels per day in August 2017, that was not enough justification for a call by some countries for it to be brought into the fold.

Earlier in February, Iran had announced signing an agreement with Russian Federation to export 100,000 barrels of crude oil per day to the country in the form of an oil-for-goods program.

Oil inventories in developed economies have dropped by 170 million barrels since January and backwardation in prices demonstrates stockpiles are shrinking and demand is rising, al-Marzooq said before the meeting.

Ministers from nations that together pump more than half the world's oil at times made conflicting statements, but broadly signaled that their meeting on Friday wouldn't take concrete steps to address concerns that their agreement may end too early.

On December 10, 2016 the group further declared to cooperate with non-OPEC oil producing countries to accelerate the stabilisation of the global oil market through voluntary adjustments in total production of around 1.8 million barrels per day.

Kuwait's minister said there were a "number of positives" in the market.

Caps for both Libya and Nigeria were discussed but not finalized at Friday's meeting.

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