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India buys first ever U.S. crude oil, to step up purchases

12 July 2017

"We extended the invitation but unfortunately there is a previous commitment for the Nigerian oil minister", the minister said.

Goldman is flagging the risk of a further drop in oil after the bank late last month cut its three-month forecast for USA benchmark West Texas Intermediate crude to $47.50 a barrel from $55.

Short covering lifted prices in USA trading on Monday with WTI pushing to highs near $44.70 p/b before consolidation just below $44.50 p/b.

Brent for September settlement increased 40 cents to $47.11 a barrel on the London-based ICE Futures Europe exchange. Due to the language of the agreement, OPEC participants were not obligated to cut production until the end of the year. Meanwhile, U.S. producers seemed undeterred by lower prices with drillers adding seven oil rigs this week, according to energy services company Baker Hughes, bringing the total rig count up to 763, the most since April 2015.

WTI light sweet oil was down 44 cents at $43.96 a barrel, edging back near yearly set in June.

"The output from Libya and Nigeria have actually had more of an impact in undermining the efficacy of OPEC's cuts than even USA shale", Tamar Essner, an energy analyst at Nasdaq Inc.in NY, said by telephone.

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Nigeria's oil minister has said the country would consider curbs when output passes 1.8 million barrels per day (bpd).

OPEC needs to "shock and awe" the oil market with deeper cuts for prices to improve, or otherwise crude could slump below $40/bbl, Goldman Sachs says in a report released yesterday.

Oil fell from roughly $114 a barrel in 2014, to as low as $26 in 2016 as OPEC determined to let the market dictate price, betting US shale producers would fall away.

Libya and Nigeria had been exempted from the oil production cuts agreed by OPEC and non-OPEC producers to solve the problem of oversupply in the market. "Deepening the reductions under the current agreement is not on the agenda", Almarzooq said.

"The simple truth is that OPEC and Russian Federation have to contend with the fact that there is output growth elsewhere diluting their efforts at reducing supply", Tchilinguirian said.

India buys first ever U.S. crude oil, to step up purchases