Based on the lower US inventories and the expectation of an extended production cut, this week has seen the market stabilize, including a recovery of Brent back above $50 per barrel, following steep price falls last week.
According to OPEC's latest Monthly Oil Market Report for May released on Thursday, Nigeria's output was put at 1.484 million bpd for April, from 1.21 million bpd in March, which was based on direct communication.
The head of oil analysis for the IEA, Neil Atkinson said it was starting to become clear "that if the objective of the OPEC cuts was to flip the market from surplus into deficit, that is now slowly beginning to happen".
The fall in WTI 2018 swap prices has made it "unattractive for most US shale oil producers to hedge", Jesper Dannesboe, a London-based commodity strategist for SocGen, wrote in Friday's report.
The head of commodities at Goldman Sachs, Jeff Currie told the Platts London conference that the market is heading towards a supply deficit and he sees stronger prices in the long term. Saudi Arabia, OPEC's de facto leader, has said it expects an extension to the end of 2017 or possibly beyond.
Oil prices fell modestly on Friday, pulling back after two days of gains, as concern over USA production took some of the shine out of optimistic signals from OPEC this week about output cuts.
OPEC has been urging other producers to join the supply pact and, together with participating non-member countries, meets to set policy on May 25 in Vienna. US light crude CLc1 was up 1 cent at $47.84.
"Higher oil production from the United States, along with rising oil output from Canada and Brazil, is expected to curb upward pressure on global oil prices through the end of 2018", Howard Gruenspecht, acting administration at the EIA said in a statement Tuesday.
A local resident, 37-year-old Asrul Tuanakota, is said to have discovered it on the night of Tuesday, May 9. The remains of a giant squid washed up on the shores of Seram Island in Maluku province earlier this week.
The gauge had gained 389.37 points in previous three sessions to close at a record high of 30,248.17 in yesterday's session. The 50-share NSE Nifty gained 43.35 points, or 0.46 per cent, to quote at a life-time high of 9,450.65.
The volatility of Wall Street stocks have dropped to a record low after a string of days with little change in the markets. Tyson Foods was the biggest S&P loser, down 6.08 per cent after the meat processor reported a slump in quarterly profit.
End of the story? In the mayhem, Styles attacked Owens, while Mahal with the help of the Singh brothers escaped Orton's clutches. Former disciple clashed with diehard believer last night, as Luke Harper took on a leaderless Erick Rowan on Smackdown LIVE .
Vettel added: "I tried everything to catch Valtteri and I thought there may be an opportunity, but it doesn't matter". Bottas doesn't go in for wild celebration, but he radiated calm satisfaction with a job well done.
The display is pretty much the same, but there's nothing to complain about the Super AMOLED 1080 x 1920, 5.5-inch screens. Those include the new entry-level Moto C and C Plus, the Moto E4 and E4 Plus, and the Moto Z2 and Moto Z2 Force.
Also injured, the two giants went at it as Reigns threw Superman punches at Strowman and slammed his shoulder into the ring post. Stand back everyone else in the RAW tag team division: The Golden Truth is back! - Samoa Joe vs Seth Rollins will happen later.
Police initially linked seven deaths and nine shooting incidents over a four-month period to the Phoenix Serial Street Shooter . Police previously said at least seven people were killed and two others wounded over a four-month period a year ago .
In his annual New Year's address, Kim said North Korea's preparations for an ICBM launch had "reached the final stage". However, North Korea on Saturday warned that it is "prepared" to respond to any nuclear attack in kind, AFP reported .
Sunday's development continues just a roller coaster of events that have happened this season, let alone last couple weeks. The two sides got into it over how much Harvey was being used during the team's run in the second half.
Jamie Carragher is backing Jose Mourinho to keep Manchester United on course for a top-four finish in the Premier League. Fellaini was named in a United midfield which seemed created to stifle City rather than compete creatively with them.
Buffett says AHCA is tax cut for the rich
He wrote that investors were effectively saying: "Don't send us a dividend but instead reinvest all of the earnings". The executives who run Berkshire subsidiaries look forward to the meeting just as the shareholders do.
Hamas elects Haniyeh as new political chief: spokesman
It brainwashes Palestinian kids in suicide kindergarten camps. "So, where does this hate-filled document belong?" he concluded. What's behind Hamas' Document Release? Hamas is classified as a terrorist organization by the U.S., European Union and Israel.
Trump administration hollows out EPA science integrity board
This approach is what was always intended for the Board and we're making a clear break with the last administration's approach". Bush administration. "Instead, they should participate in the same open competitive process as the rest of the applicant pool.
Some rivers receding, but Mississippi River remains high
The weekend flooding killed two people in the state, inundated homes and businesses, and led to the closing of 272 roads. The soaked levee did hold, and Mayor Michael Pennise said Thursday that residents could return starting at 8 a.m.
Spurs lose Parker for rest of playoffs
If the Rockets can dictate the pace of Game 3 like they did in the series opener, they've got a good chance to take a 2-1 lead. The Houston Rockets have an opportunity to make something of their newfound advantage, and should look to do just that.
Aldridge steps up to help Spurs down Rockets 103-92
San Antonio was lucky to keep the Rockets from making them pay for their carelessness after committing 20 turnovers in the Game 3. He certainly looked the part of a rookie at times, but it helps that Pop is using Kawhi Leonard as more of a point forward now.