Traders
have found some comfort from a continued slowdown in US output, supply
disruptions within OPEC, and raised expectations that a March 20 meeting between OPEC and non-OPEC
members
will
lead to the introduction of a cap on production.
Producers
plan to meet on March 20 when renewed attempts to agree on a production cap
will be made. Disruptions to pipelines carrying around 600,000 barrels/day of
oil from Kurdish-controlled areas in
northern
Iraq combined with outages in Nigeria triggered a slowdown in February which
helped more than offset increased flows from Iran.
Nigeria
on Thursday said key crude producers plan to meet this month in Russia to discuss a proposed output freeze.
Oilfield services provider Baker Hughes said late Friday that
the number of rigs
drilling for oil in the U.S. decreased by
eight last week to 392, the 11th straight weekly
decline and the lowest level since 2009.
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