Besides, Nigeria’s crude oil production increased from 1.792mbpd in February to 1.810 mbpd in March.OPEC and allies including Russia are keeping crude oil supply limits in place in 2018, to reduce a price-denting glut of oil held in inventories. The United States West Texas Intermediate (WTI) crude oil also hits $67.39 per barrel at the weekend.In March, the OPEC Reference Basket (ORB) increased by less than 0.5 per cent to $63.76 per barrel. OPEC crude oil production dropped by over 201,000 barrels per day in March over the previous months, while production mainly decreased in Angola, Venezuela, Algeria and Saudi Arabia. This OPEC said has been partially offset by higher production in the United Arab Emirates, according to the organisation’s latest crude oil report.OPEC expects the demand for its crude oil to be at 32.6 million barrels per day (bpd), 0.3 mbpd lower than in 2017. We know that whenever we are in excess of $65 per barrel, shale gets very active because the fundamentals become much more supportive to more investments and more production lines.”

Source: The Guardian April 17, 2018 04:30 UTC