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Jeddah - Yasmine El Tohamy - Oil Updates — Crude slightly lower ahead of OPEC+ meeting; Fire in Nigerian oil wells
RIYADH: Oil prices moderated very slightly on Wednesday after gaining more than 3 percent in the previous session ahead of a meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, to discuss a big cut in crude output.
Traders said a stronger dollar was the main reason for the slightly easier prices, as it reduced demand from buyers using other currencies.
Brent crude fell 22 cents, or 0.2 percent, to $91.58 a barrel at 0427 GMT, after climbing $2.94 in the previous session.
US West Texas Intermediate crude futures fell 29 cents, or 0.3 percent, to $86.23 a barrel after gaining $2.89 in the previous session.
OPEC+ is expected to discuss output cuts as big as 2 million barrels per day, an OPEC source told Reuters.
The US is pushing OPEC+ producers not to go ahead with deep cuts, a source familiar with the matter told Reuters, as President Joe Biden looks to prevent a rise in US gasoline prices.
EU price cap on Russian oil will not apply to pipeline shipments: Hungary
A price cap for Russian oil proposed as part of the EU’s eighth round of sanctions against Russia will not apply to pipeline shipments, Hungary’s Foreign Minister Peter Szijjarto said in a statement late on Tuesday.
Hungary, which has been the most vocal critic of sanctions against Russia in the EU, largely relies on Russian crude shipments and Russian gas, both imported via pipelines.
Two oil wells operated by Nigeria’s Eroton on fire
Two oil wells operated by Nigerian firm Eroton Exploration and Production Limited caught fire on Monday and were still burning on Tuesday after the company hired a contractor to try to extinguish the fire, the agency responsible for detecting oil spills said.
It was not immediately clear if this was the same area where a well operated by Eroton spilled oil and gas into the Niger Delta for more than a week in June.
Eroton produces and exports crude from its Oil Mining Lease 18 block through the Nembe Creek Trunkline.
The National Oil Spills Detection and Response Agency said the fire broke out at two wells in Rivers state, in the Niger Delta. A boat suspected to have been engaging in the theft of crude oil was burnt to ashes at the site.
“The company has mobilized a vendor, which is expected to arrive at the incident location today, Oct. 4, 2022, to extinguish the raging fire from the wells, the agency will supervise the activity accordingly,” Idris Musa, head of NOSDRA said in a statement.
(With input from Reuters)
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