Oil prices fall due to oversupply

Oil tankers wait to dock at Tupras refinery near the northwestern Turkish city of Izmit

Already, OPEC and non-OPEC producers have invited the two countries to a committee meeting taking place in St. Petersburg, Russia, on July 24.

The meeting, set to hold on July 24 is aimed at discussing the stability of their production.

On December 1, 2016, the Ministry of Petroleum Resources announced the decision of the OPEC (Organization of Petroleum Exporting Countries) after strategic negotiations to exempt Nigeria from the oil output cut agreement. The revisions suggest the French lender had high hopes for OPEC's production cut extension, and now that it has failed to push up prices, there doesn't seem to be a lot of upward potential coming from anywhere else.

Benchmark Brent crude LCOc1 fell 30 cents to touch at $46.58 a barrel, while U.S. crude CLc1 dropped 25 cents to reach at $44.15, reported Reuters.

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Lower oil prices tend to have a negative impact on crude oil producers such as PDC Energy (PDCE), Continental Resources (CLR), and Comstock Resources (CRK). The report states that oil prices were already at US$100. The two volatile African nations have seen their combined output jump almost 1 million barrels per day from last year's lows, offsetting much of the production cuts from the rest of OPEC.

However, the Oil Minister of Nigeria, Ibe Kachikwu, expressed unavailability to attend the meeting due to another commitment.

Should they reach their daily output goals of 1.25 million and 1.8 million bbl, respectively, overall OPEC production by year-end may be close to 33 million, he estimates.

Kachikwu has said that Nigeria was not opposed in principle to joining OPEC's production cap, but would have to wait and see if production returned to acceptable levels.

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And we do not rule out that we'll be able to arrange a summit following these phone talks. The Kremlin has denied backing the separatists.

Reuters reported that Libya said yesterday it was ready for talks but added that its political, economic and humanitarian situation should be taken into account in talks on caps.

West Texas Intermediate, the US benchmark for the price of oil, was down 0.88 percent to $43.84 per barrel.

The prices for crude oil are about 18% below in their 2017 opening levels despite a deal led by the OPEC to slash production from January.

Nigeria's finance minister met last week with OPEC Secretary General Mohammad Barkindo.

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