Earlier in 2016, Nigeria saw a major decline in its output mostly due to continuous attacks on its oil infrastructure by militants in the Niger Delta.
Oil prices rose Thursday as Saudi Arabia discussed proposed reductions and U.S. stockpiles fell during an OPEC push to boost profit.
Brent crude surpassed $56 and continued to climb after Russia and Kazakhstan joined OPEC's production cut.
OPEC's decision to curb production last week sent oil prices soaring, but the cartel promised Monday to work with nonmember countries to keep prices from fluctuating too wildly.
The dollar hit a value not seen since February, thanks in part to strengthened American oil giants.
The day before Saudi Arabia was set to attend an OPEC meeting over capping output, Riyadh announced another drop in its foreign currency reserves.
Saudi Arabia's oil minister's comments over the weekend on the effects an OPEC production cap might have on the energy market's future sent prices gyrating Monday.
The world’s two largest crude oil producers were scheduled to meet Monday, ahead of the closely-watched OPEC meeting Wednesday.
OPEC seeks to cut production at its upcoming Nov. 30 meeting to between 32.5 million and 33 million barrels per day.
OPEC member states have decided to work on an agreement to cut the group’s production to between 32.5 and 33 million barrels a day.
Iran and Iraq disagreed with production data and refused cuts, sending oil prices — already affected by the negative market sentiment Friday — further lower.
Oil prices could rise to near $60 a barrel by the end of next year.
After oil prices hit months-long highs and U.S. crude production dropped unexpectedly, traders seized profits, boosting forecasts of a rallying market.
Leaders previously indicated there would be a limit on production.
Deutsche Bank shares slumped to a record low after a report that trading clients had withdrawn excess cash and positions held in the largest German lender.
The agreement effectively establishes a floor on prices near $50 a barrel — around where many U.S. shale oil companies can make money and drill new wells.
Venezuelan President Nicolas Maduro has said that a deal between OPEC and non-OPEC producers to stabilize output could be announced this month.
The state-run National Oil Corporation confirmed Ras Lanuf and Es Sider were under full control of east Libyan commander Khalifa Haftar forces while Zueitina was still contested.
Record high oil inventory levels could pose a threat to price stability, the IEA reported.
The kingdom, whose oil output governs prices of the commodity, may return to its role as a swing producer once markets stabilize.
There were unconfirmed reports of deaths in Cumaná, capital of Sucre state, and an opposition legislator from the zone said one man was shot dead.
Investors Friday braced for U.S. payrolls data that could add to or detract from the case for a Federal Reserve interest rate hike later this month or in July.
