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OPEC to ask Nigeria, Libya to cut oil production

OPEC to ask Nigeria, Libya to cut oil production

Indications have emerged that Libya and Nigeria, both oil producing nations exempted from production cut agreement reached by the Organisation of Petroleum Exporting Countries, OPEC, may be asked to cap their crude output soon. Kuwait Oil Minister, Issam Almarzooq, said the decision would be in an effort to help rebalance the oil market. Bloomberg reports… READ MORE

Global Oil Supply Concerns Mount As Libya, Nigeria Gain Traction

Global Oil Supply Concerns Mount As Libya, Nigeria Gain Traction

While the whole world talks about how the global supply glut needs to come down, oil production is actually expected to increase, and soon, says a new report from Platts. The OPEC production survey released by Platts on Thursday said that Libya and Nigeria—the African duo exempt from the bloc’s production cut—could continue to increase oil production… READ MORE

Nigerian crude oil exports threaten market balance

Nigerian crude oil exports threaten market balance

Oil export operations in Nigeria are back in service following repairs, a division of Royal Dutch Shell said, adding to lingering supply-side concerns. A spokesperson for the Shell Petroleum Development Company of Nigeria Ltd said the company lifted force majeure, a contractual condition related to circumstances beyond the control of the parties involved, for exports… READ MORE

OPEC Production Spikes – Has The Cheating Begun?

OPEC Production Spikes – Has The Cheating Begun?

OPEC’s crude oil production increased by 270,000 bpd in May over April, to stand at 32.12 million bpd–the highest level since January this year–as exempt Libya and Nigeria saw their respective output sharply recovering, according to an S&P Global Platts survey. Despite the high compliance from the cartel’s biggest producer and de facto leader Saudi… READ MORE

‘Nigeria’s oil output will remain low’

‘Nigeria’s oil output will remain low’

Nigeria’s oil production would remain down throughout the first quarter of 2018, if the restiveness in the Niger Delta region is not addressed, the United States Energy Information Administration (EIA) has warned. The agency, in a report on its website, gave the warning, following the decision of the Organisation of Petroleum Exporting Countries(OPEC) to extend… READ MORE

UPDATE 1-Nigeria’s June oil exports poised to hit 15-month high on Forcados plan

UPDATE 1-Nigeria’s June oil exports poised to hit 15-month high on Forcados plan

Nigeria issued its first Forcados oil loading plan since 2016, putting the nation’s June oil exports on track to hit their highest level in at least 15 months. The plan, if realised, would return loadings by Nigeria, normally West Africa’s biggest oil exporter, to levels not seen since militant attacks in the oil-rich Niger Delta… READ MORE

Nigeria’s oil production rose by 274,000 barrels per day in April – OPEC

Nigeria’s oil production rose by 274,000 barrels per day in April – OPEC

Crude oil production in Nigeria rose by 274,000 barrels per day in April, the Organisation of Petroleum Exporting Countries, OPEC, said on Thursday. The increase, OPEC said, represents the biggest increase among countries within the oil producers’ group. According to OPEC’s latest Monthly Oil Market Report for May released on Thursday, Nigeria’s output was put… READ MORE