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Tags: OPEC

Despite Cap Agreement Exemption, Nigeria Still Under OPEC Pressure

Despite Cap Agreement Exemption, Nigeria Still Under OPEC Pressure

After voluntarily agreeing to participate in the decision of OPEC and its non-members to cap oil production levels to stabilise price, Nigeria reaffirms commitment to the agreement in the face of fresh pressure. Chineme Okafor writes After a December 2016 meeting in which Nigeria participated actively, the Organisation of Petroleum Exporting Countries and 11 non-OPEC… READ MORE

OPEC Caps Nigeria’s Oil Output At 1.8m bpd

OPEC Caps Nigeria’s Oil Output At 1.8m bpd

The Organization of Petroleum Exporting Countries (OPEC) yesterday approved the capping of Nigerian oil production at 1.8 million barrel per day (bpd). Accordingly, OPEC called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. A ministerial committee of OPEC and non-OPEC known as the Joint… READ MORE

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

Shell Lifts Force Majeure Raising Nigeria’s Crude Output by 226,000bpd

Shell Lifts Force Majeure Raising Nigeria’s Crude Output by 226,000bpd

 NNPC signs $700m oil exploration agreement with Schlumberger, First E&P Ejiofor Alike in Lagos and Chineme Okafor in Abuja with agency report Nigeria’s crude oil output is expected to rise by 226,000 barrels per day, as the Shell Petroleum Development Company (SPDC) has lifted the force majeure declared on exports of Bonny Light, Nigeria’s reference… READ MORE