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Tag Archives: OPEC

Nigeria in fears as US oil output may become OPEC’s headache soon—IEA

OPEC barkindo

The International Energy Agency (IEA) said on Wednesday that Global oil output will expand faster than worldwide demand for oil next year, primarily as US producers rack up production, and that could hamper exporters’ efforts to prop up prices. The IEA also suggested that the dynamism of US producers could prove a headache for exporters. OPEC had on Tuesday complained ...

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Anxiety forces OPEC ministers to meet in Vienna on Thursday

OPEC barkindo

Member states of oil exporting countries have been scheduled to meet in Vienna, Austria on Thursday this week ahead of fears oil production cuts amid increased competition from U.S. shale producers. Details from the OPEC’s website on Monday revealed that it is the organisation’s 172nd meeting where ideas and backups on how to manage American threats of glut production will ...

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Oil romps to $52 on Russia, Saudi compliance to sustain cut till 2018

OPEC Vienna

Global oil price rose to $52 in reaction to Saudi Arabia and Russia, the world’s largest producers, agreeing to extend the historic OPEC deal till March 2018. A joint statement issued on Monday by Khalid al-Falih, Saudi’s energy minister and Alexander Novak, said they would do whatever it took to curb oversupply. “There has been a marked reduction to the inventories, ...

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OPEC seeks ‘collective efforts’ to contain emerging US oil output glut

OPEC Ibe kachukwu

Ahead of fears that the United States of America (USA) may saturate the market with Shale oil even as OPEC’s cuts regime goes on, the global cartel weekend said oil producers needed to make more joint efforts to match supply and demand in the oil market in the face of rising output in the United States. This is coming ahead ...

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W/Bank sees world oil price rising to $60 early next year as producers maintain cuts

OPEC barkindo

World Bank forecast team has said that global oil prices, currently backed by production cutbacks by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states, will allow markets to gradually rebalance and steady at $60 by next year. Otherwise, the institution retained its forecast for crude oil prices this year at $55 per barrel, but its projecting a ...

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OPEC, non-OPEC production cuts restoring market stability – Barkindo

OPEC Ibe kachukwu

Former Managing Director of Nigerian National Petroleum Corporation (NNPC), and incumbent OPEC Secretary General, Mohammad Sanusi Barkindo shas averred that at an energy forum in Abu Dhabi that the group is hopeful over continued stay of the production cuts agreement. He said the development will lead to a recovery in the market over time. According to him, “We are optimistic ...

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Two months after, Nigeria loses Africa’s top oil producer position to Angola again

OPEC Ibe kachukwu

Barely two months after recovering the African top oil producer from Angola, Nigeria has lost the position again to the same country following drop in crude sales traced to oil theft surge in recent times. Nigeria’s crude oil production fell by 156,900 barrels per day (bpd) to 1.269 million bpd in March, from 1.426mbpd recorded in February. Consequently, the country ...

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Danger as oil production falls to 1.2 million barrels, 1mbpd shot of 2017 budget anchor

OPEC Ibe kachukwu

If something fast is not done to raise Nigerian oil output to the 2017 budget specification of 2.2 million barrels per day (mbpd), indications are rife that the budget may start early deficit financing. Analysts say when expected revenue target starts to fail early in the life of a budget; it builds up chances of debt and failure to deliver ...

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Angola may takeover Africa’s number 1 position, new OPEC data shows

OPEC Ibe kachukwu

Anxiety is building up following the latest data released by the Organisation of Petroleum Exporting Countries (OPEC) showing drop in Nigeria’s oil exports contrary to earlier reports by the Ministry. OPEC, in its Monthly Oil Market Report for March 2017, put crude oil production from Nigeria at 1.526 million barrels per day in February, down from 1.533 million bpd in ...

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OPEC agreement complementing FG’s efforts to exit recession quicker—Survey

OPEC Ibe kachukwu

Recent studies of the financial performance of the federal government by the Economic Study team (EST) of Business Hilights have confirmed that the prevailing exemption of Nigeria in the recent agreement by OPEC to cut production so as to maintain rising oil price is the oxygen pipeline for the economy as it is now. Moreover, the agreement worked better for ...

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