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Tag Archives: OPEC

‘Russia’s total compliance with OPEC’s supply cut deal will stabilize oil price’

opec

Global analysts on the movement of oil prices have welcomed moves by the Russian government to key into the ongoing OPEC’s supply cut deal, saying the cartel will gain more from the rare move. Already, the Russian Energy Minister, Alexander Novak, said that Russia is planning to fully comply with its commitment to cut oil output under the OPEC/non-OPEC deal ...

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Nigeria, Libya plan raising oil output upon OPEC’s cut exemption

OPEC Ibe kachukwu

Relying on the advantages currently enjoyed based on restive scenarios in their oil production regions, Libya and Nigeria; the only two cut exempt members of the Organisation of Petroleum Exporting Countries (OPEC) are working on a template to raise output next year. The idea is coming barley two weeks after the decision by OPEC to extend oil production cuts. While ...

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Expect global oil market to balance before end of 2018 – OPEC

opec

OPEC on Wednesday noted that supply and demand in the global oil market are likely to balance out by the end of 2018 as surge in demand driven by developments in global transport deepens. The cartel said demand is projected to grow by 1.51 million barrels per day (mb/d) next year, compared to an already higher-than-expected 1.26 million increase this ...

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OPEC mulls 2018 oil cut extension with caveat

opec

OPEC and Russia are heading toward prolonging their oil supply cuts for the whole of 2018 but with an option to review the deal in June, OPEC sources said on Tuesday after Moscow expressed concerns the market could overheat. The recommendation was made by a joint committee of OPEC and non-OPEC delegates including Russia but has yet to be approved ...

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Nigeria in need of four more deepwater projects to soar daily output—Minister

Ibe Kachikwu

…Denies any running pipeline protection deal with militants Several youths and even traditional rulers in Niger Delta were on Wednesday in Asaba, the Delta State capital, shocked to their marrows when the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, made it clear to then the validity of pipelines protection deals with community youths and mainly repentant militants has ...

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Fears as OPEC plans to impose quota on Nigeria, cuts extension for market solidity

OPEC Ibe kachukwu

Even though oil prices have remained on the rising spree, there are strong indications that oil producers may unanimously extend a production cut accord later this month but its duration is being discussed. This was the position of the UAE energy minister said on Monday. However, the Minister of State for Petroleum Resources, Dr. Ibe Kachukwu had earlier made it ...

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Stubborn inflation, fragile economic growth may force MPC to retain all rates

CBN MPC meeting

Whereas the nation waits till later today, September 26, 2017 for the communiqué at the end of the two-day Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), economists have reached consensus that the best option for the stubborn inflation and fragile recovery from recession is to retain all rates as they are since the last review. Observers ...

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OPEC deepens Nigeria’s economic recovery by staying oil cut exemption

OPEC Ibe kachukwu

A star indications that Nigeria’s economy is set to sustain recovery from recession emerged Friday following the meeting of the Joint Ministerial Monitoring Committee of the Organisation of Petroleum Exporting Countries (OPEC)  and non-OPEC members which ended in Vienna with an endorsement of Nigeria’s exemption from oil cuts policy. The cut exemption was granted Nigeria at the November 2016 ministerial ...

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Nigeria economy gaining momentum on steady oil rise to $56 from refinery demand

Crude oil pipeline

As the number of U.S. rigs drilling for new production fell and refineries continued to restart after getting knocks by Hurricane Harvey, global oil prices strengthened on the rise to $56 on Monday trading. Analysts say the development is good for Nigeria as production is stabilizing at over 1.8mbpd due to calm in Niger Delta. Already, U.S. West Texas Intermediate ...

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Nigeria lacks what it takes to resist oil cut if OPEC decides—Expert

OPEC Ibe kachukwu

A senior analysts on international oil politics, Dr. Kinsley Amodu has reacted to the statement credited to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu in an interview with the Financial Times that the country was still suffering from years of violent disruptions and needed more “recovery time” before joining a supply deal agreed last year between some ...

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