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Tag Archives: OPEC

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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OPEC detects ‘high compliance’ with oil cut deal, rues US, Canada planned glut

OPEC Vienna

OPEC said Tuesday oil producers have kept their promise to cut output in accordance with a landmark deal designed to lift petroleum prices. As a result, prices rose in February as last year’s accord between OPEC members and some non-members gained traction, the Organisation of the Petroleum Exporting Countries said in its monthly oil report. The oil price recovery was, ...

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New 5 year forecast by IEA raises supply concern amidst surging demands by 2020

IEA logo

Latest five-year oil market forecast from the International Energy Agency (IEA) has said that global oil supply could struggle to keep pace with demand after 2020. This means that a sharp increase in prices may compound demand woes if new schemes are not explored as soon as possible. IEA had earlier observed that Organisation of the Petroleum Exporting Countries (OPEC), ...

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Recovery signs emerge as Nigeria returns to Africa’s top oil producer

Ibe Kachikwu

The reign of Angola as the leading oil producer in Africa has finally come to an end as hostilities reduces to barest minimum in the Niger Delta. At the height of the vandalism and kidnapping of oil workers in producing communities, Nigeria’s oil production waned drastically to an all time low of 800bpd, but recent peace overtures and cementing of ...

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OPEC scribe hails FG over seamless exit from joint cash-call debt

OPEC barkindo

The visiting Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) and former managing director of Nigerian National Petroleum Corporation (NNPC), Dr. Mohammed Barkindo, has commended Nigeria for exiting the Joint Venture Cash Call debt. Cash calls is the counterpart funding which the Federal Government, represented by the NNPC, annually pays as its 60 per cent equity shareholding in ...

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