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Tag Archives: OPEC

Can 2017 budget survive if OPEC compels Nigeria to cut output on falling oil price?

Udoma, Buhari, Adeosun

Indication has emerged that the Nigerian economy as planned to be driven by the 2017 national budget may be under serious threat, if the speculation making the rounds on the possibility of oil cartel, OPEC, compelling Nigeria to join production cut at a time oil price is on a steady fall. Nigeria’s oil production is currently on a daily average ...

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Global oil price on recovery trends as market remains under pressure

OPEC Vienna

Oil prices recovered some losses on Monday after a three percent fall in the previous session, but markets remain under pressure from high drilling activity in the United States and ample supplies from producer club OPEC. Brent crude futures, the international benchmark for oil prices, were at $47.08 per barrel at 0537 GMT, up 37 cents, or 0.8 percent, from ...

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FEC approves policy to make gas a hub of our economy—Kachukwu tells PENGASSAN

Ibe Kachikwu

More details have emerged on the federal government’s new drive to grow the economy suing the oil and gas sector. In his address to participants at the fifth triennial national delegates’ conference of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) , the Minister of State for Petroleum, Dr. Ibe Kachukwu said “I am just coming back ...

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Emerging stability in oil output may force Nigeria, Libya back to OPEC cut bracket

OPEC Ibe kachukwu

Though the Organisation of Petroleum Producing Countries (OPEC) failed to include a clause that if stability returns to exempted producing nations and their output rises to normalcy, they should join the cut basket; indications are rife that Nigeria may soon be under pressure to join cuts. The OPEC and non-OPEC cuts have failed to have the desired effects so far, ...

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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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