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Tag Archives: OPEC

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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Fears of crude oil price fall heighten as Nigeria, US, Libya’s outputs rise

OPEC Ibe kachukwu

The observed stability of light sweet crude in hitherto volatile Nigeria and Libya oil communities, plus stable US Shale explorations are becoming serious threats to global oil price which steadied at over $50 recently. The increase according to the US Energy Information Administration (US-EIA), is capable of contributing to a narrower price spread between light and medium crude. Already, EIA ...

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FG may be on daily loss of N58bn if production exceeds 1.8mbpa

OPEC Ibe kachukwu

With Nigeria agreeing the Organisation of Petroleum Exporting Countries’ (OPEC) new condition not to cross 1.8mbpa, the country may begin to lose about N58bn daily if oil production exceeds the new mark. Though it was a voluntary agreement with OPEC not to cross 1.8mbpa, analysts say momentary hostilities in Niger Delta may not allow oil production to hit the target ...

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OPEC compels Nigeria to cap oil output at 1.8mln bpd

OPEC Ibe kachukwu

Indication emerged on Monday that the Federal government has agreed to OPEC’s terms to voluntarily cap its oil output at 1.8 million barrels per day (bpd) once it reaches that level. This was announced by the Kuwaiti Oil Minister Essam al-Marzouq while the cartel continues to weigh options for Nigeria and Libya whose oil producing regions had been under siege ...

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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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