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Tag Archives: OPEC

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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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