Emerging stability in oil output may force Nigeria, Libya back to OPEC cut bracket
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…
Nigeria in fears as US oil output may become OPEC’s headache soon—IEA
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…
Anxiety forces OPEC ministers to meet in Vienna on Thursday
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…
Oil romps to $52 on Russia, Saudi compliance to sustain cut till 2018
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…
OPEC seeks ‘collective efforts’ to contain emerging US oil output glut
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…
W/Bank sees world oil price rising to $60 early next year as producers maintain cuts
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….
OPEC, non-OPEC production cuts restoring market stability – Barkindo
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….
Two months after, Nigeria loses Africa’s top oil producer position to Angola again
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…
Danger as oil production falls to 1.2 million barrels, 1mbpd shot of 2017 budget anchor
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…
Angola may takeover Africa’s number 1 position, new OPEC data shows
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,…
