No Need To Freeze Crude Output Now – Saudi Oil Minister

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There is currently no need to limit oil output, Saudi Energy Minister Khalid Al-Falih said on Monday, after signing an energy agreement with his Russian counterpart Alexander Novak.  “There is no need now to freeze production,” Al-Falih said in an interview with Al Arabiya television in Hangzhou, China. “It is among the preferred options, but it is not necessary today. … Read More

OPEC Output Rises to Record Before Talks With Russia on Freeze

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OPEC’s crude production climbed to a record last month as increased output from Gulf members made up for persisting losses in Nigeria and Libya, according to a Bloomberg survey. Supplies from the Organization of Petroleum Exporting Countries rose by 120,000 bpd to average 33.69 MMbpd in August amid increases by Iran, Iraq and Kuwait, the survey of analysts, oil companies … Read More

Oil Pessimists Exit as OPEC Cap Talk Spurs Bets Glut Easing

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For a second week, money managers slashed bets on falling prices by a record and boosted wagers on a rally. Futures have climbed 23% in less than three weeks as some OPEC members raised the possibility of an output freeze amid signs the global glut is easing.  “This is a lot of running from one side of the boat to … Read More

Nigeria Should Pull Out of OPEC – NPA

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The General Manager, Western Ports, Nigeria Ports Authority, Chief Michael Ajayi, has said that continued naira devaluation is a key factor that would ensure Nigeria’s exit from Organisation of Oil Producing Countries (OPEC). Ajayi stated this in a paper titled: “Nigeria’s Economy and Way Forward” during the Induction of new members of the Institute of Credit Administration (ICA) in Lagos. … Read More

UK to Receive First Cargo of Lagos Oil in September

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The much anticipated first ever crude oil export cargo from the Aje field, offshore Lagos, will be shipped to the United Kingdom in September. Following the commencement of the first oil production at the Aje field in May 2016, Panoro Energy, the London-based energy firm in partnership with operator Yinka Folawiyo Petroleum Company Limited (YFP), announced in July that the … Read More

FG Offers Incentives for Oil Exploration in Inland Basins

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The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has urged the National Association of Petroleum Explorationists (NAPE) to explore the hydrocarbon potentials of green  inland (frontier) basins in order to increase the depleting reserves in the country. He said the federal government would be willing to make provisions for incentives for such prospective investors. … Read More

Rethinking NNPC’s Oil Search in the North

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Having frittered away billions of naira of state funds in the search for crude oil in the north, the federal government (NNPC) should adopt the successful models used in the Niger Delta, Anambra and Dahomey Basins by incentivising oil companies to embark on exploratory activities in new frontiers. The Niger Delta, which largely dominates the oil-rich Gulf of Guinea, did … Read More

Crude Oil Price Gain Reversed on Nigeria, Iraq Supply Boost

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Oil retreated, halting the longest run of gains in four years as Iraq sought to increase exports amid a global oversupply and Nigerian militants called an end to hostilities.   Futures fell 3% in New York after climbing 16% the previous seven sessions. Iraq will boost crude shipments by about 5% in the next few days following an agreement to … Read More

Nigeria’s Oil Production At 30-Year Low – U.S.

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Nigeria’s oil production fell to 1.4 million b/d, as at May, 2016, nearly a 30-year low, the United States Energy Information Administration has said. In a report released yesterday, the agency said the Niger Delta Avengers’ (NDA) attacks resulted in immediate and severe disruptions in crude oil production, as some of them targeted key oil-gathering and export infrastructure. According to … Read More