Minister of state for petroleum, Ibe Kachikwu, has said that militancy in the Niger Delta has destabilised the country’s oil industry and that Nigeria needs to up its production by 1.1 million barrels per day to meet target. Kachikwu also said that declining price of oil in the international market has negatively impacted the country’s revenue leading to economic recession. … Read More
OPEC’s Planned Oil Production Freeze Won’t be Potent
Even if OPEC strikes a deal with Russia next month in Algiers to freeze oil production, success will mean a lot less than when they tried and failed four months ago. Oil has rallied more than 10% since the Organization of Petroleum Exporting Countries said that it will hold an informal meeting in the Algerian capital, fanning speculation the group … Read More