• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 8 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 day Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Saudi Fund Wants to Take Tesla Private?
  • 4 mins China goes against US natural gas
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 2 days Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days Pakistan: "Heart" Of Terrorism and Global Threat
  • 2 days Are Trump's steel tariffs working? Seems they are!
  • 7 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 3 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 day Why hydrogen economics does not work
Alt Text

Nigeria’s State Owned Oil Company To Go Public

Nigeria's state owned oil company…

Alt Text

The Oil Bulls Are Back

Oil markets had a bullish…

Alt Text

Philippines Cracks Down On Fuel Pirates

Though fuel smuggling in Southeast…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Trending Discussions

Nigerian Outages Drag Total OPEC Production Down In May

Nigeria Pipeline

Based on survey data compiled by Reuters for the month of May, OPEC crude oil out has fallen by 120,000 barrels per day—a drop largely attributed to the resurgence of Niger Delta militancy.

On Monday, Nigeria’s oil and condensate production was down to 1.1 million barrels per day, according to Nigerian petroleum officials, with 50 percent of output offline. Over one million barrels per day of production has been lost as Niger Delta militant attacks increase momentum, forcing supermajors to declare force majeure. Related: Oil Pauses At $50 Ahead Of OPEC Meeting

Four major crude export grades—Qua Iboe, Bonny Light, Brass River and Forcados—are now under force majeure.

This has balanced out increases in production in Saudi Arabia, Iran and Iraq—all of which are bent on securing more market share.

With oil prices having rebounded close to US$50 and output down for May already, there is little incentive for the top OPEC members to entertain any sort of production freeze at the Thursday meeting in Vienna.

WTI for July delivery was down to the $47 handle again. Brent North Sea crude for August delivery was down over 2 percent at $48.83 a barrel in London.

Both still finished higher for the fourth month in a row, however, with WTI up 6.9 percent in May and Brent up 3.2 percent, according to Nasdaq.

In the meantime, energy experts are chiming in Nigeria’s loss of output, suggesting that Saudi Arabia and Iran will be keen to fill this void and scoop up extra market share. Related: Is This The Most Critical Gas Play In Decades?

An oil expert and Professor of Law and Co-Director, Institute for International and Immigration Law, Thurgood Marshall School of Law, Texas Southern University, United States, Emeka Duruigbo, said, “There is a real struggle to acquire or maintain market share by existing or fully returning players, notably Iran and Saudi Arabia,” oil expert and law professor Emeka Duruigbo told The Punch.

“Any opening created by Nigeria’s inability to meet its supply commitments is an invitation to these countries to exploit the gap and leverage their strengths. I would be deeply concerned if I were manning Nigeria’s economic ship at the moment.”

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News