• 3 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 5 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 6 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 7 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 8 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 9 hours Rosneft Signs $400M Deal With Kurdistan
  • 11 hours Kinder Morgan Warns About Trans Mountain Delays
  • 18 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 23 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 1 day Conflicting News Spurs Doubt On Aramco IPO
  • 1 day Exxon Starts Production At New Refinery In Texas
  • 1 day Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
Alt Text

Corbyn Seeks To Renationalize Britain’s Utilities

Jeremy Corbyn wants to renationalize…

Alt Text

Footloose Iraq Cannibalizes Saudi Market Share

OPEC’s de-facto leader Saudi Arabia…

Alt Text

Kobe Steel Scandal Could Rattle Nuclear Industry

The scandal at Japan’s Kobe…

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

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


Leave a comment

Leave a comment




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