• 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 2 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 2 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 2 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 2 days Venezuela Officially In Default
  • 2 days Iran Prepares To Export LNG To Boost Trade Relations
  • 2 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 3 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 3 days Rosneft Announces Completion Of World’s Longest Well
  • 3 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 3 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 3 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 3 days Santos Admits It Rejected $7.2B Takeover Bid
  • 4 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 days Africa’s Richest Woman Fired From Sonangol
  • 4 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 4 days Russian Hackers Target British Energy Industry
  • 4 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 4 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 4 days Lower Oil Prices Benefit European Refiners
  • 4 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 5 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 5 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 5 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 5 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 5 days OPEC To Recruit New Members To Fight Market Imbalance
  • 5 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 6 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 6 days GE Considers Selling Baker Hughes Assets
  • 6 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 6 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 6 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 6 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 6 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 9 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 9 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 9 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
Alt Text

Is China Heading Toward An Energy-Debt Crisis?

China’s influence is often overlooked…

Alt Text

The U.S. Export Boom Goes Beyond Crude

While U.S. crude oil exports…

Alt Text

The Surprise Winners Of The Oil Price Rally

The recent rally in oil…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Will Nigeria Be Forced To Join The OPEC Production Cut?

Nigeria Rig

Nigeria could lose its exempt status in the OPEC oil production cut deal, as it restores its daily output to levels last seen before militant attacks on infrastructure in the Niger Delta began.

For the time being, this seems to be little more than speculation coming from an oil industry insider quoted by Nigerian Vanguard, who suggested that other members of the cartel may pressure the West African country – and second-biggest oil exporter on the continent – to join the cutting efforts.

“Nigeria appears well on the way to full restoration of its output that could see it pressured by its fellow OPEC members to end its exemption from the production agreement,” the source said.

Separately, the group managing director of the Nigerian National Oil Corporation said that OPEC is monitoring Nigeria and Libya, signaling that the exemption is not irreversible. The two countries and Iran have been a drag on oil prices, as all three are actively increasing their oil output, casting doubt on the effect of the other members’ cutting efforts.

At the moment, Nigeria is pumping about 1.8 million barrels daily, after efforts from the federal government to restore peace in the oil-rich Delta started bearing fruit. Militant attacks have become much less frequent than last year as the government intensified its talks with Delta communities. Related: Can Oil Supply Keep Up With Surging Demand?

Last month, Acting President Yemi Osinbajo announced a $20-billion investment plan for the region, focused on the development of a so-called gas industrial park, aiming to turn the Delta into a regional gas hub. Shell, one of the biggest field operators in Nigeria, separately committed $1 billion to the Delta.

Still, in February, Nigerian Oil Minister Ibe Kachikwu announced between $50 billion and $100 billion in lost oil revenues due to the series of militant attacks on oil pipelines and related facilities in the Niger River Delta. Though the figures were considered by some to be highly inflated, the revenue loss argument is a legitimate one for Nigeria if OPEC tries to make it start curbing its output.

By Irina Slav for 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