• 26 mins ConocoPhillips Sets Price Ceiling For New Projects
  • 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 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
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 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
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 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
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 7 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 7 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 10 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 10 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
Bahrain Security Forces Foil Attacks On Three Oil Pipelines

Bahrain Security Forces Foil Attacks On Three Oil Pipelines

Bahrain’s security forces have prevented…

The Undisputed Leader Of Tomorrow’s Oil & Gas Markets

The Undisputed Leader Of Tomorrow’s Oil & Gas Markets

According to the Executive Director…

Nigeria Agrees To Production Cap When Oil Output Reaches 1.8 Million Bpd

OPEC

Nigeria is ready to support OPEC’s cuts and limit its crude oil output when it reaches a stable 1.8 million bpd, Nigerian Oil Minister Emmanuel Kachikwu said on Wednesday.

Nigeria and Libya—exempt from OPEC’s production cuts because of militancy that had crippled their production last year—were the two producers that contributed the most to the 393,000-bpd increase in the cartel’s total crude output in June compared to May. Libya’s output jumped by 127,000 bpd to 852,000 bpd, while Nigerian crude production rose by 96,700 bpd to 1.733 million bpd.

Nigeria’s average June production is very close to its target of 1.8-million-bpd, but its oil minister noted that he would have to see if output and the fragile peace are sustained.

“As a serious member of OPEC, we stand ready to support the cuts when we are sure that we can have a stable predictable production,” Kachikwu said, as quoted by Bloomberg.

“We still are below the 1.8 million barrel a day benchmark set for us by OPEC. I think that over the next one or two months, hopefully, we can get to that point where we can say the recovery has been tested, it is systemic and predictable,” the minister said.

Nigeria last produced 1.8 million bpd in February 2016, and according to data compiled by Bloomberg, its production capacity is 2.2 million bpd.

Nigeria’s Ministry of Petroleum Resources said on Wednesday that minister Kachikwu confirmed he had been invited to attend the Joint Ministerial Monitoring Committee meeting of the OPEC and non-OPEC countries in Russia on July 24 that would discuss Nigeria and Libya’s production, but he would not be able to attend because of a scheduling conflict.  

"Nigeria has reaffirmed its commitment to continue working with other players for the stability of the global oil market,” the ministry said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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