• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 49 mins Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 2 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 1 hour Total nonsense in climate debate
  • 2 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 13 hours Theresa May to Step Down
  • 1 day Devastating Sanctions: Iran and Venezuela hurting
  • 23 hours IMO 2020 could create fierce competition for scarce water resources
  • 4 hours Will Canada drop Liberals, vote in Conservatives?
  • 1 day Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 1 day IMO2020 To scrub or not to scrub
  • 5 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 54 mins Apple Boycott in China
  • 5 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
How Trump And Xi Killed The Oil Rally

How Trump And Xi Killed The Oil Rally

The U.S.-China trade war appears…

The Silence Before The Storm In Oil Markets

The Silence Before The Storm In Oil Markets

Current market volatility may seem…

Nigeria Could Soon Start Cutting Oil Production

Egina Total

Nigeria could start reducing its crude oil production in line with the OPEC-wide output cut agreed last December, President Muhammadu Buhari said as quoted by Nigeria media, speaking to a special envoy of the Saudi king Salman.

The country was not this time exempted from the cuts: OPEC assigned it a production cut quota of 2.5 percent of the 1.7 million bpd the West African country was producing when the cut agreement was struck. This amounts to about 40,000 bpd, Energy Minister Emmanuel Ibe Kachikwu said at the time.

However, instead of reducing its production, Nigeria boosted it with the start of production at the giant Egina offshore field, operated by French Total. The French supermajor began production at Egina on December 29. Total noted that the plateau production at the ultra-deepwater field would be 200,000 barrels of oil per day, which would account for some 10 percent of Nigeria’s oil production at that future point.

Following a wave of militant violence in 2016 and early 2017 that crippled the country’s oil industry, Nigeria’s oil production started to recover in the latter half of 2017, when attacks on oil infrastructure subsided. According to the Nigerian National Petroleum Corporation (NNPC), the country’s oil production increased by 9 percent in 2018 compared to 2017.

Now, however, Saudi Arabia is showing determination to get everyone in line to boost prices, and is sending a special envoy to Nigeria, one of OPEC’s larger producers. Indeed, Buhari was quoted as saying he wished there was no need for Nigeria to reduce its production of crude oil and he’d rather the country could produce more.

He went on to add that “I have listened carefully to the message. I will speak with the Minister of State for Petroleum. I will call for the latest production figures. I know that it is in our interest to listen. We will cooperate.” The statement issued after the meeting also said higher oil prices would be beneficial for both Saudi Arabia and Nigeria: an argument that has been put to the test repeatedly and has not invariably passed this test.

By Irina Slav 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