• 9 hours Oil Prices Rise After API Reports Major Crude Draw
  • 10 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 10 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 11 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 12 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 13 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 14 hours Whitefish Energy Suspends Work In Puerto Rico
  • 15 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 1 day Thanksgiving Gas Prices At 3-Year High
  • 1 day Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 1 day South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 7 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 7 days Lower Oil Prices Benefit European Refiners
  • 7 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 8 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
Global Energy Advisory November 17, 2017

Global Energy Advisory November 17, 2017

The IEA’s World Energy Outlook…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Nigeria To Back OPEC Extension If Conditions Are Favorable

OPEC

Nigeria would back an extension of OPEC’s production cut deal to the end of 2018 “as long as the right terms are on the table” relative to Abuja’s planned economic recovery, Oil Minister Emmanuel Ibe Kachikwu said, according to a report by Reuters.

“There isn’t any reason to change what is a winning formula,” Kachikwu said, adding “there is a consensus to extend. The issue will be the duration.”

So far, the bloc and ten other producers have agreed to extend the agreement through next March. Russia is cutting 300,000 barrels per day in coordination with OPEC’s 1.2 million bpd in cuts.

At the end of the month, the bloc will meet at its headquarters in Vienna to make a final decision on the future of the deal. Nigeria had been granted an exemption from the quotas due to 2016 being a particularly devastating year for the country’s oil infrastructure.

Just as Nigeria has started to pump more than 1.8 million bpd of crude oil for two consecutive months, the Niger Delta Avengers (NDA)—the militant group responsible for most of last year’s attacks on Nigeria’s oil infrastructure—returned to the scene with a gruesome message on its website, warning oil companies of a “brutish, brutal and bloody” end to the ceasefire in the oil-rich Delta.

“Message to the Oil Companies; Our next line of operation will not be like the 2016 campaign which we operated successfully without any casualties; this outing will be brutish, brutal and bloody, as we are shall crush everything we meet on our path to completely put off the fires that burn to flair gas in our communities and cut every pipe that moves crude away from our region. We can assure you that every oil installation in our region will feel warmth of the wrath of the Niger Delta Avengers,” the militant group said in a message on its website posted on Friday.

By Zainab Calcuttawala 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