• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 9 hours EU has already lost the Trump vs. EU Trade War
  • 38 mins Science: Only correct if it fits the popular narrative
  • 3 hours Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 6 hours ''Err ... but Trump ...?'' *sniff
  • 2 hours China's Renewables Boom Hits the Wall
  • 1 hour What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 11 mins Crazy Stories From Round The World
  • 17 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours Tesla Launches Faster Third Generation Supercharger
  • 2 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 9 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 1 day Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire

Breaking News:

Russia Plans To Boost Crude Oil Exports

The Birth Of An LNG Superpower

The Birth Of An LNG Superpower

Iran’s rapprochement with Qatar and…

Nigerian Official: OPEC Has Limited Spare Capacity To Balance Oil Market

NNPC Nigeria

OPEC will be looking to balance the oil market after crude oil prices hit their highest in four years, but the cartel’s options to manage the market could be limited by its spare production capacity, Nigeria’s representative at OPEC, Mallam Mele Kyari, told Reuters on Wednesday.

“It’s obvious that if you have high prices it’ll affect demand, so you have to do some market balance,” said Mele Kyari, who is also head of the crude oil marketing division at Nigerian National Petroleum Corporation (NNPC).

While OPEC will do everything to stabilize and keep the market balanced, there’s a limit to its options.

“You must have the spare capacity,” Kyari told Reuters.

Nigeria will aim to increase its own 0crude oil and condensate production by around 100,000 bpd by the end of this year, compared to around 2 million bpd in oil and condensate production currently, the official said.

Nigeria’s crude oil production alone jumped by 74,000 bpd from its July level to average 1.725 million bpd in August, according to OPEC’s secondary sources.

In the late spring and early summer, Nigeria’s production and exports were disrupted by outages of oil flows on pipelines feeding oil export terminals, and delays in cargo loadings. In June, there were disruptions to Bonny Light, Forcados, and Qua Iboe flows—all of which are key Nigerian crude grades.

But production has recently stabilized and Nigeria’s oil exports for October are expected to hit a four-month high at 1.73 million bpd, as grades are coming back online following pipeline outages in the summer, according to loading schedules that Reuters has seen.  

According to Nigeria’s OPEC representative Mele Kyari, the country would aim for 2.3 million bpd average crude and condensate production in 2019, following the start-up of the Egina ultra-deep oil field later this year. Egina is operated by France’s Total and is expected to have production capacity of 200,000 bpd.

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
Download on the App Store Get it on Google Play