Nigeria oil production opec
OPEC and 10 non-OPEC countries agreed in December to cut oil production by 1.2 million barrels per day effective from January for an initial period of six months to help balance the market and support prices. Nigeria, which was exempted from the previous production cuts deal, agreed to a quota under the current accord. With a reference level of 1.738 million bpd, Nigeria’s oil production is to be cut by 53,000 barrels to arrive at the new quota of 1.685 million bpd, according to a breakdown of member quotas under OPEC’s supply accord obtained by S&P Global Platts on Thursday. OPEC kingpin, Saudi Arabia, IEA preliminary estimates of total oil supply for non-OPEC members. OPEC itself is responsible for curbing output by 812,000 barrels a day below baseline levels. Last month Saudi Arabia alone cut by 935,000 barrels a day. Angola, Equatorial Guinea, Kuwait and the United Arab Emirates also complied, However, in 1973, the result was a sharp rise in oil prices and OPEC revenues, from US$3/bbl to US$12/bbl, and an emergency period of energy rationing, intensified by panic reactions, a declining trend in US oil production, currency devaluations, and a lengthy UK coal-miners dispute.
29 Jun 2016 Secondly, the Canadian Association of Petroleum Producers projected that Canada's crude oil production could hit 4.9 MMbpd by 2030
11 Sep 2019 When the global oil cartel, OPEC (Organisation of Petroleum Exporting Countries ), decreed in August that its members should cut oil production Nigeria pumped more crude oil in February than the quota given by the Organisation of Petroleum Exporting Countries (OPEC), a new survey has revealed. The most populous country within OPEC, Nigeria has around 203 million inhabitants. Located on the Gulf of Guinea on Africa’s western coast, Nigeria covers an area of around 924 thousand square kilometres. Abuja, the capital since 1991, has a population of more than one million. Nigeria’s crude oil production fell to 1.57 million barrels per day in December, as the country complied with Organisation of the Petroleum Exporting Countries’ (OPEC) production cuts. Due to the downward trend in oil prices , OPEC and its partners, including Russia, had agreed to cut output further by 500,000 BPD from January 2020 to March 2020. Nigeria Crude Oil: Production 2002 - 2020 | Monthly | Barrel/Day th | Organization of the Petroleum Exporting Countries Nigeria’s Crude Oil: Production was reported at 1,789.000 Barrel/Day th in Feb 2020. Last Friday’s resolution by the Organisation of Petroleum Exporting Countries (OPEC) to cut 800,000 barrels, or 2.5 per cent of members daily output, will see Nigeria’s daily oil production drop by a minimum of 43,775 barrels, effective January 2019.
Nigeria, which wasn’t spared from the new OPEC/non-OPEC production cuts this time around, is expected to contribute with up to 40,000 bpd to the 800,000 bpd OPEC had pledged to cut from January, Nigerian Oil Minister Emmanuel Kachikwu told local news outlet THISDAY last month.
On Wednesday, the Organisation of Petroleum Exporting Countries (OPEC) released its monthly oil market report for December which showed that Nigeria’s oil production dipped to a new low extending 3 months of consecutive decline. Specifically, Nigeria’s daily crude production (excluding condensates) for December 2019 fell to 1.57mb/d from 1.66mb/d in November 2019. Nigeria says the Egina field produces condensate, a type of light oil excluded from the OPEC cuts. The survey includes the field based on Total’s listing of it as a crude producer. ”Nigeria will be prepared to cap its crude production when it has stabilized at 1.8 million barrels per day,” he said. The meeting noted that overall compliance by OPEC and Non-OPEC participating As one of the older OPEC members that has continued to work for the good of the group and its member countries, Mr. Kachikwu said, Nigeria was bound by whatever agreements and resolutions collectively made by OPEC, including the need to cap its oil production when it has stabilised at 1.8 million bpd.
dwindling crude oil prices had on oil producing countries, using Nigeria as a case study and the palliative Crude Oil, Economic Development, Nigeria, OPEC.
13 Nov 2019 Nigeria is producing 1.6 million-1.7 million barrels per day (bpd) of crude oil, the chief operating officer of the Nigerian National Petroleum Corp dwindling crude oil prices had on oil producing countries, using Nigeria as a case study and the palliative Crude Oil, Economic Development, Nigeria, OPEC. 30 Apr 2019 “a steady income to producers”; “a fair return on capital for those investing in the petroleum industry”. Currently, OPEC has 14 member countries. 14 May 2019 The drop in supply was mitigated by rising output from Nigeria and Iraq, meaning OPEC crude oil production fell by 3,000 barrels a day to
6 Mar 2020 Russia, however, proved reluctant and OPEC Secretary General Mohammed Barkindo of Nigeria said Friday that the meeting had been
Adewale Sanyaolu with agency reports There are indications that the Organisation of Petroleum Exporting Countries (OPEC) may cut oil production as it meets today and tomorrow in Vienna, Austria OPEC oil output fell to a 13-month low in May due to declining Venezuelan production, Nigerian outages and strong compliance with a supply-cutting deal, a Reuters survey found.
6 Mar 2020 Russia, however, proved reluctant and OPEC Secretary General Mohammed Barkindo of Nigeria said Friday that the meeting had been