Petroleum Africa
Find us on: 
Tuesday, July 25, 2017
With Nigerian crude flows returning to normal OPEC is looking to put a cap on the West Africana country’s production to help keep compliance with production cuts enacted in January to support flagging prices. At the outset of the production cuts, Nigeria was one of the countries exempted due to the unrest that left its production levels on the low side.
The deal to curb output propelled crude prices above $58 a barrel in January but they have since slipped back to the $45 to $50 range as the effort to plunder through a glut of crude inventories globally has taken longer than expected. Also defeating the production cuts is the resurgence of Nigerian and Libyan production levels.
A ministerial committee of OPEC and non-OPEC states that monitors the global oil pact said it had agreed Nigeria would join the deal by capping or even cutting its output from 1.8 million bpd, once it stabilizes at that level from 1.7 million bpd, according to a Reuters report.
Libyan output is not being capped as the committee did not believe that production from the country would exceed 1 million bpd in the near future. It was just reported however that Libya is currently seeing flows of 1.069 million bpd.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
