Petroleum Africa
Find us on: 
Friday, June 13, 2014
Producing cartel OPEC intends to keep its production ceiling at 30 million bpd for H2 2014. The intent to keep production quotas the same is based mainly on the group’s satisfaction with today’s crude prices which is sitting at about $110 per barrel.
The keeping of the production ceiling at its current level is not as hard as it would seem given that both Libya and Iran are producing below their quotas and Iraq, who is not in the quota system, could be having production problems soon due to an outbreak of fighting in the country. With the issues in Iran, Iraq, and Libya it gives other member countries with available production capacity room to up their flows if need be.
OPEC’s next meeting will take place on November 27.
It was also reported that its Secretary General Abdullah al-Badri’s term would be extended to June 30, 2015 and Nigeria had nominated Oil Minister Diezani Alison-Madueke to succeed long serving incumbent al-Badri as OPEC secretary-general. The proposal for Nigeria’s minister to take over the post was intended to end the deadlock created by opposing candidates from Saudi Arabia and Iran.
" 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">
