NEWS
Oil  

Nigeria has reservations about deeper Opec cuts

A move by Opec and non-Opec members toward deeper production cuts would be a "tough decision" for Nigeria, the country's oil minister Timipre Sylva said today.

Opec members will discuss today whether more needs to be cut in order to achieve the stated goal of market balance. One option is for an additional 400,000 b/d of cuts, which would take the total to 1.6mn b/d.

Sylva expressed reservations about the proposal for deeper cuts but said Nigeria would accept "if that is the position".

Nigeria was exempt from the first production agreement in 2016, in recognition of unrest that was disrupting its production. Since it was included in the deal in December 2018 Nigeria has been a serial non-complier, and it has faced mounting pressure from Opec's de facto leader, Saudi Arabia, to meet its pledge.

Nigeria's initial limit of 1.69mn b/d was lifted to 1.77mn b/d following Opec's ministerial meeting in early July. The change, which included a proportional revision to the baseline figure, was backdated to become effective as of June. Sylva reiterated Nigeria's full compliance with its production quota last month.

Sylva said the current crude price of around $60-65/bl is "good" for Nigeria.

"That's where we should be," he said.

By Rowena Edwards and Nader Itayim

News No: 7777
Date: 2019/12/05 - 16:57
News Source: Argus Media

Nigeria  Opec  Timipre Sylva  Saudi Arabia 

Comments:

Leave a Comment:

   
   
   
 

OPEC+ Panel To Discuss Compliance With Oil Production Cuts

An OPEC+ monitoring panel will meet next week to discuss the ongoing record production cuts to see how laggards in compliance are doing with making up for flouting quotas, but will not be making any decisions regarding the collective cut that was just extended through the end of July, five OPEC+ sources told Reuters on Friday.
 

Zanganeh offers condolences on passing of Iran’s OPEC governor

Iranian Oil Minister Bijan Namdar Zanganeh has offered condolences on the passing of the country’s Governor to the Organization of Petroleum Exporting Countries (OPEC) Hossein Kazempour Ardebili, Shana reported.
 

Iran’s man battles bombs and sanctions

He survived a bombing that left him badly wounded, and defended Iran’s oil interests through war and sanctions. Hossein Kazempour Ardebili, who died on Saturday, was one of the ultimate OPEC negotiators.
 

Funeral held for Iran’s OPEC governor

Iranian oil and foreign affairs ministers attended the funeral procession for Iran’s OPEC Governor Hossein Kazempour Ardebili which was held on Sunday in Tehran, Shana reported.
 

Oil Climbs as Coronavirus Curbs Ease

Oil prices gained on Friday as more countries began relaxing restrictions put in place to halt the coronavirus pandemic, raising hopes that demand for crude and its products will start to pick up.
 

China’s Sinopec forecasts bleak oil demand outlook

The impact from the Covid-19 pandemic will continue to pressure global oil prices but a shift in consumer patterns because of lockdowns may weigh on oil demand in the longer term, according to research by China's biggest state-controlled refiner Sinopec.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners