International

Oil prices climb on expected drop in US crude stocks

Oil markets nudged higher on Tuesday, buoyed by expectations of a drop in U.S. crude stockpiles and after last week's deal between OPEC and other crude producers to extend output curbs.

International benchmark Brent crude futures were trading up 6 cents, or 0.1 percent, from their last close at $62.51 per barrel by 0410 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.2 percent, at $57.59 per barrel.

No respite as Nigeria loses IMO Council election again

Again, Nigeria at the weekend lost its bid to get re-elected into category ‘C’of the International Maritime Organization (IMO). This would be the third consecutive time Nigeria is losing its quest to be re-elected into IMO. Ghana, had promised to support Nigeria to get a sit into IMO.
 
The last time Nigeria won its IMO Council bid was in 2007 under Dr. Ade Dosunmu who was then the Director-General of NIMASA and every attempt made since 2011 to return to the council had failed.  
 

FID on NLNG Train 7 Plus imminent

Nigeria LNG Limited, at the World LNG Summit holding in Portugal, announced that the company, with the full support of its Board, is making steady progress towards achieving Final Investment Decision (FID) on its Train 7 Plus (7+) project during 2018.
 
This phase of the company's strategic growth programme will on completion upscale NLNG's annual production capacity from the current capacity of 22 mtpa to 30 mtpa.  
 

OPEC extends Nigeria’s exemption from oil production cut

The 173rd meeting of the Organization of the Petroleum Exporting Countries (OPEC) ended Friday in Vienna, Austria, and extended its current production agreement entered with participating non-OPEC oil producers for another nine months and the Declaration of Cooperation amended to take effect for the whole year of 2018 from January to December 2018.
 
The meeting also took note of Nigeria’s and Libya’s incremental production and noted their special circumstances while agreeing to maintain their exemption from the production quota.
 

U.S. shale eases into detente with OPEC as supply cut extended

U.S. shale oil producers and OPEC appear to have called a truce of sorts even though there is no sign the U.S. industry will do anything to help reduce the global oil supply glut.
 
U.S. producers applauded Thursday’s decision by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia to extend output cuts until the end of 2018.
 

Oil rises as OPEC extends cuts to end of 2018

Oil rose on Thursday after OPEC and non-OPEC producers led by Russia agreed to extend output cuts until the end of 2018, while also signalling a possible early exit from the deal if the market overheats.

Iran’s energy minister announced Nigeria and Libya would be included in the oil output deal and an OPEC communique stated the countries would not produce above 2017 levels in the new year.

The Oman minister said that Nigeria had agreed to cap output at 1.8 million barrels per day (bpd).

Libya, Nigeria to cap at less than 2.8m Bpd total

It looks like OPEC is bringing exempt members Libya and Nigeria into the fold with contributions to the efforts to erase the oversupply, and the two African producers have agreed to cap their production at a collective level less than 2.8 million bpd, according to Iran’s Oil Minister Bijan Zanganeh.

On Thursday, a delegate revealed that OPEC talks ended in Vienna with an agreement to extend the production cut deal through the end of 2018.

Hungary Eyes Nigerian Crude Oil, LNG

At a time that international crude oil market is getting more competitive, the Hungarian Government has indicated interest to purchase crude oil and Liquefied Natural Gas (LNG) from Nigeria.
 
The Hungarian Ambassador to Nigeria, Professor Gabor Ternak, who disclosed this during a courtesy call on the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru in Abuja, said the decision to import crude oil and LNG from Nigeria was informed by the need to bridge the current supply gap being experienced in Hungary.

Pages