OPEC assures US Shale won’t distort oil market

...As American crude output tops 10 million bpd
The President of the Organisation of Petroleum Exporting Countries (OPEC) and United Arab Emirates (UAE)’s Energy Minister, Suhail Al Mazrouei, has stated that the increased production of shale oil by the United States will not hamper the efforts of OPEC and non-OPEC countries to clear the glut in the oil market.

IMO sulfur cap: Port States to inspect bunker tanks

More than a year after announcing its global 0.5% sulfur cap on marine fuels to be introduced in 2020, the International Maritime Organization has taken a first step towards helping member states deliver it.
The sulfur cap is due to be cut from 3.5% to 0.5% at the start of 2020, forcing most shipowners either to switch from burning fuel oil to cleaner, more expensive alternatives, or to invest in emissions-cleaning scrubber equipment to be installed on each vessel.

India ups demand for Nigerian crude

More cargoes of Nigerian crude oil are now heading for India on a daily basis after loadings to China witnessed decline in recent times.

Reuters reported citing a survey of vessel fixtures and traders that Indian refineries booked the largest amount of West African oil per day in February since April 2015.

The purchases helped to offset a steep drop in bpd-loadings of Nigeria, including Angolan crude for China, which fell to 1.22 million bpd from a record of 1.59 million bpd the previous month.

ISPS compliance: USCG expresses satisfaction with Nigeria

The United States Coast Guard (USCG) has expressed satisfaction at the compliance level of Nigeria with the International Ships and Ports Security (ISPS) facility Code at the nation’s ports.
A delegation from the USCG led by Lt. Commander Jacob Hopper of the International Port Security (IPS) Liaison for USCG in West and Central Africa and Europe who were on a two-day visit to some of the ports in Lagos stated that there has been a lot of improvements in the nation’s port as a result of the security architecture put in place.

Higher Nigerian production helps OPEC offset robust U.S. output

Oil output by the Organization of the Petroleum Exporting Countries (OPEC) rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact, a Reuters survey found.

Oil soars to $71/barrel for first time since 2014

Brent oil prices hit $71 per barrel on Thursday, January 25, for the first time since 2014 as the dollar continued to weaken and crude inventories in the United States fell for a 10th straight week amid ongoing supply cutbacks by OPEC and top producer Russia.
Brent crude futures, the international benchmark for oil prices, hit a session high of $71.05 per barrel – the highest since early December 2014 – before dipping back to $70.99 by 0440 GMT. That was still up 46 cents, or 0.7 percent from the last close.

Total’s $3.3bn Egina FPSO berths in Nigeria

The Egina Floating, Production, Storage and Offloading unit (FPSO) has berthed on the shores of Nigeria from South Korea, after 86 days of sailing from Korea.
The Egina oil field is the largest investment project currently on-going in the oil and gas sector in Nigeria. The project is expected to be completed in Q4–2018 within the initial budget of $16 billion.

ExxonMobil named 2017 Explorer of the Year

ExxonMobil has been named 2017 Explorer of the Year by the World Oil and Gas Council in recognition of excellence and innovation in the global energy industry.
“This award is recognition of ExxonMobil’s successful efforts to strengthen our portfolio by accessing and discovering the highest quality resources,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This recognition would not be possible without the dedication of our employees and their daily commitment to safety and operational excellence at every stage of exploration.”

OPEC/non-OPEC coalition records 129% production cut compliance

OPEC and participating non-OPEC countries have achieved a record-breaking conformity level of 129% with their voluntary production adjustments in December 2017. 
At the seventh Joint Ministerial Monitoring Committee (JMMC) meeting convened in Muscat, Oman, the Joint Technical Committee (JTC) revealed that across a broad range of indicators, the first year of the Declaration of Cooperation has been a great success. 

OPEC/non-OPEC coalition to manage oil market beyond 2018

Far from breaking up, OPEC and its allies said Sunday they will look to prolong their partnership even after their production cuts have rebalanced the oil market.
Ministers came to a monitoring committee meeting in Oman with a message: continued stewardship of supply into 2019 and beyond is needed to give the industry a smoother market to invest to meet future demand. This came against rife speculation that the coalition could soon discuss an early exit from their cut agreement, which runs through the end of this year.


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