Oil and Gas

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.

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.  
 

How Nigeria will meet 2018 budget target despite OPEC oil cap – Kachikwu

Last Thursday’s Organization of Petroleum Exporting Countries (OPEC) resolution extending by another nine months its 2017 output cut agreement will not affect the Nigerian government’s revenue projections in the 2018 Budget, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said.
 
Mr. Kachikwu, who stated this on Friday, said Nigeria was capable of meeting and exceeding the 2.3 million barrels per day crude oil production and oil revenue benchmarks in the proposed 2018 budget before the National Assembly for approval.
 

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.

NNPC Retail to promote consumption of LPG

The retail arm of the Nigerian National Petroleum Corporation (NNPC), NNPC Retail Limited, has declared it determination to promote the consumption of Liquefied Petroleum Gas, otherwise called cooking gas.

The Managing Director of the subsidiary, Mr. Yemi Adetuji, disclosed this in Abuja today at a press briefing to herald the commissioning of the new ultra-modern mega filling station near Sagamu, along the Lagos-Ibadan Expressway in Ogun State.

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