Tag Archives: Nigerian oil production

Post OPEC Deal: Nigeria Plans To Increase Oil Output By 500,000 Bpd | OilPrice.com

Nigerian President Muhammadu Buhari is eyeing an increase to his country’s oil production to 2.2 million bpd, the volume it had pumped before militant attacks in the Niger Delta started crippling the country’s output and exports in early 2016.Presenting next year’s budget in Parliament, Buhari said he was willing to restore the 2.2-million-bpd production level—a statement that is probably cringeworthy for OPEC, who is hard-selling the cuts to the volatile markets, and who had exempted Nigeria from the collective cuts deal to curb its output to 32.5 million bpd, effective in January.“We must all come together” to see peace in the Niger Delta, Reuters quoted President Buhari as saying in Parliament.At the beginning of 2016, Nigeria’s oil production was some 2.1 million bpd, but scores of militant attacks on oil infrastructure in the delta has dragged down production, which was around 1.5 million bpd in August.

Source: Post OPEC Deal: Nigeria Plans To Increase Oil Output By 500,000 Bpd | OilPrice.com

Nigeria is ‘huge risk’ to oil market: Analyst

With Nigeria’s oil production reportedly hitting a more than 20-year low, one oil analyst tells CNBC why the country’s oil dilemma should be at the top of investors’ minds.”I think Nigeria really should be at the top of the agenda, because this is not necessarily about low oil prices,” Amrita Sen, chief oil analyst at Energy Aspects, told CNBC Monday.”It is about the geopolitical backdrop, the Niger Delta Avengers and how the government is dealing with them and clearly this is a huge risk to the market,” she added.A string of attacks against Nigeria’s oil infrastructure has put severe pressure on the country’s overall output, with companies recently having to evacuate or close their facilities. The group who’s claimed responsibility for these attacks is militant group, the Niger Delta Avengers, whose main goal is to “cripple” Nigeria’s economy, according to its website.

Source: Nigeria is ‘huge risk’ to oil market: Analyst