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Angola Overtakes Nigeria In Crude Oil Production - Business - Nairaland

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Angola Overtakes Nigeria In Crude Oil Production by zone20: 10:00am On Dec 17, 2015
OPEC plans emergency meeting if prices fail to recover
Alike Ejiofor with agency report

Nigeria’s crude oil production fell by 250,000 barrels per day (bpd) in November, making the country lose its status as Africa’s top oil producer to Angola, latest data from the Organisation of Petroleum Exporting Countries (OPEC) has shown.Nigeria recorded the biggest drop in output in November among its peers in OPEC, followed by Saudi Arabia, the group’s biggest producer.

OPEC, in its latest monthly oil market report, put crude oil production from Nigeria at 1.607 million bpd in November based on direct communication, down from 1.812 million bpd in October.
Angola also saw its oil output drop to 1.722 million bpd last month from 1.762 million bpd in October.
Meanwhile, the oil cartel will hold urgent talks, if crude prices don’t recover by February, according to OPEC president and Minister of State for Petroleum, Dr. Ibe Kachikwu.
“It is expected that the upward trend in oil prices will be seen by February next year.

If it does not happen, it is clear that OPEC will need to have a very urgent meeting,” Interfax quoted the OPEC president as saying.
On December 4, OPEC decided to keep the current output level of around 31.5 million barrels per day despite oversupply on the global oil market.
On Monday, Brent and WTI benchmarks sank to lows not seen since 2009. Brent crude fell below $37 a barrel while the US benchmark WTI dropped to below $35 per barrel.
Crude prices rebounded slightly in early trading yesterday with Brent trading at $37.73 and WTI at $36.18 per barrel as of 8.36am GMT.
OPEC produced 31.7 million barrels per day in November. It is the highest output in over three years and 1.7 million barrels per day over its former production limit.

Less affluent OPEC states like Algeria, Angola, Nigeria and Venezuela have been calling for production cuts in order to increase crude prices. ¨But OPEC’s biggest producer Saudi Arabia is refusing to cut crude output in order to defend its market share. Riyadh is hoping to squeeze out its competitors, primarily the US and Russia.
In a move that some see as Moscow calling Riyadh’s bluff, Russia's Finance Ministry announced this week that it is drawing up plans based on the price of oil as low as $30 a barrel until 2022.

¨That scenario would have devastating implications for OPEC, according to Russia’s Deputy Finance Minister Maxim Oreshkin.

¨In a related development, the Secretary General of OPEC, Abdullah al-Badri, has said that global crude oil prices could witness a rebound within one year. ¨Reuters reported that most analysts however do not expect oil prices to regain the $100 mark until 2017 or later, arguing that producers will continue to pump out more crude than the market can consume. But speaking yesterday at the first OPEC-India Energy Dialogue in New Delhi, Badri said he had seen six price cycles in the oil business, adding that the current low price would not continue. I have been in the oil business all my life. I saw six cycles - I saw very high prices, I saw low prices, and this is one of them.

This will not continue,” Badri said. In a few months or a year or so this will change,” he added.
He said OPEC does not have a target price but was looking for a fair value that means “member countries can have a decent income and also where we can invest to (provide) more supply to the consumers”. The world is already producing up to 2 million bpd more oil than it consumes, with OPEC pumping at near-record levels in an attempt to drive higher-cost producers such as US shale oil drillers out of the market.

Its strategy appears to some extent to be working. Non-OPEC annual supply growth shrank to below 300,000bpd in November from 2.2 million bpd at the start of the year, according to the International Energy Agency (IEA).
Oil output could decline in the next two to three years as low prices have resulted in a planned $130 billion in investment being cut this year, Badri said, adding that non-OPEC supplies are set to decline by about 400,000 bpd next year. OPEC, at its last meeting failed to agree on an output ceiling, raising the stakes in a battle for market share that began at the end of 2014.

Another big supplier Iran has been clear that it aims to raise its output by at least 1 million bpd - about one per cent of global supply, after sanctions against it are lifted next year. OPEC is determined to keep pumping oil vigorously despite the financial strain even on the policy’s chief architect, Saudi Arabia, alarming weaker members of the cartel who fear prices may slump towards $20 a barrel.
But Badri said even if the United States government begins to allow more exports of crude, prices will not be weakened further and OPEC can continue to produce at current rates.

http://www.thisdaylive.com/articles/angola-overtakes-nigeria-in-crude-oil-production/228098/
Re: Angola Overtakes Nigeria In Crude Oil Production by zone20: 10:01am On Dec 17, 2015
Where are we heading to? This I a earning signal for the country

1 Like

Re: Angola Overtakes Nigeria In Crude Oil Production by ambassadorgozie(m): 10:03am On Dec 17, 2015
I was flabbergasted when i read d news yesterday



we are really in a big mess

3 Likes

Re: Angola Overtakes Nigeria In Crude Oil Production by kodded(m): 10:10am On Dec 17, 2015
happy birthday buhari the dulllard cheesy

47 Likes 2 Shares

Re: Angola Overtakes Nigeria In Crude Oil Production by Nobody: 10:13am On Dec 17, 2015
When God's servant speak forth the wise listen (Deut.18:22)

God is still saying something!!

"Go back to Agriculture, make farming and fishing exportable then the nation wealth will string"


Make we dey look the outcome in February na, maybe by then naira go be N500/$

14 Likes 1 Share

Re: Angola Overtakes Nigeria In Crude Oil Production by looseweight: 11:43am On Dec 17, 2015
Diversification of the economy is the best option for the country to move forward.

True federalism should also be fully established in Nigeria. This will prevent sharing of resources which are meant for one region for another region...

North is blessed with grains
South west is blessed with cash crops
South South is blessed with oil
South east is blessed with great minds and business experts

If all these are managed by capable hands, this country will be great again

23 Likes 4 Shares

Re: Angola Overtakes Nigeria In Crude Oil Production by Smartsyn(m): 11:44am On Dec 17, 2015
Its part of the change naa

2 Likes

Re: Angola Overtakes Nigeria In Crude Oil Production by GentleYoung(m): 11:44am On Dec 17, 2015
.
Re: Angola Overtakes Nigeria In Crude Oil Production by lampardizik(m): 11:44am On Dec 17, 2015
Change

5 Likes

Re: Angola Overtakes Nigeria In Crude Oil Production by Nobody: 11:44am On Dec 17, 2015
Hehehe and the country keeps sinking grin cheesy
This Change sweet sha

Nobody should quote me angry

19 Likes 1 Share

Re: Angola Overtakes Nigeria In Crude Oil Production by repogirl(f): 11:44am On Dec 17, 2015
Buhari and his band of nonentities should go and learn from Angola, rubbish!


Shebi you all asked for change, hope it is sweeting you people? angry

10 Likes

Re: Angola Overtakes Nigeria In Crude Oil Production by LesbianBoy(m): 11:45am On Dec 17, 2015
Buhari sef

4 Likes

Re: Angola Overtakes Nigeria In Crude Oil Production by TheNextAce: 11:45am On Dec 17, 2015
Na wa o.... Choi. I declare 40 days fasting and praying for this nation

1 Like

Re: Angola Overtakes Nigeria In Crude Oil Production by ragiluhivo(m): 11:45am On Dec 17, 2015
HAHAHAHAHA. This is good news.

No more oyel for all of una
Re: Angola Overtakes Nigeria In Crude Oil Production by Nobody: 11:45am On Dec 17, 2015
Very good...so that they can learn and wake their aassss up.

1 Like

Re: Angola Overtakes Nigeria In Crude Oil Production by NaijaProxyBase: 11:45am On Dec 17, 2015
Still expecting 1 dollar to 1 naira and baba yet to fulfill the 5K monthly which is now some months in arrears.

10 Likes 2 Shares

Re: Angola Overtakes Nigeria In Crude Oil Production by spartacuz: 11:45am On Dec 17, 2015
Lol, it is well. Make we start to dey farm nau, haba
Re: Angola Overtakes Nigeria In Crude Oil Production by Pidggin(f): 11:45am On Dec 17, 2015
Buhari, this unacceptableangry

1 Like

Re: Angola Overtakes Nigeria In Crude Oil Production by dipopooo(m): 11:45am On Dec 17, 2015
PMB's body language is working

1 Like 1 Share

Re: Angola Overtakes Nigeria In Crude Oil Production by Nicepoker(m): 11:46am On Dec 17, 2015
Body odour will fix it

6 Likes 1 Share

Re: Angola Overtakes Nigeria In Crude Oil Production by MzzTega(f): 11:46am On Dec 17, 2015
OMG. This Change is really working.
Negative change.

PMB be travelling round the world,like that was why he was voted.

Congrats Nigeria!

6 Likes 1 Share

Re: Angola Overtakes Nigeria In Crude Oil Production by Pavore9: 11:46am On Dec 17, 2015
Good one! We didn't achieve anything with it nor the quality of the lives of majority of Nigerians improve when we were at the top spot, so this is not a loss!

1 Like

Re: Angola Overtakes Nigeria In Crude Oil Production by melodyirish(m): 11:47am On Dec 17, 2015
Our dullard need to go and probe OPEC, BIAFRA on my mind

10 Likes

Re: Angola Overtakes Nigeria In Crude Oil Production by MAYOWAAK: 11:47am On Dec 17, 2015
OK laugh it off.......You think u know all the colours until Nigerians start sending u wedding invites.
You'll see something like dis:
FROM ACID GREEN TO A LITTLE TOUCH OF OJUELEGBA BLUE.
Brides Family: Wear cockroach. Brown with Custard Yellow.
Grooms Family: Jollof Yellow with fufu white.
All Guests: kpomo brown and Pepper soup brown with Omo blue shoes.
Tomato red
Water melon red and Plantain yellow
Jollof yellow, kpomo brown, omo blue. Only in Nigeria.
Forest Green, Army Green, Mint Green, Sea/Teal Green, Bottle Green, Leaf Green, Lemon Green
Danfo bus yellow on 20 naira note green
Gulder brown and Nkwobi Yellow.
Tangerine Orange and st Louis sugar carton blue.
Ewedu green , Onion purple and potato cream.
Shocking pink and hypertensive purple.

3 Likes

Re: Angola Overtakes Nigeria In Crude Oil Production by thefakestan: 11:48am On Dec 17, 2015
But how can we fund a 6 trillion naira budget next year. How?









ThefakeStan
Re: Angola Overtakes Nigeria In Crude Oil Production by ednut1(m): 11:48am On Dec 17, 2015
Eyah
Re: Angola Overtakes Nigeria In Crude Oil Production by Sijo01(f): 11:48am On Dec 17, 2015
Birthday gift booohari got for himself. What a shame. Nigeria is doomed.

3 Likes

Re: Angola Overtakes Nigeria In Crude Oil Production by Nobody: 11:48am On Dec 17, 2015
Sai Buhari! Sai Bἇstard!! grin grin

6 Likes

Re: Angola Overtakes Nigeria In Crude Oil Production by iteleaye(m): 11:49am On Dec 17, 2015
Una try
Re: Angola Overtakes Nigeria In Crude Oil Production by Nobody: 11:49am On Dec 17, 2015
*In the voice of one of my Harvard Profs, Prof. McPherson*

Renewable energy, is the way. grin

1 Like

Re: Angola Overtakes Nigeria In Crude Oil Production by SuperHigh(m): 11:49am On Dec 17, 2015
OP, is Buhari aware of this?

Please don't tell him yet because I want my 5k

3 Likes

Re: Angola Overtakes Nigeria In Crude Oil Production by EllisMorgan(f): 11:50am On Dec 17, 2015
Heard this report 3 days ago on Channels TV and read about it online. Searched on nairaland but didn't find it. Nairaland need to up her game.

Back to d matter. Nigeria is on a downward spiral but God will see us through this trying time.

We'll come out stronger i believe.

2 Likes

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