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Nairaland Forum / Nairaland / General / Business / OPEC May Ask Nigeria To Limit Oil Output (6252 Views)
OPEC Pegs Nigeria’s Oil Output At 1.8 Million Bpd / OPEC Extends Nigeria’s Exemption From Oil Output Cut / As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output (2) (3) (4)
OPEC May Ask Nigeria To Limit Oil Output by dipoolowoo: 11:42pm On Jul 10, 2017 |
By Modupe Gbadeyanka Minister of Oil in Kuwait, Mr Issam Almarzooq, has disclosed that Nigeria and Libya may be asked to put a limit to their oil outputs having recorded stability in their countries lately. The two countries were exempted from the oil cut deal reached in Austria last November by members of the Organization of the Petroleum Exporting Countries (OPEC). The deal became effective from January 1, 2017 and by April this year, OPEC said the oil cut agreement was at 98 percent compliance level. According to Bloomberg, Mr Almarzooq disclosed on the sidelines of an energy conference in Istanbul, Turkey, that the two African nations may be asked to cap their crude output. Already, OPEC and non-OPEC producers have invited the two countries to a committee meeting taking place in St. Petersburg, Russia, on July 24. At the meeting, they will discuss the stability of their production. “We invited them to discuss the situation of their production,” Mr Almarzooq was quoted as saying by Bloomberg. “If they are able to stabilize their production at current levels, we will ask them to cap as soon as possible. “We don’t need to wait until the November meeting to do that,” he said, referring to the upcoming OPEC meeting scheduled for November 30. Crude oil production in Nigeria rose slightly above 2 million per barrels per day in June 2017. This was mainly because militant activities in the oil-Niger Delta region of the country was stopped after consultations with stakeholders. http://www.businesspost.ng/2017/07/10/opec-may-ask-nigeria-limit-oil-output/
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Re: OPEC May Ask Nigeria To Limit Oil Output by LionDeLeo: 12:26am On Jul 11, 2017 |
For price adjustment, I guess. No wahala. What will be lost in sales will be made in marginal price increase, back to status quo. I may be wrong, viewing from the apparent alternative to fossil fuel as sources of energy. Anyway, what do I know? 3 Likes
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Re: OPEC May Ask Nigeria To Limit Oil Output by hakeem4(m): 1:49am On Jul 11, 2017 |
Please is there another definition for stability, cause the Nigeria I'm in is not STA talk less of STABLE 10 Likes |
Re: OPEC May Ask Nigeria To Limit Oil Output by veekid(m): 8:11am On Jul 11, 2017 |
When they know we have no president; wor do you expect? 1 Like |
Re: OPEC May Ask Nigeria To Limit Oil Output by holatin(m): 8:11am On Jul 11, 2017 |
English pls, what is the merit of the limited oil output on average Nigerian. tired of buying petrol and kerosene at that ridiculous price. |
Re: OPEC May Ask Nigeria To Limit Oil Output by CROWNWEALTH019(m): 8:11am On Jul 11, 2017 |
happy suffering in advance |
Re: OPEC May Ask Nigeria To Limit Oil Output by northvietnam(m): 8:12am On Jul 11, 2017 |
I prefer asking them to stop churning out oil they use in servicing our extravagant Government 1 Like |
Re: OPEC May Ask Nigeria To Limit Oil Output by osewadare(m): 8:12am On Jul 11, 2017 |
Soon our only product will become irrelevant in the global market and Nigeria will be back to square one 3 Likes |
Re: OPEC May Ask Nigeria To Limit Oil Output by Anikulhapo(m): 8:13am On Jul 11, 2017 |
Ko fe dafun minister yen ni? |
Re: OPEC May Ask Nigeria To Limit Oil Output by Okundaye4(m): 8:13am On Jul 11, 2017 |
EYAAAH |
Re: OPEC May Ask Nigeria To Limit Oil Output by jericco1(m): 8:13am On Jul 11, 2017 |
Why now? |
Re: OPEC May Ask Nigeria To Limit Oil Output by teamsynergy: 8:15am On Jul 11, 2017 |
pk |
Re: OPEC May Ask Nigeria To Limit Oil Output by burkingx(f): 8:16am On Jul 11, 2017 |
1 Like
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Re: OPEC May Ask Nigeria To Limit Oil Output by BigBrother9ja: 8:17am On Jul 11, 2017 |
Rubbish |
Re: OPEC May Ask Nigeria To Limit Oil Output by chyke4(m): 8:17am On Jul 11, 2017 |
with the current exchange rate of dollar? hmmm to bad for 9ja |
Re: OPEC May Ask Nigeria To Limit Oil Output by ItsawrapOutfit: 8:17am On Jul 11, 2017 |
Yawa is loading |
Re: OPEC May Ask Nigeria To Limit Oil Output by burkingx(f): 8:17am On Jul 11, 2017 |
1 Like
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Re: OPEC May Ask Nigeria To Limit Oil Output by mikool007(m): 8:19am On Jul 11, 2017 |
The one they have been selling since all theses years did not affect me so it's not my problem 7 Likes |
Re: OPEC May Ask Nigeria To Limit Oil Output by itiswellandwell: 8:19am On Jul 11, 2017 |
Hmmmmm.... Seems it's now a crime for us to announce our economy stability. It's well sha Check my signature for your full capacity powerbank |
Re: OPEC May Ask Nigeria To Limit Oil Output by Alwaystruth: 8:20am On Jul 11, 2017 |
Okay..we have heard and as usual there is increased outputs and yet the masses are suffering like there is no tomorrow. In that zoo, you hardly knows or feels anything good come to the poor masses. Forex seemed to have been stable than when dollar skyrocketed to 500 yet cost of cars remain high. You buy a particular brand of car 3m when naira was 500=$1 and when it is 360=$1 you still buys it at same price. 6 Likes 1 Share |
Re: OPEC May Ask Nigeria To Limit Oil Output by HoLEEsinner: 8:20am On Jul 11, 2017 |
Yawa go dey |
Re: OPEC May Ask Nigeria To Limit Oil Output by maxiuc(m): 8:20am On Jul 11, 2017 |
President and minister of petroleum where are thou 65days now London hospital Our money Foolish zombies Tinubu I hope you all are seeing this 3 Likes |
Re: OPEC May Ask Nigeria To Limit Oil Output by pterson(m): 8:21am On Jul 11, 2017 |
We need to start drinking our oil. |
Re: OPEC May Ask Nigeria To Limit Oil Output by burkingx(f): 8:22am On Jul 11, 2017 |
maxiuc:
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Re: OPEC May Ask Nigeria To Limit Oil Output by Nobody: 8:24am On Jul 11, 2017 |
The most discombobulated nation ever.. How do I get a visa.. ? Can't take this anymore... 1 Like |
Re: OPEC May Ask Nigeria To Limit Oil Output by Dannyset(m): 8:26am On Jul 11, 2017 |
I fainted when I saw this news. |
Re: OPEC May Ask Nigeria To Limit Oil Output by lanre4411(m): 8:27am On Jul 11, 2017 |
dipoolowoo: |
Re: OPEC May Ask Nigeria To Limit Oil Output by menwongo(m): 8:36am On Jul 11, 2017 |
Nice move. After all there's no impact from the ones they have been selling. Let our environment be stable for agriculture again 3 Likes |
Re: OPEC May Ask Nigeria To Limit Oil Output by Prinq: 8:38am On Jul 11, 2017 |
which one is opec again |
Re: OPEC May Ask Nigeria To Limit Oil Output by Truth234(m): 8:40am On Jul 11, 2017 |
It is not possible OPEC ask Nigeria to cut, OPEC’s Secretary-General, Mohammad Barkindo, in the same Istanbul meeting said: "it was premature to talk about that option." We started producing at optimal in June when Afrocardo Pipeline started working, it is not just premature it is stupid to even consider it. Oil traders are creating this noise to boost prices (pump and dump strategy), if Saudi, Iraq, etc can not cut another 50,000 barrels from their over 10 million barrels a day to accommodate our almost 1.8 million barrel per day. They should go ahead and stabilise oil without us. 1 Like |
Re: OPEC May Ask Nigeria To Limit Oil Output by fineboynl(m): 8:47am On Jul 11, 2017 |
.I will stabilize oil price. Muhammadu buhari. 1 Like |
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