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|OPEC Extends Nigeria’s Exemption From Oil Output Cut by themomentng: 11:28pm On Sep 22, 2017|
The growing stability in the global oil market may work to Nigeria’s advantage, as the Joint Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Monitoring Committee (JMMC), on Friday extended the exemption granted the country over the output cut imposed on member countries in January 2017.
At its meeting in Vienna, Austria, the Committee upheld Nigeria’s position that the exemption, which was extended by another six months last May, should be sustained until the country’s oil production stabilises.
The extension of the exemption period means more revenue earnings from oil exports by Nigeria, as the country would be able to export all the oil it produces as oil prices hover around $57 a barrel.
The Minister of State for Petroleum Resources, Ibe Kachikwu, said recently that the country’s daily production capacity has since grown close to an average of 1.8 million barrels per day.
At the meeting in Vienna, Kachikwu, who led the Nigerian delegation, had argued that although Nigeria was making considerable progress since October 2016 in its production recovery efforts, it was not enough as full stability had not been attained.
“Although Nigeria’s oil production hit 1.802 million barrels per day in the month of August, that was not enough justification for a call by some countries for Nigeria to be brought back into the fold,” Kachikwu pointed out.
As one of the older OPEC members that has continued to work for the good of the group and its member countries, Kachikwu said, Nigeria was bound by whatever agreements and resolutions collectively made by OPEC, including the need to cap its oil production when it has stabilised at 1.8 million bpd.
He also said that although Nigeria was not a member of the five nation JMMC, the country was in support of and had confidence in the work of the committee to stabilise the market.
The Report of the monitoring committee for August 2017 showed OPEC and participating non-OPEC producing countries recorded the highest compliance level ever since the agreement came into effect in January 2017, with voluntary adjustments in production attaining over 116 per cent level.
The JMMC was set up following OPEC’s 171st Ministerial Conference on November 30, 2016.
On December 10, 2016 the group further declared to cooperate with non-OPEC oil producing countries to accelerate the stabilisation of the global oil market through voluntary adjustments in total production of around 1.8 million barrels per day.
The initial production cut agreement, which came into effect January 1, 2017, was for six months. The second joint OPEC-Non-OPEC Producing Countries’ Ministerial meeting on May 25, 2017 decided to extend the voluntary production adjustments for another nine months effective July 1, 2017.
At its fifth meeting on Friday, the JMMC welcomed the participation of Iraq, Libya and Nigeria, and the reaffirmation of their commitment to work closely with other participating producing countries to ensure the success of the Declaration of Cooperation.
The President of the OPEC Conference, Khalid Al-Falih, who is also the Saudi Arabian Minister of Energy, Industry and Mineral Resources, expressed his solidarity with the JMMC, reiterated the commitment of his country to the success of the agreement.
Although he cautioned against complacency, Al-Falih reaffirmed the need for additional work by under-performing participating countries to raise their levels of compliance to 100 per cent.
He said the level of compliance in August 2017 underscores the commitment of participating producing countries to cooperate towards the rebalancing of the market.
Noting recent market developments, the committee said it was confident that the oil market was moving in the right direction towards the objectives of the Declaration of Cooperation.
Recent market inventory confirmed global oil demand growth in 2017 was now better than expected, with 2018 world oil demand anticipated to be robust.
“Commercial oil stocks in the Organisation of Economic Cooperation and Development, OECD fell further in August and the difference to the latest five-year average has been reduced by 168 million barrels since the beginning of this year,” the OPEC Secretariat report said.
The report however noted that another 170 million barrels of stock overhang remained to be depleted.
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by attention007(m): 11:35pm On Sep 22, 2017|
Lala oya carry go
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by Hardewarlee(m): 7:48am On Sep 23, 2017|
Anything Oil stories about 9ja na method of embezzlement so no time . We kuku no see any changes ... Dey do am go we dey see.
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by free2ryhme: 7:48am On Sep 23, 2017|
Because we elect animals, thats why all Nigerians still defecate & drink from the same stream.
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by Austindark(m): 7:48am On Sep 23, 2017|
Well I hope the proceeds from this is transmitted undiminished or evenly to all parts of the country and the hosting communities rather than using the 95:5% formula.
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by Yomzzyblog: 7:48am On Sep 23, 2017|
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by PoliticalThuG(m): 7:49am On Sep 23, 2017|
Buhari Is A Terrorist
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by Exponental(m): 7:49am On Sep 23, 2017|
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by muller101(m): 7:57am On Sep 23, 2017|
As long as oil is the subject everybody in the country will be a Nigerian. If militants resume duty environmental drunk individuals will analyze how they are destroying their habit. Now no body is saying they should go and drink their oyel .
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by GoodMuyis(m): 8:02am On Sep 23, 2017|
Advantage of Having Buhari as President. Those with political wisdom will understand what I mean.
National Advantage first before religion sentiments. America is good at such Foreign policy stuff. unlike us here all we see is negative about Buhari because he is a muslim
8 Likes 1 Share
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by winterfell007(m): 8:04am On Sep 23, 2017|
That's the only thing saving Buhari's ass. As oil price grows which means more revenue for government. If he likes let him go and provoke the militants again with his unguarded statement, they'll cripple d nation if u cross them. They are still the goose that lays the golden egg.
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by agabusta: 8:09am On Sep 23, 2017|
Not only Buhari but the entire country. The stagflation brought by low oil prices was felt by everybody.
3 Likes 2 Shares
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by Narldon: 8:09am On Sep 23, 2017|
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by MrGreenMavro: 8:19am On Sep 23, 2017|
just hope the government will make good use of the revenues generated
1 Like 1 Share
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by richeeyo(m): 8:46am On Sep 23, 2017|
free2ryhme:Stay positive and speak for yourself only
1 Like 1 Share
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by yahmohy27: 8:47am On Sep 23, 2017|
Very soon Niger Delta militants will be reminding the FGN of their promises otherwise they will resume bombing of oil installations . Mark my words ,i mean between now and next week they will speake
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by Bizibi(m): 9:09am On Sep 23, 2017|
GoodMuyis:because he is a Muslim or because is just lazy and dormant.
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by DRISKLEF(m): 10:51am On Sep 23, 2017|
Are you linked with them, please?
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by lokito: 11:08am On Sep 23, 2017|
Small small money
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by salam1(m): 11:19am On Sep 23, 2017|
Bizibi:and u the hard working 1 no1 has had ur name not even in ur family let alone ur village,or local govt.
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by Bizibi(m): 11:34am On Sep 23, 2017|
salam1:mtcheeew hahahaha,what a funny soul.....now my name should be important.damn you re really funny,so you re implying that the title is more important than working hard to push this country forward.
Hahahahaha,""my name is not in my FAM let alone village or local govt""""
What a funny being
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by salam1(m): 11:41am On Sep 23, 2017|
Bizibi:when u claim he's lazy wen u know he's not but I know the angle u r koming from continue. It will all end on Nairaland
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by positivetaught: 12:33pm On Sep 23, 2017|
Even with this extra budgetary revenue from oil ApC will still give you a million reasons y they can not perform based on their own budget!,by the way when is buhari going to stabilize the International oil price as he promised during the campaigns now that they are jubilating over this little increase.
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by Bizibi(m): 2:09pm On Sep 23, 2017|
salam1:ohhh,he is not lazy!!!!
Some Nigerians really deserve the type of leaders they......
|Re: OPEC Extends Nigeria’s Exemption From Oil Output Cut by salam1(m): 7:04pm On Sep 23, 2017|
Bizibi:How Buhari dealt with wailers this week
In this week alone
*Buhari orders payment of N290bn civil servants' outstanding salaries/allowances accumulated since 2007!
*Buhari reaches back to 2003 to pay #45bn for former staff of Nigeria Airways of gratuities and other retirement benefits.
*Power generation hits 7001.
*PMB got 200 armoured fighting vehicle from Jordan to tighten Nigeria Security.
*ASUU, NASU, SSANU, ULC & Resident Dr hav SUSPENDED STRIKE
Now hear the comments of the world about him .
*Ban Ki-moon to Buhari: "You are highly respected by world leaders, including myself. Your person has given your country a positive image.
*CNN described BUHARI as the Africa President.
*How I wish African leaders are like you"~Donald Trump.
*PMB is the number 10 most talked about world leader in the just concluded UNGA in New York
What a bad week for wailers and their leaders .
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