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Nairaland Forum / Nairaland / General / Business / As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output (6244 Views)
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As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by LarryBee1k: 6:45pm On Apr 22, 2017 |
Africa’s second-biggest producer will finish repairs on the Forcados pipeline by June New York: Nigeria will revive oil production this summer as it completes maintenance and repairs, and expects fellow Organisation of Petroleum Exporting Countries (Opec) members to continue to cut their output in the second half of the year, Oil Minister Emmanuel Kachikwu said. Africa’s second-biggest producer will finish repairs on the Forcados pipeline by June and complete maintenance at the Bonga oilfield the following month, Kachikwu said in a Bloomberg Television interview. The country’s output slumped to 1.27 million barrels a day last month, the lowest in decades, according to data provided by the nation. It aims to reach 2.2 million barrels a day. With production losses due to militant attacks, Nigeria had been exempt from output cuts by the Opec. The nation will join the Opec measure once it has fully restored output it’s lost, which could happen as early as October or November, and meanwhile expects the counterparts to extend the cuts to keep oil prices above $50 (Dh183) a barrel, Kachikwu said. “I’m not sure we have an alternative, we’ve got to,” Kachikwu said. “There’s a lot of energy around a six-month extension,” which should be “easy” to agree when ministers meet in May. Maintenance reduced Nigeria’s output in March by 250,000 barrels, he said. Having been spared from militant attacks for three months, the country’s focus for boosting output is shifting away from security threats toward fiscal issues, he said. The country’s long-delayed Petroleum Industry Governance Bill, which seeks to reform how the industry is regulated and funded, will be presented to lawmakers for consideration later this month. Nigeria will also begin pay back a $5.1 billion debt owed to international companies including Exxon Mobil Corp. and Total SA this month. Source: https://www.bloomberg.com/news/articles/2017-04-13/nigeria-to-revive-oil-production-even-as-opec-may-extend-cuts |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by Dumba088(m): 7:20am On Apr 23, 2017 |
I pray its not the usual stories, My fellow nairalander na so dis position DE sweeeeeeeeeeeeeeeeet |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by LionDeLeo: 7:20am On Apr 23, 2017 |
Gradually, Nigeria will be back on track. Enemies of state can go to blazes. Them right now, 13 Likes
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Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by datola: 7:23am On Apr 23, 2017 |
Government must ensure the pipelines are secured against attacks because what is the point repairing and damaging it again and again. 1 Like |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by verygudbadguy(m): 7:25am On Apr 23, 2017 |
There is nothing like peace. We have so much to pipeline vandalism and militancy in the last one year. This is a breath of fresh air...[quote author=LarryBee1k post=55815695] Nigeria will also begin pay back a $5.1 billion debt owed to international companies including Exxon Mobil Corp. and Total SA this month. I am happy to see this. 1 Like |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by T4kbaba(m): 7:26am On Apr 23, 2017 |
This is a good development provided we are sincere with it. |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by chinawapz(m): 7:26am On Apr 23, 2017 |
Let them do it first. Then, I will believe.
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Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by Nobody: 7:27am On Apr 23, 2017 |
This is a great news. I can imagine how the economy will respond once we are back to our full production capacity 1 Like |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by ReubenE(m): 7:28am On Apr 23, 2017 |
Whatever that will translate to better living conditions for the people is welcomed. May God bless Nigeria |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by wink2015(m): 7:28am On Apr 23, 2017 |
Nigeria should think outside the box. Nigeria should invest massively in the Agricultural sector. More Nigerian should be employed in farms equipped with modern agric technology such as tractors,etc and support by agro-allied industry that will convert the farm produce to finished product. oil sector is giving politician and their cronie easy way to loot fund while poverty is getting wider and wider each day! 4 Likes
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Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by WHOcarex: 7:35am On Apr 23, 2017 |
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Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by juman(m): 7:38am On Apr 23, 2017 |
It has no meaning. The senseless apc government has no direction and clueless. |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by juman(m): 7:41am On Apr 23, 2017 |
wink2015: @ Yeah. Agriculture is the way but we have no single leader that understand that. APC is a curse. |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by signz: 7:47am On Apr 23, 2017 |
OPEC is betting against innovation (technology). No one has ever done that and succeded. USA will simply open up more Shale oil fields and we'll be back to status quo |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by Nobody: 7:50am On Apr 23, 2017 |
eliment: I need you to do a simple math. 5000 x $50 x #300 = ? When you do that you can then multiply 2,000,000 x $50 x #300. After that remove 60% for your Lying FG. That is what they make everyday and you are masturbating over 250000 barrels that Danjuma gives his mistresses. |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by Nobody: 7:55am On Apr 23, 2017 |
uniqueboi:whatever calculations or maths you do all I know is we are getting there gradually. What do you think if the economy is stabilizing with a 1.2m bpd why won't it fare better when production reaches optimum. 2 Likes |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by bayelsaowei(m): 8:50am On Apr 23, 2017 |
LionDeLeo:was it not the same buhari that fomented all the trouble he is witnessing today??..who instigated the militants into attacking oil facilities??. ..when you guys talk about enemies I wonder who the enemy really is if not this dull administration that embarked on a fruitless challenge to oppress and pocket the Niger delta... nonsense.. The whole nation depends on the Niger delta for survival and yet buhari thought he could use the military on us as a people..i hope him eye Don clear like day light.. 1 Like |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by LionDeLeo: 8:54am On Apr 23, 2017 |
bayelsaowei: You forgot to add, he also reduced the price of crude oil in international market from $120pb to $28pb... 2 Likes |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by bayelsaowei(m): 10:42am On Apr 23, 2017 |
LionDeLeo:is that the point I have made...address the point I raised. ..with low oil prices we could have made a little cash if our output were not distorted..but our malam with his gra gra nuked everything... ... 1 Like |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by LionDeLeo: 10:47am On Apr 23, 2017 |
bayelsaowei: The added point is as true as the one you had raised. 2 Likes 1 Share |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by bayelsaowei(m): 10:55am On Apr 23, 2017 |
LionDeLeo:what's remaining is for the Niger delta to get a hold on resource control so that no malam interferes with our business.. |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by LionDeLeo: 10:57am On Apr 23, 2017 |
bayelsaowei: Wish you the best. 2 Likes |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by Nobody: 12:14pm On Apr 23, 2017 |
eliment: Bros let nobody deceive you. Nigeria sells 2.1million BPD. If you wish to know you can find out from more reliable sources than these liars you're representing. I hope I am not talking to one of the "Zone Bs" |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by kenyad: 12:36pm On Apr 23, 2017 |
You guys know the truth but always deviate from it. Why blame someone else for all the issues in ND? Alison didn't remit oil money into federation account but looted it with few officials that were involved. But Buhari has all the blames while your sister is a saint. Its a great shame on her that despite all she stole from you people cause she's there as minister cause of all Bayelsans, she's a prisoner now under house arrest in far away UK. bayelsaowei: 2 Likes 1 Share |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by bayelsaowei(m): 1:01pm On Apr 23, 2017 |
kenyad:who instigated militancy in recent times if I may ask you..who??..who infuriated the Niger delta into attacks on oil facilities...seems you've been living abroad...mtsheew.. 1 Like |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by vedaxcool(m): 2:57pm On Apr 23, 2017 |
[s] bayelsaowei:[/s] see mumu yarns 2 Likes
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Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by bayelsaowei(m): 3:59pm On Apr 23, 2017 |
vedaxcool:go hide your face...buhari has learnt his lessons the hard way...nobody messes with the delta..the old man has grown some sense.. 1 Like |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by QuotaSystem: 5:08pm On Apr 23, 2017 |
bayelsaowei: If not for the military, your lazy criminals would have still been blowing their lands to smithereens, but thanks to the Air Force and it's persuasive cannons, sanity has been restored in the Niger Delta for the past few months. Fruitless indeed . |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by bayelsaowei(m): 5:13pm On Apr 23, 2017 |
QuotaSystem:the military is doing nada..buhari has bent completely to our orders...i repeat the military has done nada.. And it's whose business if we decide to blow up our lands??..how is it your goddamn business..oh I understand..you and your kinds are all leeches...waiting for the delta to feed your lazy sick asses.. |
Re: As Opec Weighs Extending Cuts, Nigeria To Restore Oil Output by QuotaSystem: 5:28pm On Apr 23, 2017 |
bayelsaowei: Whatever makes you feel better kiddo #kissthetruth |
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