With improved security in the Niger Delta region, the federal government hopes to ramp up crude oil production to about 1.74 million barrels per day in months ahead.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, on Sunday, agreed to cut global oil production by 1.393 million barrels per day, reducing Nigeria’s oil production quota by 20.7 percent.
The influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines.
Oil prices were trading up on Friday afternoon as shorters got a little nervous heading into the OPEC+ weekend, with new rumors circulating about the group’s discussions about another 1 million bpd in production cuts.
LNG exports out of the United States fell in May to 7.66 million tonnes, according to shipping data cited by Reuters. That’s a 0.35 million tonne dropoff from the previous month.
The U.S. shale revolution dramatically reshaped the world energy markets. The shale boom was one of the most impressive growth stories, from take off in 2008 to the Permian stealing the mantle from Saudi Arabia’s Ghawar as the world’s highest producing oilfield in a little over a decade.
OPEC+ is not expected to announce a change in oil production policy at the in-person meeting this weekend, OPEC+ delegates told CNBC ahead of the much-anticipated gathering.
India’s oil imports from Russia continue to surge as cheaper Russian crude exports find more and more buyers in the world’s third-largest crude oil importer.
Oil prices have risen after Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July.
The Overlord of Dagbon, Yaa Naa Abukari Mahama II is upbeat about the facelift the Northern Region is about to witness as the Ghana National Petroleum Corporation (GNPC) inches closer to drilling an oil and gas well in the Voltaian Basin next year.