Posts Tagged ‘Nigeria’

OPEC meeting provides some expected, and some unexpected, events

(This blog post is based on the reporting of the Platts OPEC team in Vienna: Margaret McQuaile, Stuart Elliott, Geoff King, James Leech and Jacinta Moran).

The latest meeting Wednesday of OPEC ministers in Vienna was uneventful — at least in terms of what the group decided to do, or not to do, about its current crude production policy.

A rollover of its 30 million b/d production ceiling had been widely expected following suggestions from ministers in the weeks running up to the meeting that the status quo would be maintained.

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Nigeria: Has it allowed insurgency to fester?

Nigeria’s president Goodluck Jonathan’s assumed desire to seek re-election next year was already facing an uphill battle, after a series of unprecedented setbacks cast doubts about his political survival.

Jonathan swept into power in 2011 on a wave of goodwill,  but his popularity has plummeted in the past two years. His failure to deliver economic transformation, his weak stance on corruption and rampant oil theft, as well as his slow response to the Boko Haram insurgency in the North East, have a cast a shadow on whether he can claw back support ahead of elections next year.

But his three-week silence on the abduction of 223 school girls from a secondary school in the northeastern village of Chibok has left the nation stunned.

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At CERAWeek, crude oil exports look a long way off

US oil producers may have warmed to Senator Lisa Murkowski calling in Houston this week for the lifting of restrictions on crude exports, but they shouldn’t start licking their chops, judging by the comments of other notables at the IHS CERAWeek conference.

Chevron CEO John Watson said the benefits of free trade should win the day, but he tempered that assertion with a heavy dose of political reality.

“No doubt that we’ll go through a long debate, but it’s a very straight forward economical argument,” he said while giving a keynote address to the conference.

OPEC and other producer countries probably are not shaking in their boots either, based on comments made by the Nigerian oil minister.

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Nigeria central bank head ousted; missing oil money an issue

President Goodluck Jonathan Thursday sacked the central bank governor Lamido Sanusi, a move critics say is a warning to whistleblowers in the run-up to presidential elections in Africa’s biggest oil producer.

Jonathan accused Lamido Sanusi of “financial recklessness and misconduct” and suspended him four months before his term was to end in June.

Sanusi had recently told a senate committee that out of $67 billion of oil sold between January 2012 and July 2013, $20 billion had not been accounted for by the state-owned NNPC.

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Nigeria: Drums of war again in the oil region of the Niger Delta

Fresh tension is now brewing in southern Nigeria following a spate of threats by the MEND militant group, amid fears the fighters have returned to the mangrove-choked creeks of the oil-rich Niger Delta.

After a period of relative calm, spiked only by sporadic incidents, the group on Tuesday claimed responsibility for the explosion that rocked the Warri oil refinery. It said the attack was part of a new campaign against the federal government’s “unsustainable and fraudulent” amnesty program.

It comes days after the group threatened Shell’s giant offshore Bonga field. “Offshore operations are not a safe haven. MEND has visited Bonga before and we will do it again when the time is right,” it said.

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OPEC production: trying to make up for Libya

The decline in Libyan output is putting a significant burden on Saudi Arabia to make up the difference. You can read our analysis of the group’s July output here.

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US export/import oil numbers: crude exports climbing

A few quick takeaways from the monthly Energy Information Administration supply/demand and export/import report, released today for data in April.

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Nigeria: tackling power deficit while oil and gas sector fears persist

Nigeria is expecting an annual investment of about $10 billion after the complete privatization of its power sector over the next 10 years, a move that could usher in a new era of uninterrupted power supply.

Nigerians are among the people most deprived of grid-based electricity in the world with a per capita consumption that is far lower than many other African countries.

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OPEC oil output in March: a few countries struggled to keep up

OPEC’s output has been dropping for months, but mostly because Saudi Arabia has been taking on the role of swing producer and cutting its production in line with weaker demand. In March, it was other countries that saw their production decline, but it wasn’t demand-driven. You can read Platts’ numbers and analysis here.

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Non-passage of oil bill threatens Nigeria’s oil sector

Nigeria’s long-awaited Petroleum Industry Bill is set to finally see the light as it moves its way through to Parliament, but its delay has taken a toll on the nation’s economy.

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