OPEC | - Part 2

Africa Drilling Lacking Despite Cheap Rigs, Higher Oil Price

LAGOS (Capital Markets in Africa) – A recovery in oil and gas exploration in Africa is yet to happen, despite the best efforts of producing nations to raise prices. Only a dozen rigs were operational in African waters on average over the last year as saving cash remained a priority even for prolific explorers such as Italy’s Eni SpA. The rate of drilling this year is barely a 10th of the activity before the price…

How Deep Will Saudi Cut Its Oil Output? To the Lowest Since 2015?

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LAGOS (Capital Markets in Africa) – Saudi Arabia has promised to do “whatever it takes” to end the global oil glut. If it cuts supplies in November by as much as it pledges, the kingdom will reduce production and exports alike by more or less a million barrels a day compared with last year. And that’s about all the world’s biggest oil exporter — and linchpin of a global plan to bolster crude markets — can do…

OPEC Oil Output Climbed in September as Libya, Nigeria Recover

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LAGOS (Capital Markets in Africa) – OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production. Output from the Organization of Petroleum Exporting Countries was 32.83 million barrels a day in September, a gain of 120,000 barrels a day from August, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Production in Libya, which along with Nigeria is exempt from output cuts, rebounded 30,000 barrels a…

Libya Oil Output Set to Recover Following Sharara Brief Halt

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TRIPOLI (Capital Markets in Africa) – Libya’s oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt. The OPEC member’s output is expected to rise to 1 million barrels a day from 800,000 within 2-3 days as the Sharara oil field restarts Tuesday, National Oil Corp. Chairman Mustafa Sanalla said Monday in a televised interview on Libya TV. The field produced about 234,000 barrels a day before guards…

Algeria to Focus on Gas Output as OPEC Cuts Oil, Sonatrach Says

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ALGIERS (Capital Markets in Africa) – Algeria will focus on boosting natural gas production as the Organization of Petroleum Exporting Countries seeks to trim oil supplies to counter a global glut, according to the chief executive officer of the nation’s state-owned energy company Sonatrach Group. “As we are restricted by the OPEC quotas, our strategy today is to increase our gas production capacity,” CEO Abdelmoumen Ould Kaddour told reporters Tuesday visiting the Medgaz pipeline in Beni Saf…

Kuwait Says OPEC May Decide on Extending Cuts in March 2018

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LAGOS (Capital Markets in Africa) – OPEC and allied oil producers will keep reviewing options for their agreement to cut output, and a final decision on extending the deal beyond March could be postponed until the first quarter of 2018, Kuwait’s oil minister said. The Organization of Petroleum Exporting Countries will consider all its alternatives if the market doesn’t re-balance by the end of March when the cuts expire, Kuwait’s Oil Minister Issam Almarzooq said Wednesday at a…

Libya’s Roller-Coaster Oil Output Hit Takes the Heat Off OPEC

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Libya’s oil production has dropped by 361,000 barrels a day, equal to 35 percent of output last month, taking some of the heat off of OPEC’s struggle to reduce a global glut. The North African country’s lost production is worth $160 million since Aug. 19 as “gangsters” took over pipelines and facilities that forced the shutdown of the Sharara field, the nation’s biggest, and the Hamada and El Feel, or…

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