Angola floats new oil and gas tender

ANGOLA – Angola’s National Agency of Oil, Gas and Biofuels (ANPG) has launched a marginal field development public tender with the deadline for submission being 30 September. Open to foreign entities, the winner will have a deadline of six months to execute the contract, as reported in the Jornal de Angola. The Southern African nation with an average oil production of 1.2 million barrels per day is Sub-Saharan Africa’s second largest oil producer after Nigeria and has an estimated 17,904.5 million cubic feet of natural gas production. Further, the country holds 9 billion barrels…

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US oil producers threaten gains made in stabilizing oil prices

oil

GLOBAL – US oil producers are threatening to reverse the gains that have so far been made in improving the price of crude oil in the international market. According to report by Punch Nigeria Oil prices dropped by 1.2 percent in July after data from the United States government showed a surprise rise in the country’s crude inventories. Reuters reported that the international oil benchmark, Brent crude, fell 55 cents, or 1.2 per cent, to $43.77 per in July while the U.S. West Texas Intermediate crude dropped 56 cents, or…

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Saudi Arabia declares oil war after OPEC+ fail to agree on oil cuts

SAUDI ARABIA – Saudi Arabia has said that it will ramp up its output to above 10 million barrels per day (bpd) and further slash the cost of its own crude oil in April. The decision was made after a meeting of OPEC+ failed to agree on further oil cuts. A report by Reuters described the decision by Saudi Arabia as a detonation of a metaphorical nuclear weapon in the global oil market. The OSP for Saudi Aramco’s benchmark Arab Light grade was cut by $6 a barrel for Asian…

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Coronavirus exposes Nigeria’s reliance on China, spells doom for an already strained economy

NIGERIA – The raging Coronavirus has ravaged economies through out the world, the worst hit being China which has been forced to effect far-reaching containment measures that have not only hurt its economies but those of others that rely on China for exports and imports. Nigeria is among some of the major economies in Africa that heavily rely on China and it is expected to be among the worst hit in the continent. According to a Punch Nigeria report, China accounts for around a quarter of Nigerian imports, greasing much…

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Dwindling fortunes as oil oversupply projected to persist despite OPEC deal

GLOBAL – The International Energy Agency has said there will be an oversupply of crude oil next year even if the Organisation of Petroleum Exporting Countries (OPEC) and its allies deliver newly-announced production cuts in full. OPEC, in its latest monthly oil market, said significant and successful effort of countries participating in the Declaration of Cooperation (DOC) had helped the global oil market to remain relatively balanced in 2019. It said countries participating in the (DOC) reaffirmed their continuing commitment to oil market stability as they decided this month to…

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Burkina Faso secures US$20m loan from OPEC to enhance food security

BURKINA FASO – The government of Burkina Faso through the Ministry of Economy, Finance and Development has secured a loan of US$20 million from the Organization of the Petroleum Exporting Countries (OPEC) Fund to support agribusiness activities in the country. The loan was signed by the Director-General of the OPEC Fund for International Development (the OPEC Fund) Dr Abdulhamid Alkhalifa and Burkina Faso’s Minister of Economy, Finance and Development, Lassané Kabore. In a statment, OFID revealed that the funds will be specifically used to help finance Burkina Faso’s Agricultural Value…

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Nigeria meets African Oil producing countries amid increased volatility in global oil prices

AFRICA – Nigeria, led by its Minister of State for Petroleum Resources, Timipre Sylva in October visited various oil producing countries in the continent amid a backdrop of increased volatility in global oil prices. According to a statement from the Nigerian National Petroleum Corporation, Sylva, who doubles as President of the African Petroleum Producers Organisation, visited the African oil producing nations that are also signatories to the Organisation of the Petroleum Exporting Countries (OPEC) Declaration of Cooperation Agreement. The Nigerian delegation according to the statement team visited Gabon and South…

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Ecuador to exit OPEC amid rising volatility in global oil market

GLOBAL – Ecuador one of the smallest oil producers has said that it would exit the Organisation of the Petroleum Exporting Countries (OPEC) in January next year. The Resources Ministry of the South American country said that the decision to leave was rooted in the issues and internal challenges that the country needed to bear for it to secure fiscal sustainability. Ecuador, however added however that it would continue to support all efforts that seek to stabilise the world oil market. Oil prices which used to have a predictable swing…

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OPEC: Nigeria Complies with OPEC targets, cuts down oil production by 57000 bpd

NIGERIA – Nigeria, has announced that it will cut down on its crude oil production by 57000barrels per day (bpd) to comply with the targets set by the Organisation of Petroleum Exporting Countries (OPEC). Nigeria, through its Minister of State for Petroleum Resources, Sylvia Timipre revealed its intention at the 16th Joint Ministerial Monitoring Committee (JMMC), meeting in Abu Dhabi, United Arab Emirates. In a statement read on behalf of the minister by the Spokesman for the Nigerian National Petroleum Corporation, Mr Ndu Ugahmadu, in Abuja, the minister said Nigeria…

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