*Loss to Sharara field output seen at 160,000 barrels/day: NOC *Total, Repsol in venture that evacuates staff, closes wells 15…
Browsing: Organization of Petroleum Exporting Countries
09 July 2018, News Wires — Oil investors may regret urging companies to cough up cash now instead of investing…
Crude production of 9.9 million barrels per day (bpd) in the US was now at the highest level in nearly 50 years, “putting it neck-and-neck with Saudi Arabia, the world’s second-largest crude producer after Russia,” the IEA said.
Shell declared the force majeure on Forcados shipments in February 2016 after rebel group Niger Delta Avengers (NDA) bombed the main crude supply line to the terminal, causing massive spills in the area.
Kachikwu noted that Nigeria 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 a barrel.