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Oil Prices: OPEC to hold emergency meeting with Russia, others on output cut

The Organization of Petroleum Exporting Countries hasinvited Nigeria and other members of the group for an emergency meeting. The meeting, which is expected to be via video conference, would be coming days after OPEC daily basket crude oil price made a marginal recovery to $18.93 per barrel on Thursday, after crashing to an all-time low level of $16.87 per barrel on Wednesday. OPEC secretariat officials said the meeting called by Saudi Arabia, the group’s largest producer, would involve Russia and other non-OPEC allies to attempt to reach a consensus on output cuts to halt the rapid slide in crude...

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Fuel scarcity looms as NUPENG hints sit-at-home order from Friday

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has expressed concern over the coronavirus outbreak. The cases of the global pandemic in the country have risen to 44 in Nigeria. The body said it may order its members and those of affiliates to stay at home from Friday if the well-being of tanker drivers, marketers, suppliers among others was not guaranteed. This was contained in a statement Tuesday night by National President, Williams Eniredonana Akporeha and General Secretary, Afolabi Olawale. NUPENG observed that its members were rendering critical services to the nation on a daily basis in these...

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Nigeria Set for Highest Oil Exports to Europe

OPEC to rollover output cut deal Ejiofor Alike with agency reports Nigeria is set to export highest volume of crude oil to Europe in June following production outages being experienced by producers in the UK’s North Sea oilfields, according to oil traders. This is coming as the Organisation of Petroleum Exporting Countries (OPEC) is expected to roll over a deal on cutting crude supplies at a meeting next week and discuss deepening the production curbs that have been in place since January 1, 2019. Reuters reported that Nigeria is set to export about 905,000 barrels per day (bpd) to...

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LEKOIL’s Otakikpo field set to increase volume to 20,000 barrels a day

Jun 21, 2019 LEKOIL (AIM: LEK), the Africa focused oil and gas exploration and production company with interests in Nigeria, announces its final audited results for the year to 31 December 2018.   Operational Highlights Otakikpo ·      Production levels averaged approximately gross 5,345 bopd, (2,076 bopd net to LEKOIL) ·     Phase Two preparations for development commenced with acquisition of 3D seismic in February, with an updated CPR being finalised ahead of publication ·     Subject to agreement on funding with one or more industry partners, plans underway for a three to five well drilling programme, targeting to increase production levels to approximately...

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U.S. surpasses Nigeria in oil exports, slashes imports

Jun 21, 2019 By the editor The US has significantly reduced imports of Nigerian crude oil in the past few years as the oil produced in its shale operations is similar to Nigeria’s crude. Its oil imports from Nigeria plunged to 9.599 million barrels in the first three months of this year from 15.879 million barrels in the same period of 2018, according to latest data from the US Energy Information Administration. The North American country increased its oil exports to 2.002 million barrels per day in 2018 from 1.118 million bpd in 2017, emerging the seventh biggest exporter...

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