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Nigeria and Libya seek to boost oil output in 2018 irrespective of OPEC caps

Nigeria And Libya Seek To Boost Oil Output In 2018 Irrespective Of OPEC Caps

Less than two weeks after OPEC’s decision to extend oil production cuts, Libya and Nigeria – the only two exempt members of the group – are signaling their intent to raise output next year, Reuters reports.

While several ministers at the Nov. 30 meeting of the Organization of the Petroleum Exporting Countries (OPEC) suggested the two nations had joined the output-curbing deal, both are working to add to their peak production from this year. With respect to Nigeria, oil company Total on Friday said its new Egina field offshore Nigeria was on track to start in the fourth quarter of next year – adding 200,000 barrels per day (bpd) or 10% to the country’s production.

The headline of a statement issued by Nigeria’s petroleum ministry on the day of the OPEC meeting also stressed, in block capitals, that Nigeria and Libya were exempt from cuts. Oil Minister Emmanuel Ibe Kachikwu emphasized in the statement that the nation’s condensates – a form of ultra-light crude – were exempt from any total, giving it leeway in calculations. He also told local media there was “no obligation” to do anything.

The post Nigeria and Libya seek to Boost Oil Output in 2018 irrespective of OPEC caps appeared first on Energy News | Oil and Gas News.

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Nigeria and Libya seek to boost oil output in 2018 irrespective of OPEC caps


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