Nigeria, Libya oil output threaten global market.

Nigeria, Libya oil output threaten global market.

Nigeria, Libya oil output threaten global market.  Vanguard Online

The increase crude oil output by both Nigeria and Libya has posed a threat to the global market, even as there are indications that the global oil market may see some rebound in the second half of the year. International Energy Agency, IEA, Chief, Fatih Birol, told Reuters in an interview that the development is seen as a distortion to global market.

On current realities, the Agency stated: “The global oil market is expected to rebalance in the second half of 2017, but further output increases among key producers such as Nigeria and Libya could hamper this process.” He added that some key producers including Libya and Nigeria had significantly increased output in recent months.  Meanwhile, a report from oil pricing group Platts, stated that more production is possible from Libya and Nigeria, adding to supply-side concerns.  Read more

‘Nigeria’s crude oil production hit 2.025mbpd in June’. Refineries yet to secure financiers for rehabilitation. Govt approves national gas policy. Guardian Online

The Federal Ministry of Petroleum Resources has put Nigeria’s crude oil production, including condensate at 2.025 million barrels per day in June 2017.Besides, the agency said the Federal Government is yet to secure funding for the rehabilitation of the country’s refineries.

These come as the Federal Executive Council (FEC) approved the National Gas Policy, aimed at improving Nigeria’s gas fortunes and to boost the country’s revenues from the commodity.

The ministry, in its June report released on Tuesday, put the country’s gas production at 6.741 billion standard cubic feet (bscfd) during the month under review. According to the agency, Nigeria trucked out about 33.59 million litres (ml) of Premium Motor Spirit (PMS) also known as petrol; 8.90 ml Automotive Gas Oil (AGO) also known as diesel; 1.84 ml Dual Purpose Kerosene, 1.04ml Aviation Turbine Kerosene (ATK); and 0.22 ml Low Pour Fuel Oil (LPFO) or black oil.  Read more