Kachikwu: With Nigeria’s 1.8m output, I wont know if OPEC will call for cap in November


Minister of Petroleum Resources, Ibe Kachikwu, has declined comment over claim that the Organisation of the Petroleum Exporting Countries, OPEC, might ask Nigeria to further cap production at forthcoming November meeting in Vienna, Austria.

The minister on Friday, said he could not speak on the country’s stand on the issue.

Nigeria, during OPEC/non-OPEC meeting in July, agreed to cap production at 1.8 million barrels per.

However, shipping data has showed continuous increase in the country’s exports.

July’s oil production was reported to be 1.8 million barrels per day however, the minister said the country’s output, excluding condensates, was slightly below 1.8 million barrels per day in July.

The minister said condensates contributed 450,000 bpd to Nigeria’s production in July.

“I can’t disclose that” he told Reuters when asked whether Nigeria would agree to join OPEC’s production cap at the group’s November meeting.

On Thursday, news broke that OPEC had invited Nigeria to its meeting next month to discuss further capping possibilities.

Nigeria’s June crude oil exports rose by 260, 000 bpd in June.

Shipping data showed that its exports rose by 260, 000 bpd to 2.19mbpd.

However, in July, the country’s exports dropped to 1.84bpd.

August’s loading data showed that exports will surpass 2 mbpd, more than OPEC’s 1.8mbpd quota for the country. Exports of 2.02mbpd was booked for August, alongside 970, 000 bpd of Akpo condesate.

The August plan compared with 1.84 million bpd initially planned for July, but loading delays on Bonga, Bonny Light and Qua Iboe pushed several of the July cargoes into August.

It is expected that eight cargoes of Chevron’s Agbami or 252,000 bpd will be loaded in August, while two cargoes or 61,000 bpd of Total’s Amenam will be shipped for export.

The loading schedule also showed that one cargo or 31,000 bpd of Antan crude will be exported; seven cargoes or 215,000 bpd of Shell’s Bonga; seven cargoes or 226,000 bpd of Bonny Light and five cargoes or 129,000 bpd of Agip’s Brass River will be exported.

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