NIGERIAN OIL: 2 MBD
TOGY - Nigeria's oil production level has recovered to 2 million bopd, Nigerian National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru said late on Tuesday.
Speaking to reporters in Abuja following a meeting with President Muhammadu Buhari, Bari said the relative calm across the Niger Delta had facilitated the increase in output.
In related new on Wednesday, the NNPC official representing Bari at the the Offshore Technology Conference in Houston, Saidu Mohammed said that the company had courted Chevron and Total to construct power plants at Obite and Agura.
Also present in Houston, Minister of State for Petroleum Resources Emmanuel Kachikwu said the country had begun repaying IOCs its cash call debt over 2016, but stressed that this was a separate repayment scheme from the USD 5.1-billion settlement with Chevron, Eni, ExxonMobil, Shell and Total on exploration and production costs.
"We eventually agreed to pay several tranches; $400m out of that for the first tranche and then, the remaining $700m paid in monthly instalments for a period of one year. In other words, that will roughly be about $60m or $70m every month after the first $400m," the minister said.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.