Nigeria’s “Attack on Mars” reported on December 12 that Nigeria and Libya have shown signs of continuing to increase their output by 2018, less than two weeks after the Organization of the Petroleum Exporting Countries (OPEC) decided to extend its oil production cuts. Last Friday, Nepalese oil company Total said that the new oil field in the Egina region, which is located offshore of the country, will start operations in the fourth quarter of 2018 and is expected to produce 200,000 b / d, equivalent to 10% of the country’s current output. Nepalese oil ministry did not comment on whether Total’s new fields will lead to restrictions on production elsewhere. Last Saturday, the Libyan head of government met with the head of the country’s national oil company and the governor of the central bank and discussed how the company will get more financial support next year to boost output.
Some market analysts believe Neri and Libya have agreed to maintain production peaks for 2017 in support of the OPEC cut agreement. However, people familiar with the matter said that on the contrary, the two countries only made the commitment that the total oil output of the two countries will not exceed 2.8 million barrels / day in 2018. This is only the normal figure predicted by both sides in 2017.
In a statement issued on the very day of the conclusion of the OPEC meeting, Nepalese oil minister of state Nicholas Cutchcu said Nigeria and Libya are free from cuts. The condensate produced in the country is an ultra-light crude that is not subject to the obligation of relief and therefore leaves room for calculation of the relevant production. Catchch also told the local media that Nigeria “has no obligation” to take any action. It is estimated that the average oil output of Nellie and China will reach 1.7 million barrels / day and 900,000 barrels / day respectively this year, with 340,000 barrels / day floating above and below each.
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