Nigeria delays oil export plans as output cut discussions continue amid market glut
Nigeria’s state oil company has delayed publishing its future oil export plans as it negotiates with local companies and international majors on who will rein in output in line with an production cut deal by top producers, trading sources said.
“The OPEC+ quota has to be implemented for the new (June export) program as well as revising the May programs already issued,” a Nigerian oil trading source told Reuters.
“May cargoes will get delayed and new June cargoes may be relatively few.”
Read more:
South Korea runs out commercial space for spare oil as market glut intensifies
Oil falls back to around $15 as global storage space for crude nears limit
Kuwait slashing oil supply ahead of OPEC+ schedule: Oil minister
-
South Korea runs out commercial space for spare oil as market glut intensifies
South Korea has run out of commercial storage space for oil, according to people with knowledge of the matter, a development that’s likely to ... Energy -
Coronavirus: Global oil supply to shrink 6 percent by 2030
Global oil supplies may be 6 percent less than expected by 2030 because of delays to investments by energy companies in response to falling crude ... Coronavirus -
Kuwait slashing oil supply ahead of OPEC+ schedule: Oil minister
Kuwait said it has started cutting oil output ahead of May 1, the date when suppliers worldwide plan to start slashing production to counter a ... Energy