Africa: 'One Can't Work 18 Hours a Day and Still be Poor' [interview] Nov 10, 2009
In the EU they are not allowed to use this money to produce fruits, vegetables, milk, sugar (a production quota runs until 2015) and wine, and there are ceilings on cotton and tobacco. This all shows that the US and the EU will never be able to respect their offers. (allAfrica.com)
Nigeria: Opec to Consider Higher Quota for Country Oct 21, 2009
Sopuruchi Onwuka Organization of Petroleum Exporting Countries (OPEC) may soon honor Nigeria's quest for increased production quota as output from the country continues to improve ... He said sustained rise in the nation's oil production would provide the justification needed to approve higher production quota for Nigeria which have suffered production cut backs in recent years due to security tension in the Niger Delta region ... He said that the new figure which is over 500, 000 barrels per... (allAfrica.com)
Nigeria: OPEC's Focus - Poverty, Environment Sep 21, 2009
The two-day Vienna Conference and Meeting which was attended by a high-powered delegation from Nigeria led by the Minister of Petroleum Resources, Dr. Rilwanu Lukman, addressed the challenges of compliance with oil production quota assigned to each member-country based on many factors ... President of the Conference, Engineer Jose Maria Botelho de Vasconcelos, Angola's Minister of Petroleum said in remarks to kick-start the Conference on Wednesday night noted that: "As on so many occasions in... (allAfrica.com)
Africa: OPEC Maintains Current Quota Sep 11, 2009
Lagos Though a definite statement is expected tomorrow, feelers from the 154th ordinary meeting of the Organisation of Petroleum Exporting Countries confirmed the position of oil ministers at pre-summit meeting that the cartel is not in a hurry to alter the present production quota of member countries. The Angolan Minister of Oil, who is also the President of 154th ordinary meeting of the cartel, Engr. (allAfrica.com)
OPEC to maintain production level unchanged Sep 10, 2009
VIENNA, Sept. 10 (Xinhua) -- The Organization of Petroleum Exporting Countries (OPEC) agreed here on Thursday to maintain its production quota for the time being ... The cartel's current oil production quotas total 24. (Xinhuanet, China)
Iraq-Shell gas deal likely to be delayed Sep 6, 2009
It exports just over 2 million barrels a day, under OPEC's production quota. It plans to produce 4. (The Star Online, Malaysia)
Nigeria: Amnesty Responsible for Increased Oil Output Aug 28, 2009
7 million production quota pegged by the Organisation of Oil Exporting Countries (OPEC) during its meeting in Oran, Algeria in December last year. He also said the much-awaited planned full deregulation of the petroleum sector will take off in "the next one or two months," pending the conclusion of vital concessions by all stakeholders who are aware of the development. (allAfrica.com)
Return to world peak season oil demand has not arrived Aug 12, 2009
OPEC will hold another oil ministers conference in September to decide the new crude oil production quota. During its last conference in May, it retained previous production levels, saying it aimed to help the world economy recover. (Xinhuanet, China)
Nigeria: Niger Delta - Country Misses Opec Quota Jun 24, 2009
This is as indications have emerged that Nigeria may find it difficult to meet its implied Organisation of Petroleum Exporting Countries (OPEC) production quota of 1. 67 million barrel per day (bpd), owing to recent shut-ins as a result of renewed unrest in the Niger Delta region. (allAfrica.com)
Oil records fifth consecutive gains as dollar drops May 30, 2009
VIENNA, May 28 (Xinhua) -- The 153rd Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) decided on Thursday to keep its production quota unchanged. The decision was made at the OPEC meeting in Vienna, as expected previously. (Xinhuanet, China)
OPEC keeps oil production quota unchanged May 29, 2009
VIENNA, May 28 (Xinhua) -- The 153rd Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) decided on Thursday to keep its production quota unchanged ... The next OPEC ministerial meeting will be held in September this year to decide the next phase of oil production quotas. (Xinhuanet, China)
OPEC Ministers Set to Maintain Oil Quotas in Bet That Demand Will Recover May 28, 2009
May 28 (Bloomberg) -- OPEC is likely to leave production quotas unchanged at todays meeting in Vienna in a bet that demand will recover, pushing prices as high as $75 a barrel by years end, ministers said ... Venezuela is working to clarify its OPEC production quota after an audit of the countrys exports showed output is higher than the group estimated, Oil and Energy Minister said yesterday in Vienna. (Bloomberg -- Europe)
Venezuela seizes U.S.-owned food plant May 21, 2009
Venezuela cites production quota dispute in takeover of pasta-making plant ... CARACAS, Venezuela (CNN) -- Venezuela temporarily seized a pasta-making plant Friday belonging to U.S.-based food giant Cargill, citing a production quota dispute. (CNN -- World)
OPEC weekly oil prices drop below $50 again Apr 28, 2009
The OPEC oil prices have fluctuated around 50 dollars since the decision was made to maintain its production quota in mid-March this year ... At the end of this May, OPEC oil ministers will meet again in Vienna to discuss future market supply and demand situations in the international crude oil market so as to decide future production quotas. (Xinhuanet, China)
Oil, gold and copper have upside Apr 2, 2009
Opec s next meeting on May 28 might see another cut in production quota if crude oil prices were to continue deteriorating, it added. A foreign bank-backed research house, in a report, cautioned that the recovery in crude oil and copper prices was based on shaky grounds in the first half. (The Star Online, Malaysia -- Business)
UAE President Calls $70-75 Crude Oil 'Fair' Mar 27, 2009
An Organization of Petroleum Exporting Countries member, the UAE has the world's fifth-largest oil reserves and a daily OPEC production quota of 2. 5 million barrels. (SmartMoney)
Oil rally: a boom without long-term support Mar 26, 2009
OPEC decided to keep its oil production quota unchanged at the Vienna meeting, which to Tchilinguirian was much expected by the market. "Sacrificing additional volume to reach OPEC's implicit target of 24.85 million barrels per day is more difficult when government revenues are strapped by weak oil prices," he said. (Xinhuanet, China)
Crunch forces govt to drop oil reserve target Mar 23, 2009
He, however, praised OPEC's decision to roll over its production quota of 27 million barrels per day, saying: "The decision is necessary because Nigeria has no power over the price of crude oil in the international market.". There has been consistent reduction in demand as a result of the global economic crisis. (Guardian News, Nigeria)
OPEC decides to maintain current output Mar 16, 2009
OPEC member states also agreed to strictly follow the production quota further ... The ministers from OPEC member states decided to maintain the current output level and boost the prices by strengthening the implementation of existing production quotas ... During the six-hour discussion, the ministers analyzed the market situation and finally decided to keep the current production quota unchanged. (Xinhuanet, China)
Nigeria: Federal Allocation Slumps Again Mar 16, 2009
54 billion in allocation to the three tiers of government was as a result of the decline in crude oil prices in the international market and the reduction in production quota of the OPEC, a body which Nigeria belongs to. According to him, Nigeria 's production quota was cut back to 1,673,000 barrels per day (bpd) in January 2009 from 2,050,000 bpd in December 2008. (allAfrica.com)
FG, states, councils share N250.04b for February Mar 16, 2009
" Accountant-General of Federation (AGF), Alhaji Ibrahim Dankwambo, blamed the deficit of N35.54 billion in the revenue allocation to the three tiers of government, when compared with revenue shared in January 2009, to the decline in crude oil prices in the international market and the reduction in production quota of the Organisation of Petroleum Exporting Countries (OPEC). He explained that Nigeria's production quota was cut-back to 1,673,000 barrels per day (bpd) in January 2009 from... (Guardian News, Nigeria)
Fresh measures to check meltdown coming , says VP Mar 13, 2009
According to him, in the last few months, especially in January 2009, the price of petroleum fell far below the budgetary benchmark of $45 per barrel, with the Organisation of Petroleum Exporting Countries (OPEC) reducing the production quota of the nation below the expected quota at the time of preparing the 2009 budget. "It is sad to note that the Excess Crude Account, which was opened during the first eight years of democracy, when the price of petroleum product exceeded the budgetary... (Guardian News, Nigeria)
Nigeria: Again, the Subsidy Debate [editorial] Mar 11, 2009
Equally disturbing is government's inability to meet its production quota for various operational and infrastructural reasons. The effects of these roadblocks are aggravated by the predatory presence of inefficiency, ineptitude of regulatory agencies, particularly the Petroleum Product Pricing Regulatory Agency (PPPRA), fraud and racketeering - vices which, according to the committee, have conspired to milk the nation's purse for too long.. (allAfrica.com)
Central Bank probes banks' profit claims Feb 16, 2009
In the civil service, there are rules guiding the actions of staff and if it is discovered that these rules have been flouted, such staff would be dealt with thoroughly," the AGF declared. Meanwhile, the Minister of State for Finance, Mr. Remi Babalola, hinted on Friday that the FAAC might have to consider other options to ease the expected drop in revenue into the Federation Account. He was reacting to the drop in revenue from N435.40 billion last month to N285.58 billion this month due to the... (Guardian News, Nigeria)
Nigeria loses new oil and gas investments to Ghana Feb 16, 2009
He warned that with the way things are going now, Nigeria may not be able to meet its OPEC production quota as a good number of companies are pulling out. Already, Angola has begun to attract more investments from oil companies as IOCs are making long term expenditure commitments in the southern African nation. (Ghana Web, Ghana)
Iraqi Oil Minister Says OPEC to Cut Production Feb 7, 2009
Iraq is a member of the Organization of Petroleum Exporting Countries but is not committed to its production quota because the war-plagued country produces less than its potential. Al-Shahristani also renewed his objection to oil deals signed between the Kurds and Western oil companies, saying they are a main "impediment" in approving the country's long-awaited hydrocarbon law because they "contradict the law and contradict Iraq's benefit.". (ABC News -- Wire)
