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    • IMO Secretary General Visits Nigeria, Dazed By Facilities

      Oct 2, 2025
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      Sep 27, 2025
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      Sep 27, 2025
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    • WMD 2025: "We Are Beneficiaries of The Oceans"-Dantsoho

      Sep 27, 2025
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      Sep 26, 2025
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    • Nigerian Shippers Celebrate Seafarers, Commits to Efficient Regulation

      Sep 26, 2025
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      Sep 24, 2025
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      Sep 23, 2025
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      Sep 23, 2025
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      Nov 18, 2021
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      Oct 31, 2021
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      Dec 7, 2020
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      Apr 7, 2022
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      Mar 19, 2022
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      Feb 9, 2022
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      Jan 27, 2022
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      Jan 21, 2022
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      Dec 4, 2017
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      Dec 2, 2017
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      Nov 2, 2016
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      Nov 1, 2016
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      Nov 1, 2016
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      Nov 1, 2016
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      Oct 31, 2016
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      Oct 31, 2016
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      Oct 5, 2016
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      May 1, 2025
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      Mar 2, 2022
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      Feb 18, 2022
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      Jan 27, 2022
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      Jan 24, 2022
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      Dec 27, 2021
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      Dec 20, 2021
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      Jun 5, 2018
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      Jan 12, 2018
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      Nov 3, 2016
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      Oct 24, 2016
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      Aug 15, 2016
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      Jul 23, 2016
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    • Face off Imminent as Dakuku Warn IOCs to Sit Up or Stay ...

      Jul 22, 2016
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      Jul 16, 2016
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      Jul 12, 2016
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  • IMO Secretary General Visits Nigeria, Dazed By Facilities

  • Nigeria’s Blue Economy Minister Bemoans Maritime Financing Deficit

  • NIMASA Calls For Urgent Action To Reduce Maritime Funding Gaps

  • WMD 2025: “We Are Beneficiaries of The Oceans”-Dantsoho

  • WMD 2025: “We Are Proud”

FeaturedNews
Home›Featured›OPEC Looks to Fixing Nigeria, Libya Crude Outputs

OPEC Looks to Fixing Nigeria, Libya Crude Outputs

By Editor
Nov 29, 2017
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OPEC will debate this week whether to cap oil output from Nigeria and Libya, which have so far been excluded from supply curbs due to falling production amid unrest, two sources with knowledge of the matter said on Wednesday.

The 14-member OPEC meets on Thursday to decide whether to extend production cuts until the end of 2018.

The sources said the idea was to cap Nigerian output at 1.8 million barrels per day and Libyan at one million bpd.

The NNPC said is looking to set up a 3.5 to five billion dollars cash-for-crude prepayment with some of the world’s top commodity traders to fund oil and gas upstream projects as well as related infrastructure, sources with direct knowledge of the matter said.

Africa’s biggest oil producer and OPEC member was hit hard by the sharp drop in global oil prices in 2014 that pushed it into its first recession in 25 years.

Already cash-strapped and weighed down by billions of dollars in old debts, NNPC has also been looking to bring in outside cash.

The sources said Standard Chartered was hired to advise on the oil prepayment and a request-for-proposal was issued a few weeks ago for a 3.5 to five billion dollars loan to be repaid with crude over five to seven years, the sources said.

A spokesman for Standard Chartered declined to comment. A spokesman for NNPC declined to comment.

The sources added that a decision was expected before the end of this year. Around seven trading firms were still in the running, one added, with top trading houses Glencore, Vitol and Trafigura as being among the active contenders.

The trading firms declined to comment.

The West African OPEC member is seeking three off takers, one of the sources said, against 70,000 barrels per day of crude.

Vitol already has a major presence in Nigeria after buying petrol stations via a joint venture with local producer Oando and private equity fund Helios.

Vitol is also among a list of majors traders, including Trafigura, that participate in a swap scheme to deliver refined products in exchange for crude.

Profit margins for trading firms have been slowly eroding over the last few years as transparency in oil markets has increased, reducing arbitrage opportunities, once based on privileged information.

Increasing traded volumes is one way to raise profits and competition is fierce for prepayment deals with state oil firms.

Nigeria’s NNPC has had cash-flow problems for years and has been chronically behind payments for its stakes in upstream joint-ventures with Shell, Chevron, Total, Eni and ExxonMobil.

After project development began to stall following the collapse in oil prices, Oil Minister Emmanuel Ibe Kachikwu reached a deal last year with its major foreign oil-producers to repay 5.1 billion dollars over five years, interest free.

NNPC has already leveraged over 300,000 barrels per day of crude to cover current fuel imports via a crude-for-product swap scheme as well as debts to traders dating back nearly a decade

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