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Nigeria’s Oil Producers Are Itching to Pump More [Bloomberg Business News]

ING GROUP (ISF)  More Company Research Source: Bloomberg Business News
US:NYSE Investor Relations: ing.com/investor-relations.htm
PDF Add independent Nigerian drillers to the list of oil producers itching to supply more crude at a time when OPEC and allies like Russia are trying to restrict output and prop up prices. Domestic Nigerian producers are aiming to pump almost 250,000 barrels a day more crude by 2020 as part of a wider plan for the nation to lift output to 2.5 million a day, Oil Ministry data show. Shoreline Group , the third-biggest independent, wants to double output by December with Seplat Petroleum Development Co. , the second-largest, also intending to produce more. They are planning to add barrels at the same time as Nigeria participates in a global pact to restrict oil supply that’s being led by the Organization of Petroleum Exporting Countries and non-member nations including Russia. If any one country relents -- and similar internal pressures are bubbling up elsewhere -- then the entire deal could come under strain. “If they can pump more in Nigeria, I don’t see wh [Read more]

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