•OPEC leaves oil output policy unchanged
Emmanuel Addeh in Abuja
Niger has banned all exports of liquefied petroleum gas (LPG) until further notice, the government said in a statement on Tuesday, a decision that will impact Nigeria which gets some LPG imports from the country.
Ironically, Nigeria has the 9th largest reserves of the natural resource while Niger Republic does not even appear in the first 100 countries globally.
Nigeria’s 209 Trillion Cubic Feet (TCF) and 600 TCF potential molecules continue to lie mostly untapped due to low investment in the sector, a development which has also affected the country’s gas transportation system.
“National production should be used to supply the domestic market, and in case of surplus a special authorisation can be requested to export it”, the statement said, according to Reuters.
The main destination of Petroleum Gas exports from Niger, THISDAY gathered, are: Nigeria , Azerbaijan , Sao Tome and Principe, and Belgium. But the country also imports petroleum gas primarily from: Nigeria, United States , Netherlands , Equatorial Guinea and Angola.
Niger is believed to have current gas reserves of 34 billion cubic metres with recoverable reserves of 24 billion cubic metres.
The country has recently had diplomatic spats with Nigeria following the unconstitutional removal of the sitting president in that country, which Nigeria kicked against. The Economic Community of West African States (ECOWAS) led by Nigeria’s President Bola Tinubu had vowed to intervene even if militarily.
Meanwhile, an Organisation of Petroleum Exporting Countries (OPEC) ministerial panel that met on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.
Ministers from OPEC and allies led by Russia, known as OPEC+, held an online meeting. The panel, named the Joint Ministerial Monitoring Committee (JMMC), can call for a full OPEC+ meeting if warranted.
Oil had jumped towards $100 a barrel for Brent crude, the highest since 2022, although prices have come under pressure in recent days from concerns that interest rates may remain persistently high and from weaker economic growth.
“The committee will continue to closely assess market conditions,” an OPEC statement issued after the meeting said, adding that the panel recognised and acknowledged the Saudi and Russian cuts.
Earlier on Wednesday, Saudi Arabia said it would continue with a voluntary cut of 1 million barrels per day (bpd) until the end of 2023, while Russia said it would keep a 300,000 bpd voluntary export curb until the end of December.
Russian Deputy Prime Minister Alexander Novak, speaking on the Rossiya-24 news TV station, said the joint cuts by Saudi Arabia and Russia had helped to balance the global oil market. “We are also fulfilling our obligations in full,” he said.
Saudi Energy Minister Prince Abdulaziz bin Salman, who chairs the JMMC, last month said OPEC+ cuts were needed to stabilise the market, and prices were not being targeted. The next JMMC meeting is on November 26.
