OPEC points to 2020 oil surplus even as demand gradually recovers

The world faces an oil surplus in 2020 even as demand gradually recovers and record supply cuts by producers help rebalance the market, according to OPEC forecasts on Wednesday, Reuters reports.

The latest monthly report from the Organization of the Petroleum Exporting Countries potentially increases pressure on the group and its allies, known as OPEC+, to curb more supply.

Electricity: Nigeria records 8.101m MW in Q4 –Regulatory Commission

The Nigerian Electricity Regulatory Commission (NERC) has said that 8.101 million Megawatts (MW) of electricity was generated in the fourth quarter (Q4) of 2019.

NERC made this known in its 2019 Fourth Quarter Report posted on their website.

The regulatory agency said the total electricity generated during the fourth quarter of 2019 was 1.46 percent higher than the energy generated during the preceding quarter.

Nigeria cutting oil output by nearly a quarter -minister

OPEC member Nigeria has reined in oil production to bring Africa’s top crude exporter into line with an agreement among producers to curb output, Minister of State for Petroleum Timipre Sylva said.

“The cut for Nigeria is about 417,000 barrels per day (bpd), which is about 23% of our production. And of course, as at the end of April, we have complied,” Sylva said on Thursday.

Oil price rises as traders weigh virus progress

Oil prices on Wednesday built on the previous day’s surge, boosted by signs of easing in the coronavirus which is allowing some countries to begin opening their economies.

International benchmark Brent gained 0.45 percent to $31.11 a barrel, reversing early losses, having surged 14 percent above $30 on Tuesday for the first time since mid-April.

US marker West Texas Intermediate climbed 1.1 percent to $24.18 a barrel, after rising 20 percent the previous day.

Nigeria joins OPEC+ to cut crude oil supply –Minister

The Minister of State for Petroleum Resources, Timipre Sylva, said Nigeria joined the OPEC+ to cut crude oil supply by 10 million Barrel per day.

Sylva disclosed this at the ongoing 9th Organisation of Petroleum Exporting Countries (OPEC) and Non OPEC ministerial webinar meeting.

“Nigeria joined OPEC+ to cut supply by up to 10mbpd between May and June 2020, Eight Million Barrels per day between July and December 2020 and Six Million barrels per day from January 2021 to April 2022, respectively.

Federal Govt. to legalise modular refineries

The Federal Government is planning to legalize Modular Refineries in the country.

Sen. Ita Enang, the Senior Special Assistant to the President on Niger Delta Affairs, made this known at a Forum on Thursday in Abuja, Nigeria’s capital.

He said that his office had, over a period of time, engaged some artisanal (illegal) oil refiners in the Niger Delta region and had seen the need to legalise their operations.

According to him, some of the artisanal refiners can produce chains of petroleum products and supply them for consumption in the country.

COVID-19: Electricity Distribution Company suspends disconnection

The Ibadan Electricity Distribution Company IBEDC, has assured its customers that there will not be disconnection of electricity to non-paying customers as a result of the lockdown occasioned by the Coronavirus pandemic across the catchment states.

The company revealed that the decision was made in recognition of what it described as the “precarious and tense situation across the country and the whole world, occasioned by the COVID-19 pandemic”.

Electricity regulator suspends planned tariff hike

The Nigerian Electricity regulatory Commission NERC says the planned tariff hike which was to take off Wednesday has been delayed for three months.

NERC chairman James Momoh, in an order released on Tuesday, directed all distribution companies to submit a detailed plan for the attainment of full recovery of prudent costs and allowed return on capital revenue requirements by 30 June 2021.

The revenue recovery and financial sustainability plans shall be submitted to the Commission no later than 21 April 2020.

Nigeria to consider overhaul of private power sector –NEC

The Nigerian government will consider an overhaul of the private power sector, government officials said following the National Economic Council meeting on Thursday, Reuters reports.

The power sector was privatized in 2013, but some 80 million Nigerians remain without access to power, and elsewhere the grid is plagued by frequent blackouts, leaving businesses and consumers reliant on power generators.

“The entire sector is broken,” Kaduna state governor Nasir Ahmad El-Rufai said following the meeting.