Recently in Nigeria Category

Platts' managing editor for European oil markets Simon Thorne was on Africa Business News earlier today, talking about the ramifications of strikes and shutdowns in Nigeria. The stoppages followed the country's decision to end subsidies that helped keep down the price of gasoline. You can view the interview here.

With oil above $100/barrel and crude production rising, Nigeria's oil industry should be a hugely attractive energy investment opportunity.

But concerns over the stringent terms in a new Petroleum Industry Bill (PIB), which is yet to be passed, has slowed down the pace of development rather than encourage it.

Bleary-eyed reporters wander the lobby of the Swissotel in Quito, some still grappling with fear of "soroche," the Quichua word for altitude sickness, and  jet lag after flying in from the four corners of the globe to attend OPEC's final meeting of the year.

Ecuador, OPEC's smallest oil producer at around 500,00 b/d, withdrew from the cartel in 1992 to avoid export limitations but rejoined in 2007 and is marking the end of its one-year presidency of the organization with a ministerial conference.

OPEC's crude production quotas are largely notional, with actual production running close to 2 million b/d higher than the 24.845 million b/d target 11 of the group's members agreed to nearly two years ago.

But quotas are also political, which may go some way towards explaining why Nigeria is resurrecting its push for a higher output allocation.

The success of oil producing companies in Nigeria in ramping up production over the past year can be seen in the rise in the country's crude exports to the US, which averaged 945,000 b/d in the first quarter of this year compared with just 606,000 b/d in the same quarter of 2009.

Nigeria's crude production has been steadily rising since an amnesty last year brought a sustained period of peace to the oil-producing Niger Delta region, allowing foreign oil companies to repair damaged oil infrastructure and increase production.

OPEC's 12 ministers will be raking in a few thousand air miles this month as they prepare to gather in Vienna on March 17 for their regular consultations  ahead of the second quarter before heading to the Mexican resort of Cancun for a major confab with major consuming nations and oil executives at the end of March.

It's a hard life for some.