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Analysts said these two decisions which were taken at the June meeting could lay the groundwork for future cooperation on bigger issues. Nigerian production hit 30-year lows in May as militancy continued in the country’s oil rich Niger Delta. The largest rise in output came from Nigeria, where production rose 150,000 b/d to 1.57
It may struggle to do that with the recent shuttering of the Trans Niger Pipeline, potential strikes from oil workers unions and the announcement from the Niger Delta Avengers that attacks will resume this year. Moreover, Nigeria—which, like Libya, is exempt from the OPEC deal—is intent on restoring production.
suggests that the reduced flows in many cases are associated with climate change, and could potentially threaten future supplies of food and water. But they could lose volume in future decades with the gradual disappearance of the Himalayan glaciers feeding them, the scientists say.
Saudi Aramco’s investment of $300 billion in the next 10 years will, in large part, be focusing on the new technology needed to keep existing projects running while opening up new volumes in the future. Its drive to increase overall gas production will also be based on a two-fold approach.
According to Oil Change International (OCI), the two most widely known cases by the oil industry are when they committed genocide in the Niger Delta just to get the people off the land, so that they can extract the petroleum.
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