OPEC deal a boon to West African LNG exports

OPEC’s oil output cap will continue to support LNG exports from West Africa, but the region’s suppliers are also exploring other ways to boost their LNG trade OPEC’s oil output cap will continue to support LNG exports from West Africa, but the region’s suppliers are also exploring other ways to boost their LNG trade.
By Abhishek Kumar 6 November 2017 0 28247
BBLT platform off Angola A platform off the coast of Angola. (Galp)

Directional impact on forecast:
Bearish on spot LNG prices

The agreement between OPEC and some non-OPEC countries to cut oil output is proving to be a blessing in disguise for Nigeria, Equatorial Guinea and Angola – West Africa’s three LNG exporters. The production cap means Angola and Equatorial Guinea need less gas for enhanced oil recovery, which in turn has freed up more supplies for export as LNG. Meanwhile, a combination of the OPEC agreement and low oil prices has put the three...

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