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.
6 November 2017
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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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