By Tunde Shorunke The Organisation for Petroleum Exporting Countries (OPEC) and others are under pressure to further cut production in the coming months due to the continual fluctuation of crude oil prices. Nigeria, Iraq, Russia, Kazakhstan and the UAE have been non-compliant, according to OPEC+ source, as Crude oil price has continued to trade in […]
By Philip Clement, Abuja Nigeria earned about N80 trillion from petroleum exports from 2015 to 2019, the Organization of Petroleum Exporting Countries (OPEC) has said. Nigeria is regarded as the largest oil exporter in Africa, and have recorded a revenue valued at N80 trillion ($206.06billion) as proceeds from crude oil export from 2015 to 2019, […]
The Organisation of Petroleum Exporting Countries (OPEC) has commiserated with President Muhammadu Buhari over the death of his Chief of Staff Malam Abba Kyari. OPEC made this known in a statement issued by its Secretary General, Malam Mohammad Barkindo, on Saturday. READ ALSO: Lockdown: Yobe, Borno agree to tighten border closure Kyari died in a […]
A development and governance expert, Dr Chiwuike Uba, has expressed satisfaction with the decision of the Organisation of Petroleum Exporting Countries (OPEC) under the OPEC+ platform to cut down on oil production by about 9.7m barrels per day from 1st May 2020, reduce to 7.7 million barrels per day from July through the end of […]
Ministers of the OPEC+ countries agreed in a video conference on Sunday to cut production by 9.7 million barrels a day for May and June, Mexico’s Energy Minister Rocio Nahle tweeted. The Energy Ministry in Kazakhstan also confirmed the agreement, Russian news agencies reported. The reduction is 300,000 barrels below the production cut Organization of […]
The Nigerian National Petroleum Corporation (NNPC) has said that there would be no more subsidy on the pump price of petrol. This is just as the Federal Government has expressed readiness to join other members of the Organisation of the Petroleum Exporting Countries (OPEC), in taking necessary measures in stabilising the crude oil market as […]
Global oil demand will all but stall this year as the coronavirus outbreak is expected to hit economies in various regions, Organisation of the Petroleum Exporting Countries (OPEC) says. Demand will only inch up by 60,000 barrels per day (bpd) to an average of 99.7 million bpd, down from the OPEC previous growth forecast of […]
London – Oil prices edged higher on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year. Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies by Russia […]
Vienna – OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year. The Organisation of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed […]
Minister of State for Petroleum Resources, Chief Timipre Sylva, says Nigeria has met the 100 per cent target agreement entered into by Oragnisation of Petroleum Exporting Countries (OPEC) and 10 Non-OPEC Member States. Sylva said this in a statement issued by his spokesman, Alhaji Garba Muhammad, in Abuja on Sunday. OPEC and 10 Non-OPEC Member […]
Oil prices rose on Wednesday, tracking gains in equities, as investors pinned hopes on a potential Brexit deal between Britain and the European Union and on signals from OPEC and its allies that further supply curbs could be possible. But gains were limited due to lingering concerns of a global economic slowdown. Global benchmark Brent […]
Oil prices rebounded on Tuesday on reports that output from the world’s largest oil producers fell during the third quarter, although a resumption in Saudi supply and demand concerns kept a lid on gains. Brent crude futures LCOc1 rose 57 cents to 59.82 dollars a barrel by 0852 GMT, while U.S. West Texas Intermediate crude […]
Mochael Ajayi The Organisation of Petroleum Exporting Countries (OPEC), the world’s biggest oil cartel, pumped its fewest barrels of crude oil in over 5 years (Apr 2014 – 29.70mb/d), latest data released by the S&P Global Platts survey has revealed. According to the data, OPEC oil output slumped by 210,000 b/d to 29.88mb/d in the […]
Motolani Oseni, Lagos Oil price hit a 2019 high, above 69 dollars a barrel on Tuesday, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may reduce. The United States is considering more sanctions against Iran, whose […]
Godwin Anyebe with agency report Oil fell on Monday, reversing earlier gains after U.S. President Donald Trump told OPEC producers to “relax” as prices were too high. Brent crude oil futures were down 91 cents at $66.21 a barrel at 1246 GMT, having earlier risen to a 2019 high of $67.47, while U.S. West Texas […]
The Minister of State for Petroleum Resources, Mr Ibe Kachikwu, said the Oil and Gas sector in Nigeria had witnessed positive transformation since the “Declaration of Cooperation” by OPEC and non-OPEC members. Kachikwu said this in an interview with journalists on the sideline of the 7th OPEC International Seminar taking place in Vienna, Austria, with […]
Novak said that if a decision were taken this week to raise output, OPEC and its allies could meet again in September to review the impact and fine-tune production policy. The energy ministers of Kuwait, Angola and the United Arab Emirates declined to comment on Tuesday when arriving in Vienna, where the 14-member OPEC is […]
• Latest oil price surge first since Nov 2014 • Tension in Middle East triggers oil increase Following simmering Mideast tensions and keen United States demand, global oil price for the first time in three years, surged to $75 a barrel on Thursday. Agence France Presse (AFP) also reports that as of close of Thursday […]
The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Dr. Mohammed Sanusi Barkindo, will be leading other global oil and gas industry leaders to participate in the Nigeria International Petroleum Summit (NIPS). This was disclosed by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, at a world press conference in […]
Saudi Arabia, Venezuela, U.A.E lose market share amid curbs The Organization of the Petroleum Exporting Countries’(OPEC’s) top producers including Saudi Arabia, United Arab Emirates and Venezuela saw their slice of the pie in the world’s fastest growing oil market shrink last year, shipping data compiled by Bloomberg show. Other suppliers from outside the group took […]