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
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 […]
Crude prices tankers from the Persian Gulf are any guide, then Organisation of Petroleum Exporting Countries’ (OPEC’s) Middle East powerhouses did their bit to curb a global crude glut last month. Saudi Arabia shouldered the burden. The region’s six OPEC members shipped less than 18 million barrels a day of crude in December, the lowest […]
Oil markets can see light at the end of the tunnel in 2018. A year of production cuts by the Organisation of Petroleum Exporting Countries, OPEC, and its allies has reduced global stockpiles and revived prices. A barrel of Brent crude is now worth almost a fifth more in value than it was 12 months […]
Few days after the Oganisation of Petroleum Exporting Countries, OPEC, extended the already-extended production cut deal to end-2018, oil and gas rigs in the US climbed by 6. The boost to the number of oil and gas rigs in the US is likely just a taste of what’s to come if oil prices continue to […]
The 173rd meeting of the Organization of the Petroleum Exporting Countries (OPEC) has ended in Vienna, Austria and extended its current production agreement entered with participating Non OPEC oil producers for another 9 months and the Declaration of Cooperation amended to take effect for the whole year of 2018 from January to December 2018. The […]
OPEC is heading for tougher-than-expected policy talks on Thursday amid concern that its efforts to rebalance the oil market might overshoot by creating a global deficit and spurring a further price rally. “It will not be an easy meeting and we always look at various scenarios,” United Arab Emirates Energy Minister Suhail Al-Mazroui said on […]
OPEC will debate this week whether to cap oil output from Nigeria and Libya, which have so far been excluded from supply curbs due to falling production amid unrest, two sources with knowledge of the matter said on Wednesday. The 14-member OPEC meets on Thursday to decide whether to extend production cuts until the end […]
The price of Organisation of Petroleum Exporting Countries’, OPEC’s, basket of fourteen crudes stood at US$59.90 a barrel on Friday, November 17, 2017, compared with $59.98 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente
