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 (Ecuador), […]
The meeting of the Joint Ministerial Monitoring Committee of OPEC and Non OPEC Countries in Vienna on Friday endorsed Nigeria’s position that the exemption granted it at last year’s conference be sustained until the country stabilises its crude oil production. Dr. Emmanuel Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources, who led Nigeria’s delegation […]
Oil prices were largely up yesterday as traders waited to see whether oil- producing countries set to meet in Vienna, Austria would extend production limits to reduce the global crude glut. The brent crude was trading at $56.29 dollars a barrel. U.S. crude was 50.64 dollars. Ministers from the Organisation of Petroleum Exporting Countries (OPEC), […]
Abiodun Oyindamola, with Agency report With the relative peace in the Niger Delta and some level of stability attained in oil production, the exemption granted to Nigeria by the Organisation of Petroleum Exporting Countries, OPEC, is due for review. The cartel’s committee will on September 22 meet to review oil sector developments in Nigeria and […]
Oil prices fell on Tuesday, as global oversupply encouraged several banks to cut their forecasts for crude for this year and 2018. Benchmark Brent crude was down 15 cents at $46.73 a barrel by 1310 GMT. U.S. light, sweet crude was 15 cents lower at $44.25. The fundamental mood has taken a turn for the […]
Oil steadied on Wednesday as Russia joined OPEC in cutting production to try to balance the market, although plentiful supply in places such as the United States dragged on prices. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.63 per barrel at 0749 GMT (02:49 a.m. ET), up 5 cents […]
The United Arab Emirates (UAE) has urged the Organization of Petroleum Exporting Countries (OPEC) to inform its buyers about production cut figures by member-countries. In November, OPEC agreed to cut production by 1.2 million barrels per day in order to increase oil prices. “As you saw, the GCC [Gulf Cooperation Council] companies announced to the […]
…Oil Price Shoots above $50p/b Nigeria’s economy might be on its way back to the top as the Organisation for Petroleum Exporting Countries, OPEC, has finally agreed to reduce output by 1.2 million barrels a day. Following on the heels of the announcement, benchmark Brent crude prices resumed climb to top $50 a barrel. […]
Diversifying the Nigerian’s economy from over-dependence on crude oil has been described by the Nigerian Assoccition of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) as the only strategy to effectively resuscitate and bring stability to the economy of our nation. In a media chat held in Lagos, the Chamber’s Acting National president Bassey Edem, […]
The IEA Oil Market Report for April raised its forecast of 2015 global oil demand by 90 000 bpd to 93.6 million bpd, a gain of 1.1 million bpd on the year. The notable acceleration from 2014’s 0.7 million bpd growth builds on cold first quarter temperatures and a steadily improving global economic backdrop. […]
Ibrahim al-Muhanna, Saudi Arabia’s oil minister said the decline in oil prices is “temporary,” and crude is steadying at $55–60/bbl amid stronger global demand. The oil Minister made this remark in a speech he gave in Riyadh, adding that economic expansion in the U.S. and many developing countries together with growth in populations and […]
Fears that introduction of one million barrels of Iranian oil into the already saturated crude market would force further depression of oil price, peaked Tuesday – the self-imposed deadline by involved parties for a deal to lift sanctions on Iran. The marathon negotiations have been going on for some time now between Iran and foreign […]
Oil is first and foremost a commodity. As a commodity, oil is the largest traded commodity in ton miles globally. Besides being commodity, oil also had been variously describe as “a weapon, a strategic asset, a course and a maker and spoiler of fortunes. Crude oil prices like prices of other commodities are controlled by […]
U.S. shale drilling may be slowing, but not fast enough for OPEC to change policy at its June meeting or to prevent oil prices maybe falling more, in the view of the group’s Gulf members. Actual oil output from the United States could prove harder to beat back, sources in the Gulf say after poring […]
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