Tag Archives: Opec

The Organisation of Petroleum Exporting Countries(OPEC)+ would most likely cut oil output by more than one million barrels a day, according to delegates, when it meets tomorrow for the first time in more than two years. A larger-than-expected reduction would reflect the scale of the producer group’s concern that the …

OPEC: Russia-Ukraine War Causing Volatility In Global Energy Market The Organisation of the Petroleum Exporting Countries (OPEC) has stated that the ongoing war in Ukraine is causing huge volatility in the global energy market. The organisation also called for sustained investment in the oil sector to expand production and ensure …

The Federal Government has blamed the lack of investment in the oil and gas industry for Nigeria’s continuing failure to meet its 1.8 million barrels per day oil production quota set by the Organisation of the Petroleum Exporting Countries (OPEC). Nigeria’s production has stagnated around 1.4mbpd in the past 11 …

Industry figures seen on Tuesday showed that the cost of Brent, the crude against which Nigeria’s oil is priced, rose above $133/barrel around 6pm Nigerian time. The commodity had traded below $90/barrel before the war in Ukraine started. Oil marketers told our correspondent that the rise in global crude oil …

Key labour unions in Nigeria met on Tuesday in Abuja where they outlined the conditions the Federal Government must meet before it would be allowed to stop subsidising Premium Motor Spirit, popularly called petrol. Officials of the Trade Union Congress, Nigeria Labour Congress, Petroleum and Natural Gas Senior Staff Association …

The nation’s finance minister, Zainab Ahmed, says the coronavirus pandemic and falling oil prices are set to force the economy into negative growth. Ms. Ahmed made the comments after the National Economic Summit meeting in Abuja on Thursday. “On the economy, COVID-19 has resulted in the collapse in oil prices,” …

The American Petroleum Institute (API) reported a small draw in crude oil inventory of 812,000 barrels for the week ending June 13, but still coming in over analyst expectations of a much bigger 2.033-million barrel drawdown in inventories. Last week, the API reported a surprise build of 4.852 million barrels. A day later, …

U.S.-Iran tension continues to rise over the attacked tankers in the Gulf of Oman, but oil traders no longer seem to be paying attention. U.S. Secretary of State Mike Pompeo hit the cable news circuit over the weekend to blame Iranfor the tanker attacks and to drum up support for more …

Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy. Front-month Brent crude futures, the international benchmark for oil prices, …

Oil prices rose on Thursday lifted by a sustained decline in inventories and Saudi Arabia’s preparedness to cut crude supplies to its prized Asian customers. Brent crude futures were 52.99 dollars a barrel by 0855 GMT, while US West Texas Intermediate crude was up 17 cents at 49.73 dollars. Crude …