OPEC excludes Nigeria, Libya in 1.8m bpd oil output cut
The Organisation of Petroleum Exporting Countries, OPEC, has extended its oil output cuts of 1.8 million barrels per day, bpd, by nine months to tackle oversupply and achieve increased stability in the market, excluding Nigeria and Libya.
OPEC and America tangle in web of output
International oil price rally this year will depend on oil-producing nations upholding their side of the bargain to cut 1.8MMbpd from supplies globally
Global energy demand to increase by 40% — OPEC
By 2040, almost 63 percent of global energy demand will stem from developing countries, compared to the current share of 51 percent
Nigeria posts biggest decline as OPEC output falls
By Sebastine Obasi, with agency report ABUJA— NIGERIA recorded the biggest oil production decline among Organisation of Petroleum Exporting Countries, OPEC, members last December, as output dropped by 200,000 barrels to 1.45 million barrels per day, bpd, industry sources said. This is even as OPEC’s crude production fell by 310,000 barrels a day, as unplanned […]
Venezuela set to Cut 95,000 bpd Crude Output in OPEC Deal
Venezuela said it will cut 95,000 barrels per day of oil production in the New Year in fulfillment of a producers’ deal to reduce global output and strengthen prices.
Why Nigeria was exempted from OPEC’s output cut — Petroleum Ministry
The Ministry of Petroleum Resources, yesterday, disclosed that the decision of the Organisation of Petroleum Exporting Countries, OPEC, to exempt Nigeria from the oil output cut deal was as a result of strategic negotiations and the worrying incidences of vandalisation of the country’s petroleum installations.
Nigeria, Libya recovery takes OPEC production to new high
ORGANISATION of Petroleum Exporting Countries, OPEC, crude output rose by 230,000 barrels per day to a record 33.83 million barrels per day, mb/d, in October after production recovered in Nigeria and Libya and flows from Iraq hit an all-time high, the International Energy Agency, IEA, stated.
Nigeria’s Barkindo is new OPEC scribe
Former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Mohammed Barkindo, was yesterday, appointed Secretary General of the Organisation of Petroleum Exporting Countries (OPEC).
OPEC sees lower demand for oil in 2016
THE Organisation of Petroleum Exporting Countries, OPEC, weekend, predicted global demand for its crude oil will be less than previously thought in 2016, as supply from rivals proves more resilient to low prices, increasing the excess supply on the market this year.
Kachikwu replaces Diezani as OPEC President
The Minister of State for Petroleum Resources, Dr. Ibe Emmanuel Kachikwu, has officially been appointed as the new president of Organization of Petroleum Exporting Countries (OPEC), thus replacing the immediate past Petroleum Minister, Diezani Alison- Madueke, who was named as first female president of the oil cartel during its 166th Ordinary Meeting in November 2014.
Economy in trouble, as oil price crashes
Nigeria’s economy may be heading for trouble, as oil price crashed even lower at the weekend, thereby threatening the 2015 budget and fiscal plan.
