Energy transition: Nations must chart pathway—OPEC
With the United Nations reporting that 733 million across the globe do not have access to electricity, the Organisation of Petroleum Exporting Countries, OPEC, has insisted that every nation must be allowed to determine its energy transition pathway.
Oil Market: Bonny Light price hits $65.85 per barrel after OPEC, Non-OPEC meeting
By Udeme Akpan Barely 24 hours after the Organisation of Petroleum Exporting Countries, OPEC and Non-OPEC meeting, Tuesday, the price of Nigeria’s Bonny Light has risen to $65.85 from $63.50 per barrel in the global market. The leap in price was attributed to decisions taken at the meeting to impact on the market, which has […]
Nigeria’s rig count dips by one as OPEC’s increases by one
By Sebastine Obasi There are indications that Nigeria’s oil production has reduced as the country’s rig count, dipped by one in the month of March, having recorded six as against seven recorded in February, data from the Organisation of Petroleum Exporting Countries, OPEC, Monthly Oil Market report, MOMR, showed. OPEC’s rig count, on the other […]
Oil Market: Non-OPEC supply to grow by 1mb/d in 2021- OPEC
By Udeme Akpan THE Organisation of Petroleum Exporting Countries, OPEC, has predicted that the Non-OPEC oil supply will grow by one million barrels per day, mb/d in 2021. Speaking at the International Monetary and Financial Committee Meeting, April 8, 2021, via videoconference, monitored by Vanguard, HE Mohammad Sanusi Barkindo, OPEC Secretary General, said the global […]
Oil Market: Global demand to grow by 6 mb/d in 2021 ― OPEC
By Udeme Akpan Despite the prolonged Coronavirus pandemic, the Organisation of Petroleum Exporting Countries, OPEC, has predicted that the global demand will increase by six million barrels per day, mb/d in 2021. Speaking at the International Monetary and Financial Committee Meeting, April 8, 2021, via videoconference, monitored by Vanguard, Secretary-General, Organisation of Petroleum Exporting Countries, […]
OPEC+ approves only modest oil output increases
Oil producing countries grouped together under the OPEC+ alliance led by Saudi Arabia and Russia agreed Thursday to only limited output increases as of next month. Crude prices shot higher after the announcement, with the main international contract, Brent, rising 1.8 percent to $63.84, while the US contract WTI jumped 2.1 percent to 60.39. In […]
OPEC+ to reconvene to navigate crude market volatility
The OPEC+ grouping of oil producers will hold its third ministerial summit of the year via videoconference Thursday to discuss output cuts in the face of fresh price volatility. “The expectation is that the group will hold production steady also in May given current physical oil market weakness,” according to Bjarne Schieldrop, analyst at SEB. […]
Gas is vital to Nigeria’s future – OPEC
The Organisation of Petroleum Exporting Countries (OPEC) says gas remains vital to Nigeria’s future in the global oil and gas sector.
Oil Market: OPEC puts Nigeria’s oil output at 1.4 mbpd
***showing 17.6% drop against 1.7 mb/d 2020 output By Udeme Akpan The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s February 2021, oil output at 1.4 million barrels per day, mb/d, excluding Condensate. This, according to the March Oil Market Report, obtained by Vanguard, Thursday, March 11, 2021, showed a drop of 17.6 per […]
OPEC+ deal boosts oil prices as inflation fears dog stocks
Oil prices jumped higher Thursday after OPEC+ countries allowed crude production to rise only slightly, while US stocks unwound over concerns about rising inflation despite the Federal Reserve’s attempt to allay fears. After a videoconference lasting less than three hours, the OPEC groups of oil producers and its allies decided to extend output cuts enacted […]
Global growth estimate of 4.8% will increase oil demand, market stability in 2021— OPEC
By Udeme Akpan THE Organisation of Petroleum Exporting Countries, OPEC, has stressed that the estimated 4.8 per cent global growth will culminate in oil market stability this year. This is even as the price of Bonny Light, Nigeria’s premium oil grade, dropped from $65.70 to $63.11, while OPEC Basket, and other crudes also dropped marginally […]
