OPEC suffers 190,000 barrels daily supply shortfall
THE Organisation of Petroleum Exporting Countries, OPEC, yesterday, put Nigeria’s January 2022 oil output at 1.399 million barrels per day, mb/d.
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 […]
Oil up as OPEC+ considers rollover rather than raising output
Oil prices rose on Wednesday, boosted by expectations that OPEC+ producers might decide against increasing output when they meet this week. Signs of progress in the coronavirus vaccine rollout in the United States gave further support. Brent oil was up $1.28, or two per cent, to $63.98 a barrel by 1050 GMT. U.S. West Texas […]
Bonny Light hits $65.36pb, as OPEC+ mulls oil production increase
By Prince Okafor Nigeria’s grade of crude oil, Bonny Light, yesterday, witnessed a marginal rise of $1.63 cent, or 2.56 percent rise to $65.36 per barrel from the previous day, giving further relief to the nation’s budget benchmark, even as Organisation of the Petroleum Exporting Countries Plus (OPEC+) mulls oil production increase. This development, according […]
Production cut: Sylva visits 4 OPEC countries
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has embarked on a four-day journey to some Organisation of Petroleum Exporting Countries (OPEC) to discuss issues on crude oil production cut. In a statement by his special Adviser on Media, Alhaji Garba Deen Muhammad, on Friday, in Abuja, the countries include Equatorial Guinea, Gabon, […]
Reps, Finance minister contest Nigeria’s N2.8bn payment procedure to OPEC
…You can’t singlehandedly sign off such huge amount-Lawmakers …It’s the practice overtime -Perm Sec By Levinus Nwabughiogu House of Representatives and the Ministry of Finance on Tuesday got into argument on the payment procedure of N2.8 billion to the Organization of Petroleum Exporting Countries (OPEC) in 2017. While the lawmakers favoured recourse to an official […]
Oil prices rise over $58.17pb as OPEC, non-OPEC commit to output cut
Oil prices rose to over $58. 17 per barrel on Wednesday in the international market following commitment to output cut by members of the Organisation of Petroleum Exporting Countries, OPEC, and non-members.
Oil Market: Prices surge over $57.49 per barrel as OPEC, non-OPEC commit to output cut
AS members of the Organisation of Petroleum Exporting Countries, OPEC, and non-members commit to oil output cut, oil prices, Tuesday, rose to over $57 per barrel in the international market.
OPEC quota: NNPC to focus on gas, condensate to boost revenue
By Obas Esiedesa WITH Nigeria’s oil production restricted to 1.74 million barrels per day by the Organization of the Petroleum Exporting Countries, OPEC, the Nigerian National Petroleum Corporation (NNPC) says it will focus on increasing gas and condensate productions to boost revenue for the country. The Corporation’s Group Managing Director, Mallam Mele Kyari who disclosed […]
Bonny Light price hits $54.11 per barrel on OPEC cut
By Udeme Akpan The Price of Bonny Light, Nigeria’s premium oil grade, has risen to $54.11 per barrel, apparently, the highest in 2021, as the Organisation of Petroleum Exporting Countries, OPEC, and others move to achieve stability in the market. This showed an excess of $14 per barrel when compared to the $40 per barrel […]
OPEC, non-OPEC countries to increase production by 0.5mb/d in January
The Organisation of Petroleum Exporting Countries (OPEC) and the non-OPEC countries have agreed to increase crude oil production by 0.5 million barrels per day (mb/d) in January. The group reached the agreement at the 13th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, on Tuesday in Vienna. The meeting acknowledged the need to gradually […]
OPEC pledges to help world economy to recover from recession
By Obas Esiedesa Energy Minister of Saudi Arabia and Co-Chairman of Joint Technical Committee of OPEC+, Prince Abdul Aziz Bin Salman has declared that oil producing countries would help global economy recover from the impact of Covid-19 pandemic. Speaking at the opening of the 13th OPEC and Non-OPEC Ministerial Conference on Monday, Bin Salman said […]
