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 […]
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 […]
Oil Market: OPEC paints mixed outlook for 2021
By Udeme Akpan Despite the stability of oil prices at $50 per barrel in recent times, the Organisation of Petroleum Exporting Countries, OPEC, has painted a mixed oil market outlook for 2021. In his Opening Remarks at the 47th Meeting of the Joint Technical Committee (JTC), January 3, 2021, via videoconference, HE Mohammad Sanusi Barkindo, […]
New Year OPEC+ meeting to decide production levels
Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi […]
Saudi Arabia, Russia express unity ahead of OPEC+ summit
Saudi Arabia and Russia on Saturday said they backed each other ahead of a key OPEC+ oil summit, following a tumultuous year of differences over oil production and volatile prices. Earlier this month, the 13-member Organization of the Petroleum Exporting Countries (OPEC), plus allies including Russia — a group known as OPEC+ — said that […]
