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 […]
OPEC projects 6.2mbpd growth in oil demand in 2021
The Organisation of Petroleum Exporting Countries (OPEC) has projected 6.2 million barrel per day (bpd) growth in oil demand in 2021. The OPEC Secretary General, Mohammad Barkindo, disclosed this in his address at the Crescent Ideas Forum on Monday via video conference. “Our OPEC outlook for 2020 oil demand is now slightly above 90 million […]
Crude oil will remain relevant beyond 2045 – OPEC
By Michael Eboh Secretary General of the Organisation for Petroleum Exporting Countries, OPEC, Mohammad Barkindo, yesterday, disclosed that despite its current anaemic outlook, crude oil would continue to be relevant in the foreseeable future, up to 2045. In his address at the Crescent Ideas Forum, Barkindo stated that in absolute terms, oil demand is expected to […]
Saudi minister says ‘tweak’ of OPEC+ cuts deal possible
Saudi Arabia’s energy minister said Monday that the OPEC+ deal on oil output cuts could be tweaked if there is consensus within the expanded group of crude-producing nations. In August, ministers of OPEC nations and other major producers stuck to an agreement to lower oil production, underlining that only strict compliance could restore stability to […]
VIDEO: Oil market records slow recovery as OPEC puts conformity at 97%
THE oil market, yesterday, continued to record slow recovery as the Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries (OPEC) puts conformity to its output cut at 97 per cent.
OIL QUOTA: Nigeria’s output drops to 1.3 million bpd – OPEC
THE Organisation of Petroleum Exporting Countries, OPEC, Wednesday, put Nigeria’s oil output at 1.3 million barrels per day, mb/d
Oil prices rise on account of JMMC 107% output cut compliance
By Udeme Akpan Barely, a few hours after the Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries (OPEC) and its non-OPEC allies, popularly known as OPEC+, had put conformity to their output cut in June 2020 at 107 per cent, oil prices have recorded a marginal increase in the global market. […]
OPEC puts conformity level at 107% as Bonny light crude remains stable
The Organisation of Petroleum Exporting Countries, OPEC, has put the conformity level of OPEC and non-OPEC members at 107 per cent, thus raising hope for market stability.
Nigeria, Saudi Arabia restate commitment to OPEC+
Saudi Arabia and Nigeria have reiterated their firm commitment to the Organisation of Petroleum Export Countries and its allies known as OPEC+ agreement.
Bonny Light price bounces back to $40 as OPEC, GECF meet over oil market
By Udeme Akpan THE price of Bonny Light, Nigeria’s Bonny Light, has bounced back to $40 per barrel, as the Organisation of Petroleum Exporting Countries, OPEC and the Gas Exporting Countries Forum, GECF, have ended a successful engagement over the oil market. Despite the rise, Nigeria would still be challenged to fund its 2020 budget, […]
Output cut: OPEC+ gives non-compliant countries Monday deadline to submit compensation plans
Member countries of the Organisation of Petroleum Exporting Countries (OPEC), and its allies in the Declaration of Cooperation, called OPEC+, yesterday, gave participants in the agreement yet to fully comply with the agreed cuts, till Monday, June 22, 2020, to submit details of their plans to compensate for their non-compliance.
