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, […]
Bonny Light price hovers at $38.70 as OPEC puts compliance at 87%
By Udeme Akpan The price of Bonny Light, Nigeria’s premium oil grade, which had risen to $40 per barrel last week, dropped to $38.70 following the prevalence of excess crude in the international market. This was even as the Organisation of Petroleum Exporting Countries, OPEC, emerged with a report, stating that it achieved 87 per […]
Mexico refuses to extend oil output cut agreed by OPEC, allies
Mexico on Saturday refused to extend a cut in oil production (output) to the end of July which was agreed by OPEC members and other key producers. The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Saturday to extend through July the historic output cuts for May and June. But during […]
OPEC+ countries extend 10mbd first phase oil output cut to July
By Michael Eboh Members of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC allies collectively called OPEC+, Saturday, agreed to extend the 10-million-barrels-per-day (mbd) first phase of the oil output cut by an additional one month, to July 2020. In a statement released at the end of the online meeting, the countries also agreed […]
Sylva, OPEC, Gbajabiamila, Kachikwu, others mourn Baru
The immediate past Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, is dead.
50 unsold cargoes of Nigeria’s oil await buyers
The global oil market remains dull as 50 unsold cargoes of Nigeria’s Bonny Light await buyers, indicating that the volatile market is still flooded with unsold stocks.
COVID-19: OPEC puts Nigeria’s oil output at 1.78 m/bd last month
The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil output, excluding Condensate, at 1.78 million barrels per day, m/bd, in April 2020.
Africa’s oil producers impacted by OPEC production cut
Africa’s oil-producing nations have not been spared the impact of the global decision to reduce oil output. About 14 countries in sub-Saharan Africa produce oil, which accounts for most of their annual export income. Crude oil prices rose marginally on Friday (May 1) as the Organization of Petroleum Exporting Countries (OPEC) and their allies started […]
OPEC daily basket price stands at $14.63 per barrel
The Organisation of the Petroleum Exporting Countries (OPEC) daily basket price stood at 14.63 U.S. dollars a barrel on Tuesday, compared with 14.19 dollars on Monday.
Oil price plunges below $1 as coronavirus hits global economy
Oil prices have plunged further below $1 a barrel with the threat to erase decade of demand growth with thousands of jobs under threat as coronavirus continues to spread further. A Bloomberg report revealed that industrial and economic activity is grinding to a halt as governments around the globe extend shutdowns due to the swift […]
Oil price collapses to $12 as world awash with crude
US oil prices dived to 21-year lows Monday, giving up more than 30 percent in a market flooded with crude and hit by evaporating demand in the face of the coronavirus pandemic. The US benchmark West Texas Intermediate (WTI) crude for May delivery tanked more than 32 percent to $12.41 — the lowest level since […]
OPEC scribe, Barkindo, condoles with Buhari, Nigeria, over Kyari’s death
Secretary General of the Organisation for Petroleum Exporting Countries (OPEC), Mohammad Barkindo, yesterday, condoled with President Muhammadu Buhari over the demise of Mallam Abba Kyari, describing the late Chief of Staff as a outstanding public servant who is committed to the common good.
OPEC scribe, Barkindo, condoles with Buhari, Nigeria, over Kyari’s death
By Michael Eboh Secretary-General of the Organisation for Petroleum Exporting Countries, OPEC, Mohammad Barkindo, on Saturday, condoled with President Muhammadu Buhari over the demise of Mallam Abba Kyari, describing the late Chief of Staff as an outstanding public servant who is committed to the common good. In his letter of condolence to Buhari, Barkindo disclosed […]
Winners in the OPEC+ détente
By Sonny Atumah The world rallied round crude oil over supply and somehow resolved the matter. It appears quiet in the roller coaster business. Where the stick approach did not work, carrot did. That is diplomacy at work. Oil producers agree on a deep and prolonged supply cut, to prevent crude oil prices falling back […]
COVID-19: Global economy, oil market in severe crisis— OPEC
*…says global E&P CAPEX cut to $450bn for 2020 By Michael Eboh Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC, Mohammad Barkindo, has said disclosed that the coronavirus, COVID-19, pandemic has plunged the global economy and the global oil market into one of the most severe crises in recent history. In his statement to […]
OPEC reassures commitment to global economic stability
The Organisation of Petroleum Exporting Countries (OPEC) has reassured that it will spearhead the joint efforts in re-establishing healthy oil market fundamentals and restoring balance to the oil market in support of the global economic stability. The OPEC Secretary-General, Mr. Mohammed Barkindo, gave the assurance in a statement to the International Monetary and Financial Committee […]
