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 […]
OPEC+ countries agree on output reduction
Ministers of the OPEC+ countries agreed in a video conference on Sunday to boost oil prices by cutting production by 9.7 million barrels a day for May and June, Mexico’s Energy Minister Rocio Nahle tweeted. The reduction is 300,000 barrels below the production cut which the Organisation of the Petroleum Exporting Countries (OPEC) and all its […]
Oil price remains low at $26.40 as Mexico jettisons G20 OPEC+ deal
…APPO commits to oil cut deal By Udeme Akpan The oil price, expected to leap over the G20 output cut remains low at $26.40 per barrel, as Mexico declined to be part of the initiative targeted at supporting the Organisation of Petroleum Exporting Countries (OPEC) to achieve market stability. A survey of the London market […]
No country is immune to COVID-19’s impact on oil market, OPEC warns
Secretary-General of the Organisation of Petroleum Exporting Country (OPEC), Mohammad Barkindo, Saturday, warned that no economy is immune to the impact of the Novel Coronavirus (COVID-19) on the global crude oil market.
OPEC, allies agree to 10mbpd production cut
Members of the Organisation of Petroleum Exporting Countries and its allies, OPEC+ coalition, OPEC+ coalition, yesterday buried their differences and agreed to a 10 million barrel per day production cut, in an effort to revive crude oil prices which recently fell to 18 years low due to the COVID-19 pandemic
The OPEC+ coalition meeting by video conference yesterday, now have the outline of a deal to cut production by 10 million barrels a day, delegates said. Importantly, Russia has agreed to make deep cuts, the delegates said. Oil prices recorded gains, trading up 1.6 percent at $33.37 a barrel.
OPEC+ deal: Nigeria eyes $2.8bn from output cut, slashes oil production
By Michael Eboh Minister of State for Petroleum Resources, Chief Timipre Sylva, yesterday, disclosed that Nigeria has agreed to join in the agreement by member and non-member countries of the Organisation of Petroleum Exporting Countries (OPEC), also known as OPEC+, to cut global crude oil output by between 10 million barrels and six million barrels […]
Oil prices rise on optimism
As OPEC+ meeting will result in supply cut Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand. Brent crude LCOc1 futures rose by almost 2.6%, or 87 cents, […]
Iran says US oil production must be known before OPEC+ meeting
Iran demanded on Wednesday that U.S. oil production levels must be known before an upcoming OPEC meeting with Russia and others seeking to boost global energy prices. The meeting of the so-called OPEC+ is scheduled to be held Thursday after officials delayed it following Saudi Arabia criticizing Russia over its comments about the price collapse. […]
OPEC+ ministers to talk on Monday, seeking to stabilize oil price
Energy ministers from the OPEC+ oil cartel would conduct a video conference on Monday, in an effort to find a way to stabilize prices for the commodity, Azerbaijan announced on Friday. “This meeting is being held at the invitation of the kingdom of Saudi Arabia after the talks mediated by U.S. President Donald Trump,” Azerbaijan’s […]
OPEC+ debates biggest ever cut as virus destroys oil demand
OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic. The meeting of OPEC and allies such as Russia has been scheduled […]
Saudi Aramco reports 20.6 per cent drop in 2019 profit
Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement. These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi […]
