Heads of Delegation, Organisation of Petroleum Exporting Countries, OPEC, has recommended the extension of the proposed 1.5 million barrel per day, bpd, oil cut until the end of 2020, instead of June 30.

OPEC on Thursday agreed to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak. Organisation of the Petroleum Exporting Countries (OPEC) also made its action conditional on Russia and others joining in. The oil demand […]

Ministers from the OPEC cartel of oil-producing countries said Thursday they would recommend a production cut of 1.5 million barrels per day to their allies in the wider OPEC+ grouping, as they seek to counter the slump in demand caused by the COVID-19 outbreak. At an extraordinary meeting at the headquarters of the Organization of Petroleum […]

By Udeme Akpan THE Organisation of Petroleum Exporting Countries, OPEC, has adopted measures, targeted at preventing the spread of Coronavirus, as the 178th Extraordinary Meeting of OPEC Conference and the 8th OPEC and non-OPEC Ministerial Meeting open in Vienna, Austria. The measures – reducing the number of delegates from member States, stopping journalists from covering […]

Saudi Arabia and other OPEC members struggled on Wednesday to win support from Russia to join them in additional oil output cuts in a bid to prop up prices that have tumbled by a fifth this year because of the coronavirus outbreak. A panel of several ministers from OPEC, Russia and other producers failed to […]

An OPEC, non-OPEC technical panel has recommended extending a current oil supply cut pact until the end of 2020 and more output reductions due to the impact of the coronavirus on oil demand, Algeria’s oil minister said in a statement. Mohamed Arkab, who currently holds the presidency of the Organization of the Petroleum Exporting Countries […]

Russia on Thursday rejected proposals to slash crude output at an OPEC+ meeting, media reported, and asked for more time to assess the impact of a new coronavirus on crude prices. Delegates of the Organization of the Petroleum Exporting Countries and non-member Russia — together known as OPEC+ — have been in a “joint technical […]

Nigeria’s rig count declined by three last December, 2019, having recorded 17 as against 20 recorded in November, at a time the Organisation of Petroleum Exporting Countries, OPEC, had an impressive plus 12, while world rig count increased by one, latest data from OPEC shows.

Delegates from the OPEC club of oil-producing countries — as well as their ally Russia — began a meeting at the organisation’s headquarters in Vienna on Tuesday to discuss their reaction to China’s coronavirus epidemic and its impact on global demand. Crude prices have tumbled since the deadly outbreak in the world’s second-biggest economy, which […]

OPEC expects lower demand for its crude oil in 2020 even as global demand rises, it said on Wednesday, as rival producers grab market share and the United States looks set for another output record. The United States, which has seen its output soar in recent years powered by shale, will see total liquids output […]

Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, weekend, disclosed that Nigeria grew its crude oil output 2.2 million barrels per day in December.

Oil extended losses Wednesday after US President Donald Trump hinted at easing tensions over Iran, with New York prices sliding 4.6 per cent. WTI, already dropping before Trump spoke, sharply extended its losses to fall under $60 per barrel and Brent crude shed 3.7 per cent to $65.78 after the president said Iran appeared to […]

Oil rose further above $67 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, by hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply. The American Petroleum Institute, an oil industry group, said late on Tuesday that U.S. […]

Oil was little changed on Monday, holding near a three-month high on optimism over a nearing U.S.-China trade deal even as Russia said an OPEC-led pact may consider easing output cuts next year. Brent crude LCOc1 was up 9 cents, or 0.14%, at $66.23 per barrel by 1240 GMT in thin trading ahead of the […]

  OPEC members curbed production in November, led by kingpin Saudi Arabia, it said Wednesday, before agreeing to deeper cuts last week. OPEC and partner countries such as Russia want to maintain crude oil prices at a minimum level despite a decline in global trade and abundant reserves. Total output of crude by the cartel […]