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 […]
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 […]
Oil war: Russia, Saudi Arabia throw hats into the ring
It is the sign of the time as the global economy falters again. What appeared as a three-year-old marriage between OPEC and its ally, OPEC+, to support oil prices and erase the glut on the market headed for dissolution because of perceived irreconcilable differences between partners turned opponents. Last week, OPEC recommended additional production cuts of 1.5 million barrels per day, bpd starting in April and extending until the end of the year. However, OPEC-ally Russia rejected the additional production cuts to shore up prices, with its energy minister, Alexander Novak, saying that from April the country’s oil producers will be pumping oil as usual, without compliance to any OPEC+ quotas. Saudi Arabia in a counter said it was cutting the prices for its oil and planning a production increase, to supply 12.3 million bpd in April, well above its current production levels of 9.7 million bpd, Saudi Aramco CEO Amin Nasser said on Tuesday. Has Russia become the bump in the road, as it is not willing to budge? Russia is the world’s second-biggest oil exporter after Saudi Arabia. Russia’s point of view is that the OPEC+ agreement has become meaningless.
Oil market records much instability after OPEC, non-OPEC meeting
• Nigeria’s Bonny Light price drops to $46.33 per barrel • FG moves to review $57 budget projection By Udeme Akpan & Prince Okafor With increased commitment of the Organisation of Petroleum Exporting Countries, OPEC, to its Declaration of Cooperation, DOC, a programme dedicated to cutting output in OPEC member states and non-OPEC participating nations, […]
Buhari sets up committee to revisit $57 oil benchmark
—C’ttee to assess impact of Coronavirus on 2020 budget By Johnbosco Agbakwuru ABUJA—-PRESIDENT Muhammadu Buhari on Monday set up a committee to assess the impact of the ravaging Coronavirus on the economy especially the 2020.budget. The committee is saddled with the responsibility of revisiting the crude oil benchmark price of $53 per barrel used to […]
