It is too early for the Organisation of Petroleum Exporting Countries (OPEC) to discuss deeper oil output cuts in spite of the decline in oil prices, OPEC Secretary-General Mohammed Barkindo was quoted as saying by Russian News Agency TASS on Monday.

THE Nigerian National Petroleum Corporation, NNPC, has indicated interest to effect further cut in Nigeria’s oil output in line the Organisation of Petroleum Exporting Countries, OPEC directive.

Oil prices rebounded on Tuesday on reports that output from the world’s largest oil producers fell during the third quarter, although a resumption in Saudi supply and demand concerns kept a lid on gains. Brent crude futures LCOc1 rose 57 cents to 59.82 dollars a barrel by 0852 GMT, while U.S. West Texas Intermediate crude […]

By Orajekwe Linda The Honourable Minister of State, Petroleum Resources, Chief Timipre Sylva, on the 21st of September said that there will be no Organisation of Petroleum Exporting Countries (OPEC) cut off oil production by 50 per cent as previously reported rather, there will be a cut for overproduction of the 57,000 barrels per day. […]

Minister of State for Petroleum Resources, Mr. Timipre Sylva, yesterday, disclosed that Nigeria would cut down on its crude oil production, this month and in October, in order to comply with the targets set by the Organisation of Petroleum Exporting Countries, OPEC.

Saudi Arabia and Russia on Thursday called on OPEC members and its allies to better comply with oil production cuts.

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.

 Oil rose on Monday on expectations that Saudi Arabia, the world’s largest oil exporter, will continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister Prince Abdulaziz bin Salman.

 The Nigerian National Petroleum Corporation, NNPC, yesterday, stated that the country is a commitment to production adjustments agreed upon under the Declaration of Cooperation, DoC, between member countries of the Organization of the Petroleum Exporting Countries, OPEC and Non-OPEC countries, in July 2019.

For three months running, Nigeria’s rig count remained unchanged at 14 for the month of June, the same number it recorded in May and April, while the Organisation of Petroleum Exporting Countries (OPEC), appreciated by two, having recorded 576 in June, as against 574 recorded in May.

THE price of Bonny Light, Nigeria’s premium oil grade, yesterday, inched up further to $66.04, from $64.00 as the Organisation of Petroleum Exporting Countries, OPEC, continues to remove excess oil from the market.

THE Organisation of Petroleum Exporting Countries, OPEC, has renewed the term of office of Mr. Mohammad Barkindo as Secretary General for a further period of three years, in line with Article 28A of the OPEC Statute, with effect from 1 August 2019.

The Organisation of the Petroleum Exporting Countries (OPEC) and the non-member countries of the organisation (OPEC+), on Tuesday, signed a draft `Charter of Cooperation’ in a bid to further strengthen their partnership. 

Major oil-producing countries meet in Vienna on July 1 and 2, the OPEC website and a delegate said Wednesday, after the biannual gathering had been postponed several times.

THE price of Bonny Light, Nigeria’s premium oil grade has dropped from $74.00 to $73.58 as the Organisation of Petroleum Exporting Countries, OPEC, plans action to achieve market stability.