Oil prices to steady at $72.50 in Q2 on cuts, U.S. sanctions
Goldman Sachs has adjusted its second quarter (Q2) 2019 Brent oil price forecast upwards by 11.5 per cent from $65/barrel to $72.50/b to reflect stronger assumptions on OPEC output cuts, further tightening of U.S. oil sanctions on Venezuela, and Iran, as well as only moderate growth in U.S. shale production. OPEC in March tightened the…
Abandoned investments threaten future oil sector demand
Though the price of crude oil has maintain a steady increase in the last six months, for the members of Organisation of the Petroleum Exporting Countries...
Nigeria to resist OPEC oil production cap
Nigeria will reject the attempt by the Organization of Petroleum Exporting Countries (OPEC) to reduce the crude oil quota granted it at its last Ordinary Meeting in Vienna, Austria.
OPEC production freeze fails to boost crude oil prices
The decision by the Organisation of the Petroleum Exporting Countries (OPEC) to embark on production freeze last year, offered hope for higher crude oil prices in 2017.
Global oil industry lost N1 trillion to projects’ cancellation, says OPEC scribe
Barkindo disclosed this in Abuja yesterday when he paid an official visit to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, adding the amount was lost to projects’ cancellation across the value chain.
Market forces responsible for low oil prices, says Barkindo
The new Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammed Barkindo, has described the fall in crude oil market from above $100 per barrel to less than $50 a barrel as price correction.