Challenges loom for Nigeria as OPEC may cut 500,000bpd
There are indications that Organisation of Petroleum Exporting Countries (OPEC), and its allies, especially Russia, will further cut oil supply by 500,000 barrels per day (bpd), a situation that would worsen economic realities in Nigeria.
Coronavirus impact may drive oil to $47 as OPEC+ mulls 0.5mbpd cuts
With the impact of the coronavirus taking a toll on oil demand—and the economy in general, Citigroup has slashed its oil price forecasts for three of the quarters this year and doesn’t rule out Brent Crude sliding to as low as $47 a barrel.
OPEC mulls deeper cuts to hedge Coronavirus’ impact as oil dips to $58
Despite an upward revision in oil demand growth for 2020 by 140,000 b/d to 1.22 million b/d, OPEC members may consider deeper production cuts, or extend their existing deal, in response to a slump...
Nigeria’s output aligns with quota as OPEC raises 2020 outlook
A rise in oil demand growth this year will be offset by a sharper increase in non-OPEC supply, OPEC said in its monthly oil market report published yesterday, even as Nigeria’s crude production last month....
IEA says oil stocks, non-OPEC output to buffer market from shocks
Surging oil production from non-OPEC countries led by the United States along with abundant global stocks will help the market weather political shocks such as the U.S.-Iran stand-off, the International Energy Agency (IEA) said on Thursday.
Barkindo hopeful of sustained OPEC+ partnership for oil market balance
OPEC+ members will remain united in their stewardship of the oil market, whether or not their current production cuts are extended beyond their currently scheduled March expiry, OPEC Secretary General Mohammed Barkindo said Monday.
OPEC to maintain quota as oil prices return to $65 per barrel
The Organisation of the Petroleum Exporting Countries (OPEC), trimmed its crude oil production by 100,000 barrels daily (b/d) in December, the latest S&P Global Platts survey finds,
Oil stable as trade optimism, Mideast tensions support
Oil rose on Thursday as signs of improving trade relations between Washington and Beijing which eased demand concerns and rising tensions in the Middle East provided support.
Iraq protesters lock down oil field, call strike
Iraqi anti-government protesters blockaded an oil field and rallied in southern cities Sunday while political factions remained paralysed in their attempts to form a new government.