Marathon OPEC meeting breaks up without agreement
A meeting of the OPEC group of major oil-exporting countries broke up late Thursday without agreement on cutting production to head off pressure on prices from abundant reserves and slowing global economic growth.
Oil demand to hit 110.6mb/d by 2040, says OPEC
The organisation of the Petroleum Oil Exporting Countries (OPEC), said oil will continue to contribute the largest share in the energy mix with demand hitting 110.6 million barrel daily (mbd) by 2040.
Failure of OPEC+ to deepen cuts may drive oil to $40, says report
New outlook by international observers has shown that a substantial build of global crude stocks and a corresponding drop in oil prices is imminent if additional oil production cuts by OPEC in 2020, is not followed by OPEC+.
‘High cost of oil production erodes revenues, depletes resources ’
Minister of State for Petroleum Resources, Timipre Sylva, yesterday said the high cost of crude oil production in the country often erodes net revenues from sales and depletes resources meant for development.
More hurdles for economy as OPEC, stakeholders meet
Economists and other stakeholders in the oil and gas sector yesterday predicted a bumpy road for Nigeria’s N146.96 trillion economy, insisting that prevailing realities at the international oil market could worsen the nation’s fiscal outlook, especially the implementation...
‘Nigeria’s oil production is fully OPEC quota-compliant’
Nigeria, which has pumped above its OPEC quota for months to the ire of other members, brought down its crude oil production in November, to fully comply with its cap, the Minister of State for Petroleum Resources, Timipre Sylva has said.
Oil holds near two-month high on OPEC+ extension expectations
Oil prices held near two-month highs on Friday and were set for a third consecutive week of gains, boosted by expectations of an extension to OPEC+ production cuts although doubts over U.S. and China trade talks capped gains.
OPEC, allies likely to extend oil supply cuts until June
OPEC and its allies are likely to extend existing oil output cuts when they meet next month until mid-2020, with non-OPEC oil producer Russia supporting Saudi Arabia’s push for stable oil prices amid the listing of state oil giant Saudi Aramco.
‘Oil prices may drop further on potential glut’
Global oil supply could continue to rise at a rapid pace in 2020, surpassing the increase in demand.
NNPC confirms 1.6m bpd oil production
Nigeria is producing 1.6 million to 1.7 million barrels per day (bpd) of crude oil, the Chief Operating Officer of the Nigerian National Petroleum Corporation...
Nigeria oil output 1.6-1.7 million bpd, in line with OPEC cut – NNPC
Nigeria is producing 1.6 million – 1.7 million barrels per day (bpd) of crude oil, the chief operating officer of the Nigerian National Petroleum Corporation said on Wednesday, adding that the country would continue to comply with OPEC output cuts.