Oil demand to slow by 3.7million bpd for rest of 2020
Oil demand for the rest this year may continue to fall by as much as 3.7 million barrels per day (Mb/d), Outlook released by global research body, Rystad Energy
Downstream operators anticipate renewed demand post-COVID-19
Despite the OPEC’s revising downward review of its world oil demand in 2020, to an estimated 8.9 million barrels daily, some downstream operators have expressed the optimism that the future of the sector remains bright.
Oil prices ease after OPEC, allies agree to taper oil supply curbs
Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up.
OPEC adjusts oil demand to 8.9 million bpd
• As uncertainty cloud extension of production cuts The Organization of the Petroleum Exporting Countries (OPEC), yesterday, revised downward its world oil demand in 2020, to an estimated 8.9 million barrel per day (bpd) adjusting it up by 0.1 million bpd against last month’s projection. OPEC’s projections enclosed in its July Monthly Oil Market Report,…
Oil production threatened by non-compliance to COVID-19 protocols
Nigeria’s ability to meet its monthly oil production quota and revenue target may become hampered if rising cases of coronavirus in offshore oil fields are not addressed. With the country suffering huge revenue losses from decline in oil prices since March, and inability to sell its crude during the lockdown, there are fears that production…
Virus crisis puts Nigeria corrupt fuel subsidy system in spotlight
Plunging oil prices and collapsing state revenues have seen Nigerian authorities vow an end to a controversial fuel subsidy...
OPEC agrees on production cut, may force Nigeria others to comply
The Organisation of Oil Producing Companies (OPEC), Russia and other allies referred to as OPEC+, yesterday agreed to extend oil production cut till December this year.
OPEC, allies agree to extend deep output cuts through July
OPEC members led by Saudi Arabia and other key oil producers agreed Saturday to extend historic output cuts through July.