OPEC expects recovery in Q4, fall in demand to 19.73 mil b/d in Q2
• Extraordinary macroeconomic action key to faster recovery, says IMF OPEC is banking on global oil demand recovering by more than 10 million b/d from the second quarter to the fourth quarter of 2020 as it embarks on a global supply pact along with allies and rivals to provide relief for a coronavirus-stricken oil market.…
OPEC says oil market undergoing 'historic shock'
The OPEC oil cartel said Thursday that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have decimated demand.
Nigeria hopes for $15 price rebound from oil cut deal
Nigeria said Friday that a "historic" agreement between major oil producers to cut output by 10 million barrels per day, if it goes forward, could boost prices by $15.
FG to maintain narrow fuel price band as OPEC+ deepens cuts
Besides, the NNPC noted that it would no longer be involved in the management of the nation’s refineries after their rehabilitation.The Group Managing Director of NNPC, Mallam Mele Kyari, disclosed this in separate television programmes monitored by The Guardian.
OPEC+ mulls three-month output cut as oil hits $33
Countries belonging to the OPEC+ group are discussing the idea to implement oil production cuts for at least three months from May to July, Russian news agency TASS reported on Tuesday, citing two sources at OPEC.
FG ramps up crude oil output amidst fall in global demand
The Federal Government has started to ramp up crude oil production, despite struggling to find buyers with COVID-19 having destroyed demand around the globe.
Monthly petrol pricing template may upset downstream sector - Stakeholders
The Federal Government’s monthly plan to implement and re-activate a pricing template for Premium Motor Spirit (PMS), otherwise known as petrol set in May 11, 2016, might disrupt the current stability enjoyed...
OPEC, allies to hold video conference meeting Monday
The Saudi-led OPEC group of oil producers and their allies will meet Monday via video conference, a source close to OPEC said Friday, to seek to boost oil prices which have tumbled by two-thirds since the beginning of the year.