Organisation of Petroleum Exporting Countries
The Organisation of Petroleum Exporting Countries (OPEC) and its allies expect oil markets to stay tight through to the end of this year before flipping into surplus next year.
As the global economy recovers due to accelerated vaccination programmes, the Organisation of Petroleum Exporting Countries (OPEC) and its non-OPEC allies reached a deal, yesterday
There is a sharp decline in revenue accruing from oil sales globally. Nigeria is no exception and has been affected by this global endemic, as a member of the Organisation of Petroleum Exporting Countries (OPEC).
13 Feb 2019
The Organisation of Petroleum Exporting Countries (OPEC) has said demand for crude oil would fall to 30.59 million barrels per day this year due to global economic realities. While increasing forecast for non-OPEC production by 80,000 bpd to 2.18 million bpd on the backdrop of output from the U.S. Gulf of Mexico, the cartel’s monthly…
1 Nov 2018
The Organisation of Petroleum Exporting Countries (OPEC) got record output last month, a Reuters survey found, as higher supplies led by the United Arab Emirates and Libya offset a cut in Iranian shipments due to United States sanctions. The 15-member cartel pumped 33.31 million barrels daily in the month under review, up by 390,000 barrels…
15 Aug 2018
The Nigerian National Petroleum Corporation (NNPC) has said arrangement has been concluded for a new 100,000-barrels-per-day brownfield refinery each in Port-Harcourt, Rivers State and Warri, Delta State. According to the Group Managing Director of NNPC, Dr. Maikanti Baru, the plan is part of the corporation’s initiative designed to boost local refining capacity to end petroleum…
3 Aug 2018
Oil prices sank to the lowest in over one month, as rising United States (U.S.) inventories, higher output from the Organisation of Petroleum Exporting Countries (OPEC) and Russia’s pressure impact the market. Futures fell for the third day in New York, losing as much as 1.1 per cent to hit their lowest level since June…
15 Mar 2018
The Organisation of Petroleum Exporting Countries (OPEC) has admitted for the first time that the growing crude oil output from the United States (U.S.) may threaten the price of crude oil despite efforts to rebalance the market. OPEC, in its monthly report yesterday, upgraded expected supply from non-members, saying that the output was surging beyond…
20 Jul 2016
Crude oil prices were two-month low early yesterday, on fears that global inventories of crude and the increase in United States rig count could remain high.
1 Jun 2016
There were indications that the nation may not heave a sigh of relief soon from the renewed militancy in the oil-rich Niger Delta, which has brought crude output to the lowest in the past 20 years.
3 Apr 2015
OIL prices fell as much as four per cent on yesterday after global powers negotiating a nuclear deal with Iran called for a news conference, more than a week of talks in Switzerland.