OPEC

Global oil prices yesterday hit the highest level since March rising above $48.86 per barrel as hopes for a COVID-19 vaccine rollout within weeks brightened the outlook for fuel consumption. Brent crude, the international benchmark,…
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*JMMC reaffirms commitment to full conformity For the coming year, the Organization of the Petroleum Exporting Countries, OPEC forecasts demand growing by at least 6 million barrels per day. While delivering his opening remarks at…
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Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand. While early U.S. trading erased some earlier…
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The Minister of State, Petroleum Resources, Timipre Sylva, on Monday, said Nigeria has cut its crude oil production level from over 2 million barrels a day to 1.4m barrels in compliance with the quota endorsed by the Organisation of…
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Talks between OPEC and its allies are zeroing in on a delay to next year’s planned oil-output increase of three to six months, according to several delegates. Saudi Arabia and Russia, leaders of the 23-nation coalition, have already…
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The Federal Government is optimistic that incorporating digitization ion oil production process is key to reducing the huge Unit Operating Cost (UOC) of producing crude oil in the country to $10 per barrel by December 2021. Technical…
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Crude oil prices recorded impressive gains amid high hopes that leading oil producers will suspend plans on increasing oil supply. The recorded impressive gains in barely four days, gained as much as 12% amid high hopes that the world’s…
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Coronavirus vaccines are expected to boost international passenger transportation and oil consumption, but the first significant impact will not be felt until well into the second half of 2021, based on futures price movements on Monday. …
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Oil surged about 8% on Monday, its biggest daily gain in more five months, after Pfizer announced promising results for its COVID-19 vaccine. Brent crude LCOc1 settled at $42.40 a barrel, up $2.95, or 7.48%, while U.S. West Texas…
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Renewed European lockdowns will delay demand recovery in the global oil market, particularly if these measures are extended into 2021 or further restrictions are re-introduced in the US or other regions, Fitch Ratings says. However, OPEC+…
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