OPEC

OPEC+ could hold an extraordinary meeting in October if oil markets weaken further, Saudi Energy Minister Prince Abdulaziz bin Salman said, according to an OPEC+ source. Brent oil prices extended their gains to trade up 3% on the news,…
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Roger Brown, new CEO of leading indigenous oil and gas company, Seplat Petroleum Development Company Plc said local oil companies deserve some respite from government if oil production restrictions, which requires reducing their output is…
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Oil prices rose on Tuesday, ahead of the weekly crude inventory data releases, but traders remain concerned about the pace of the recovery in global oil markets. After a sobering Organisation of Petroleum Exporting Countries (OPEC)…
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The Fourteenth of September 2020 is a very special day for the Organization for the Petroleum Exporting Countries, OPEC. This sees the Organization celebrate its 60th anniversary. In a statement on Monday, the…
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OPEC oil producers and allies such as Russia, a grouping dubbed OPEC+, meets on Wednesday to review compliance with oil cuts meant to support oil prices amid the coronavirus pandemic. OPEC+ is unlikely to change its output policy, which…
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Saudi Arabia’s King Salman bin Abdulaziz and Nigerian President Muhammadu Buhari discussed efforts taken to stabilise and rebalance global oil markets in a telephone call, Saudi state news agency SPA reported on Wednesday. The two…
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From Baghdad and Algiers to Caracas, many of the world’s oil capitals are experiencing a summer of discontent. It could be a glimpse of their future. Iraq has seen fatal protests as its electricity grid buckles amid searing heat, while…
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Oil prices decreased today, Friday, but is on track to achieve gains for the second week in light of the growing confidence that demand for fuel began to rise despite the Corona virus pandemic that is wracking economies around the world. …
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The International Energy Agency, IEA, has warned that demand for oil will plummet by 8.1 million barrels per day (bpd) in 2020 due to reduced air travel occasioned by the Coronavirus (COVID-19) pandemic. This is expected to further depress…
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From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus. That poses a particularly delicate challenge for the OPEC cartel and its…
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