OPEC

Chief Timipre Sylva, Nigerian Minister of State for Petroleum Resources had a phone discussion with HRH Prince Abdulaziz Bin Salman Al Saud, the Saudi Minister for Energy during which the two ministers focused on developments in the global…
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Oil prices fell on Wednesday as the United States government data showed a surprise rise in the country’s crude inventories, and as tensions escalated between the US and China. The international oil benchmark, Brent crude, fell 55…
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Oil rose on Tuesday, helped by positive news about vaccine trials and an EU stimulus deal, taking prices to levels last seen when an oil price war erupted in early March between Russia and Saudi Arabia. Benchmark Brent crude was up…
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As the world battles the effect of recovering demand as a result of the unabated COVID19 virus, statistics shows that Nigeria’s flagship crude, Bonny light closed at $43.17 after losing about 1.57% at the last oil trading session. …
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For the first time in many years, the Organisation of Petroleum Exporting Countries, OPEC, has confirmed Nigeria’s ability to cut its output from 1.7 million barrels per day, mb/d in May to 1.4mb/d in June 2020. In its July Oil Market…
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The Organization of Petroleum Exporting Countries, OPEC and its partners have called for close monitoring of the oil cuts by the Joint Technical Committee, JTC. In a statement at the end of its 20th virtual meeting of the Joint…
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The Organisation of Petroleum Exporting Countries (OPEC) and allies made real their promise to taper record supply curbs from August after its meeting, as oil prices eased on Thursday, but Reuters said the drop was cushioned by hopes for a…
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OPEC may have to play its market-rebalancing act longer than initially intended as it is afraid that a second coronavirus wave would slow oil demand recovery, Reuters reported on Thursday, quoting internal OPEC research it had seen. …
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Brent crude fell 27 cents, or 0.6 per cent, to $43.52 a barrel by 0439 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 32 cents, or 0.8 per cent, to $40.88 a barrel. They rose two per cent the previous day, helped by the U.S.…
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The Joint Ministerial Monitoring Committee (JMMC) of the Organization of Petroleum Exporting Countries (OPEC) and its non-OPEC allies, jointly called OPEC+, Thursday, disclosed that conformity to the production cut deal by participating…
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