OPEC

Crude Oil and Dollar Amidst the United States recession forecast, crude oil prices have plunged by over 11 per cent month-on-month from July 8 to August 7, 2024. Analysis conducted on crude grades showed that Brent Crude fell by…
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The Organization of the Petroleum Exporting Countries (OPEC) Monthly Oil Market Report for June revealed that Nigeria produced 1.27 million barrels per day (bpd) in June. This reflects a slight decline from 1.28 million bpd in April to…
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In a statement on Monday, Russian Deputy Prime Minister Alexander Novak expressed confidence that the global oil market will achieve balance in the second half of 2024, thanks to the production cut strategies implemented by the…
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There is seeming disagreement among producers nations with the Organization of Petroleum Exporting Countries, OPEC which is still mulling to sustain production slice to further stabilize the global oil market. The OPEC+ is once…
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The Organisation of the Petroleum Exporting Countries says that Nigeria’s dwindling daily oil production turned a corner in April, increasing marginally from 1.23 million barrels per day in March to 1.28 million barrels per day in…
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Nigeria regained its position as the largest producer of crude oil in Africa in April. The Organisation of Petroleum Exporting Countries, OPEC, disclosed this in its latest monthly report released on Tuesday. It stated that…
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Overall oil production output by the Organization of Petroleum Exporting Countries, OPEC, in the month of April fell by 440,000 barrels a day. The OPEC +crude output by members subject to cuts fell by that figure in April as Russia…
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Goldman Sachs on Wednesday said they no longer expect OPEC+ to announce a partial unwind of voluntary production cuts in June. The bank said inventories have recently surprised to the upside, and as a result, their model now…
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Crude oil futures settled on Wednesday after the release of American Petroleum Institute data showing a draw in US crude stocks, with bearish factors generally dominating the market. Brent crude futures settled at $60.53/per barrel,…
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Oil prices surged as Brent crude oil appreciated to $88.42 a barrel while U.S. West Texas Intermediate (WTI) crude climbed to $83.36 a barrel. The uptick in prices comes as the U.S. dollar index dipped to its lowest level in over a…
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