OPEC

Oil markets headed lower Thursday, on concerns record production cuts will be scaled back amid disagreements within OPEC over output reduction compliance. At 8:40 AM ET (1240 GMT), U.S. crude futures traded 1.4% lower at $36.77 a…
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Organization of Petroleum Exporting Countries, OPEC, leader, Saudi Arabia and non OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to…
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Some traders hoped a couple of Indian oil tenders could mop up oil to reduce a significant glut of Nigerian oil while European demand for West African grades remains nearly nil amid sluggish refining activity. India’s IOC has two buy…
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*Remark at today's 133rd ECB videoconference In December 2019, Member-Countries – together with partners in the ‘Declaration of Cooperation’ – proactively adjusted production by 500,000 b/d to a then-record 1.7 mb/d, Muhammad Sanusi…
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The price of Brent crude surged on Wednesday to a near three-month high amid optimism among investors and oil traders that major oil producers will extend oil production cut, as global demand picks up. Brent crude gained about 1.49%, at…
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OPEC repeatedly attacked and threatened to ban its imports and the United States incurred billions of losses because of its "rocky" policies Anas bin Faisal Al-Hajji is an economist specializing in the energy field In terms…
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Oil rose past $36 a barrel as investors eyed a potential extension of record production curbs by OPEC+ while physical markets showed renewed signs of tightness. Futures in New York rose around 2.7% as Russia and several producers in the…
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Senate on Monday described cost of crude oil production per barrel as the most expensive globally. This follows presentation of $21 as the current cost of crude oil production per barrel at an interactive session on Medium Term Expenditure…
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Nigeria currently makes a $3 profit for every barrel of crude oil it sells! This shocking revelation came yesterday when the leadership of Nigerian National Petroleum Corporation NNPC) was invited by the National Assembly to explain the…
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OPEC+ is close to a decision to bring forward its meeting by a few days to this week, according to people familiar with the situation. The move, if confirmed, would give the oil cartel more flexibility to change its current production…
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