OPEC

Saudi Arabia and some other OPEC oil producers are considering extending record high output cuts until the end of 2020 but have yet to win support from Russia, according to OPEC+ and Russian industry sources. The Organization of the…
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As countries begin to lift months of lockdown caused by the COVID19 virus, Asian country, India is starting to import more crude oil from Nigeria. Indian oil firms took in about 5-6 million barrels of Nigerian crude last week and so…
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The Nigerian economy has been facing challenges for the past five years following its over dependence on oil as a major source of its revenue as the country recorded the highest growth in Gross Domestic Product, GDP of 2.65 per cent in…
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Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Mohammed Barkindo, has urged member countries not to flout last April’s deal to cut their crude oil production quotas, despite recent noticeable improvement…
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Barely a week after it had risen to $34.11, the price of Bonny Light, Nigeria’s premium oil grade, has dropped slightly to $33.25 in the international market. Despite the slight drop, the price still indicated an excess oil revenue of…
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Despite forecasts that OPEC has failed and will lose its place in determining prices in the international oil market, Goldman Sachs analysts forecast in a report titled Top Projects 2020 says otherwise. According to the 2020 project,…
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Oil futures traded above $30 per barrel on Monday (May 18) for the first time in two months, as the perception of huge production cuts supported prices in a marked contrast to the dire sentiment seen in April, according to Forbes.com. …
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Brent crude, Nigeria oil grades’ benchmark, gained $1.33 or 4.1% to climb to $33.83 a barrel as of 07:34 West African Time after hitting its peak since 13th April. WTI went higher by $1.65 or 5.6% to $31.08, having hit its highest point…
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Oil Prices Rise to a Month-High on Monday as Supplies Wane Global oil prices rose to a month-high on Monday following reports that supplies of the commodity to the global market have started waning and demands are picking up. The…
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•NNPC moves to reduce production cost After weeks of unprecedented global lockdown occasioned by the coronavirus pandemic that has ravaged businesses, forcing closures and massive supply glut in the oil market, respite appears to be on…
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