OPEC

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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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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