OPEC

The Honourable Minister of State for Petroleum Resources, Timipre Marlin Sylva has expressed appreciation to the Government of Saudi Arabia over its recent voluntary reduction in its crude oil production. The Saudi Government has in…
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Oil markets are re-balancing after a collapse in demand following the coronavirus outbreak but the pathway to “the next normal” is still very uncertain, the CEO of Abu Dhabi’s National Oil Company (ADNOC) said Thursday. …
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Nigeria’s chief oil grade, Bonny Light, sustained its steady rise on Wednesday, adding up 46 cents or 1.79% to close at $26.13. Brent crude, Nigeria’s crude grades benchmark’, had risen by 18 cents or 0.6% as of 07:21 West African Time…
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Demand for oil around the world will fall by around nine million barrels per day in 2020, OPEC said Wednesday.Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russia's Energy Minister Alexander Novak are seen at…
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Brent crude is likely to trade in the range of USD 20 to USD 40 a barrel in the medium term or till the Covid-19 infections abate, as per IcraThe oil prices fell also because crude has been in substantial oversupply since February Crude…
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Crude oil, Nigeria’s biggest revenue earner, yesterday surged past $30 per barrel,heightening hope for the country’s budget. Nigeria, which hitherto announced $57 per barrel oil benchmark in the 2020 budget, has been forced to crash the…
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This is in addition to a 9.7 million barrels cuts agreed on by the Organisation of Petroleum Exporting Countries (OPEC) and its allies. Saudi Arabia announced that it would further cut output by one million barrels per day, Kuwait by…
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Kuwait joined Saudi Arabia on Monday in announcing fresh oil production cuts to be implemented in June, state news agency KUNA reported, citing Oil Minister Khaled al-Fadhel. Kuwait will slash production by 80,000 barrels per day in…
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Saudi Arabia announced a surprise move to slash oil output to the lowest in 18 years as it tries to spur the recovery from an energy crisis that has devastated the kingdom’s finances. Just hours after unveiling a slew of…
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Economies are opening up, however, the recovery is gradual and will take some time for oil prices to hit pre-COVID-19 levels. After months of dwindling demand and fluctuations in crude oil prices, which had crashed below $0 at a point,…
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