OPEC

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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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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