OPEC

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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Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, has debunked reports that Nigeria has shut in its oil production as a result of the current market situation. He made the clarification in an…
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The United States cut its imports of Nigerian unrefined petroleum by 60.37 percent to 1.93 million barrels in January this year, contrasted with the 4.87 million barrels purchased around the same time in 2019.  Most recent information…
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Nigerian crude differentials showed more signs of recovery from record lows on Thursday, reflecting a wider rebound in the market on hopes of stronger demand, according to a market report from Reuters. Qua Iboe was on offer at dated…
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*US crude futures jump 15 per cent. US oil prices jumped on Wednesday, trimming some of this week's losses, after US stockpiles rose less than expected and on expectations demand will increase as some European countries and US cities…
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