OPEC

Oil prices are set to recover with the OPEC+ production cuts and gradual lifting of lockdowns around the world in the second half of 2020, when oil prices “will be $40 starting from the third quarter,” Mohamed Arkab, Energy Minister of…
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The slump in crude oil prices in the global market has fuelled the need for Nigeria to stop crude oil exports and feed local refineries to boost the exports of refined products and supplies of fuel to industries, it was learnt. …
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Oil prices climbed sharply in Asia on Thursday, escalating tensions between Iran and the United States overshadowing the drying up of demand for coronavirus and the saturation of storage facilities. Around 6:25 GMT, a barrel of “light…
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Here’s an easy fix to the ultra-low oil price; do what Iran has been promising to do for decades, block the Straits of Hormuz Suggested partly as dark humor there would be a delicious irony in delivering to Iran precisely what it has…
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The Nigeria National Petroleum Corporation (NNPC) said it would continue oil production despite the fall in price. The explanation came on the heels of the speculation that Nigeria had halted the production of the commodity which prices…
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Nigeria: OPEC - Oil Prices Lost Two-Third of Value in First Quarter of 2020 The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that up to two-third of the value of oil prices were wiped out by the novel Covid-19 in…
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The slump in the U.S. crude oil futures below $0 per barrel is not a reflection of the reality in the global oil market capable of impacting Nigeria's oil production, the Group Managing Director of the Nigerian National Petroleum…
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Some OPEC ministers had a conference call on Tuesday to discuss the oil price rout and possible extra measures to support the market but it took place without the core Gulf nations, highlighting a growing split inside the organisation. …
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New wells don’t lose pressure when valves are closed: AMLOMexico’s spot price for Maya crude was negative on Monday With crude prices collapsing, Mexico’s president says his country will shut down new wells in a move that comes just…
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Oil prices on Monday crashed to record low as oil producers ran out of space in their storage facilities leaving US oil prices with an unprecedented fall from $18 a barrel to -$38 in a matter of hours. The historic market collapse has…
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