OPEC

The US crude, also known as West Texas Intermediate(WTI), traded for below $0 following the impact of the coronavirus on the global oil market. This is however the first time in the history of US crude trading , that WTI is…
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Oil plunged below $15 a barrel in New York, a fresh 21-year low, as inventories soar because of the supply-demand mismatch that’s been created by the coronavirus. The most immediate West Texas Intermediate contract fell as much as…
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The physical oil market, where millions of barrels of real cargoes are traded each day, needed OPEC+’s historic cuts to global crude production months ago. On Sunday, producer nations pledged to limit output by an unprecedented 10% of…
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Facing a steep drop in oil demand with much of the world staying home to practice social distancing, more than 55 energy executives, analysts and critics appeared one after another Tuesday at a video meeting of the Texas agency that…
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The Group Managing Director of Nigerian National Petroleum Corporation, (NNPC), Mele Kyari has explained that Federal Government’s support for private refinery initiatives is part of the strategies to return Nigeria to being a net exporter…
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*The 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting was held via videoconference, on Sunday, 12 April 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, and co-Chair HE…
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President of the United States of America, Donald J. Trump has, through his Twitter handle today, taken credit for the agreement reached to cut oil production globally. This is emerging barely 24 hours after the Declaration of Cooperation…
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Saudi Arabia's Energy Minister, Prince Abdulaziz Bin Salman said on Monday that effective global oil supply cuts would amount to around 19.5 million barrels per day, taking into account the reduction pact agreed by OPEC+, pledges by other…
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*With coronavirus ravaging the world, one of the victims is the economy of the world in general and Nigeria’s in particular In March, the Finance Minister, Zainab Ahmed, revealed the preparedness of Nigeria to review the 2020 budget…
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FILE PHOTO © REUTERS/Ints Kalnins The OPEC+ cartel’s milestone decision to cut production has seen prices rise on Monday, bringing temporary relief to the oil markets that were severely hit in the midst of the global coronavirus…
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