OPEC

OPEC for now is planning to hold its ministerial meeting as scheduled this week, pending a final decision Monday with a teleconference under consideration, sources told S&P Global Platts. “At the moment, we are proceeding with our…
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His comments came amid speculation that there is tension in the alliance, known as OPEC+, over whether to cut oil production furtherPrices continue to be weighed on by ample supply and falling demand and, lately, fears surrounding the…
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Consumers have some good news at the service station. Prices at the pump for gasoline and diesel are down about 6% since the beginning of the year. For that they can thank the coronavirus (now called Covid-19) outbreak—although it comes at…
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With crude oil prices shedding over $11 per barrel this year to $55, thus alarming the producers, a panel set up by the Organisation of Petroleum Exporting Countries (OPEC) and its allies have recommended a provisional cut of 600,000…
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There are indications that Organisation of Petroleum Exporting Countries (OPEC), and  its allies, especially Russia, will further cut oil supply by 500,000 barrels per day (bpd), a situation that would worsen economic realities in Nigeria.…
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OPEC and its non-OPEC’s Joint Technical Committee, JTC have scheduled an emergency meeting to hold over Feb. 4-5 in Vienna over the coronavirus outbreak in China. The meeting which holds before its yearly March meeting, will assess the…
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OPEC is in discussions to bring forward its scheduled March 5-6 meeting as the oil market continues to be buffeted by the impacts of the coronavirus outbreak. Algerian energy minister Mohamed Arkab said Wednesday a decision would be…
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...As oil price slides to $58 Despite an upward revision in oil demand growth for 2020 by 140,000 b/d to 1.22 million b/d, OPEC members may consider deeper production cuts, or extend their existing deal, in response to a slump in prices…
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Nigeria reached its crude production quota in December under the OPEC agreement, Mele Kyari, the group Managing Director of Nigerian National Petroleum Corporation (NNPC),has said . He also noted that OPEC quotas only apply to crude oil…
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As leading OPEC producers downplayed fears of crippled demand growth in an attempt to calm the oil market on Monday, the cartel is said to be considering extending the ongoing production cuts or even deepening them to stave off excessive…
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