OPEC

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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Brent crude fell below $60 last Friday, triggering in some quarters that Nigeria’s 2020 budget may be in some threat. The budget was prepared with the oil benchmark of $60 per barrel. A report last week by Business Post said…
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Crude oil prices deteriorated sharply over the week, with Brent crude falling to $60.69 per barrel, the lowest in nearly two months. WTI dropped to $54.19 per barrel the lowest since October 2019. Pessimism seems to be back after fears…
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Timipre Sylva, Nigeria’s Minister of State for Petroleum Resources, has said if oil prices remain within the $60 and $70 per barrel, it will be good for the country’s fiscal planning and budget implementation in the current year. Sylva,…
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A rise in oil demand growth this year will be offset by a sharper increase in non-OPEC supply, OPEC said in its monthly oil market report published yesterday, even as Nigeria’s crude production last month, aligned with its quota of 1.77…
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