OPEC

-By Kenny Folarin The Organization of Petroleum Exporting Countries (OPEC) is meeting in Vienna on Thursday to, among others, review oil cut agreements and deal with developments in the global volatile market. The global oil…
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The Secretary General of the Organization of Petroleum Exporting Countries, OPEC, Mohammed Barkindo has stated that oil market outlook for next year may have upside potential, appearing to downplay any need to cut output more deeply. …
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Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has explained that the 2020 national budget estimate was based on $57 per barrel in order to contain the price shocks from expected oil glut of 2020. The…
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The Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC), yesterday disclosed that, Nigeria has attained 2.8 million barrel per day, despite the spate of oil theft ravaging the industry. Kyari who disclosed…
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*The Federal Government has said that a target of three million barrels per day of oil production has been set and steps are being taken to realise it before the end of 2023. This is according to the Group Managing Director of the…
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Oil prices fell on Monday, extending last week’s heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the…
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Key oil freight rates from the Middle East to East Asia climbed as much as 28 per cent on Friday in a global oil shipping market spooked by United States sanctions on units of Chinese giant COSCO for alleged involvement in ferrying crude…
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Two drone strikes on Saudi Arabian oil facilities by Yemen rebels have reduced the country’s production by half and threatened to push up crude prices. Some experts have warned that with the projected production shortage of 155 million…
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Minister of State for Petroleum Resources, Mr. Timipre Sylva, yesterday, disclosed that Nigeria would cut down on its crude oil production, this month and in October, in order to comply with the targets set by the Organisation of Petroleum…
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Reforms currently taking place at the Nigerian National Petroleum Corporation (NNPC), the country’s state-owned oil company, have been welcomed by no less a person than Mohammed Barkindo, the secretary general of the Organisation of…
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