OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has said that more than one-third of the 24 countries currently working together under a negotiated framework to cut down oil outputs and inventories, to stabilise prices in the…
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A cargo of Nigeria’s distillate-rich Bonga crude is due to move to the United States (U.S.) from the May loading programme, traders have disclosed, after a near six-month hiatus. According to U.S. Customs data, the last cargo of Bonga…
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Nigeria’s Petroleum Minister Emmanuel Ibe Kachikwu admitted that reducing oil production to the quota assigned by OPEC is a challenge, not least because of the start of production at the Egina oil field. The offshore field will have a…
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The OPEC+ deal to curb oil production probably will be extended, “hopefully for another six months” beyond the end of June, Nigerian oil minister Emmanuel Kachikwu said. The agreement has stabilized the oil market and easing the curbs…
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Oil prices hit their highest of 2019 on Tuesday, with Brent crude approaching $70 a barrel, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut. Brent futures reached a…
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-By Gideon Osaka There are concerns that Nigeria, whose mainstay of the economy is oil, may not achieve its expected revenue from the product in 2019, as the United States, India and other buyers appear to be shunning the country’s…
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The price of OPEC basket of fourteen crudes stood at $67.03 a barrel on Tuesday, compared with $66.19 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up…
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May loading worsens country’s sale overhang Over 20 cargo-loads of Nigeria’s crude oil, last weekend, suffered bearish sale unsold over worsening buyers’ apathy, forcing Nigeria to keep the April official selling price (OSP) for the…
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*April cargoes clearing up at market Nigeria’s crude grades may rise above $2 per barrel above dated Brent in May, according to market schedule for May seen by SweetcrudeReports. According to schedule, Exxon Mobil is already offering…
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...Says OPEC/non-OPEC relationship to be captured in charter Dr. Mohammed Sanusi Barkindo is the Secretary-General of the Organization of the Petroleum Exporting Countries, OPEC, appointed to superintend the group’s affairs at the…
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