OPEC

The price of Bonny Light, Nigeria’s premium oil grade has risen from $66.00 to $67.48 per barrel, the highest in recent times, as the Organisation of Petroleum Exporting Countries, OPEC; continue to eliminate excess oil from the global…
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U.S. shale companies have benefited from the supply-cut efforts from OPEC and its allies that boosted prices, OPEC Secretary General Mohammed Barkindo said during a Houston energy conference on Monday. His comments came ahead of an OPEC…
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Nigeria, Africa’s biggest crude exporter, slashed a total of 1.484 million barrels of crude in the 28 days of February, a Federal Government statement says. It maintained that this production slash was achieved through 53,000 barrels…
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Increased production by Nigeria and Iraq above the agreed quota by members of the Organisation of the Petroleum Exporting Countries (OPEC), in February, saw compliance level hitting 79 per cent last month, three per cent above…
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Nigerian crude oil for April loading has been slow to sell, sources said, with offer levels providing little value compared with rival grades from the Mediterranean, North Sea and Latin America. “I have not heard anything trade.…
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OPEC and its partners are unlikely to decide on their output policy in April as it would be too early to get a clear picture of the impact of their supply cuts on the market by then, three OPEC sources said on Monday. The sources…
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Oil prices rose nearly 2 percent on Monday morning, on trade deal hopes and OPEC supply outages. One of the largest OPEC outages at the moment is the supply disruption at the 150,000 bpd Nigerian Bonny Light export terminal, which was…
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US Energy Secretary Rick Perry said Thursday that anti-OPEC legislation getting renewed attention in Congress could have the unintended effect of spiking oil prices in the long term, the strongest comments against the measure on which…
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The oil price roller coaster has definitely been on the up side over the past two months, up $10 a barrel from the mid-December through, much of the credit belonging to overseas producers who have reduced supply to stabilize the…
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Nigeria implemented its portion of the OPEC+ production deal in February, said the country’s oil minister, a move that enhances the impact of supply cuts that have already boosted crude prices. “We’re basically complying, effective…
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