OPEC

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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Exports of two Nigerian crude oil grades, Qua Iboe and Bonny Light, are set to rise in March. April loading programmes for several Nigerian grades emerged late last week, according to Reuters. Exports of Qua Iboe, the…
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With Nigeria relying heavily on oil as its main source of revenue, the recent move by Organization of the Petroleum Exporting Countries (OPEC) to cut down daily oil production of member countries would cripple the expected revenue from…
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The Organisation of Petroleum Exporting Countries (OPEC) has warned that rising geopolitical tensions across the world was still an existential challenge to a stable oil market in 2019. It also noted the potential impact of…
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The world’s third largest crude producer – Saudi Arabia, is seriously ‘courting’ India, which also happens to be Nigeria’s biggest crude market. Saudi’s Crown Prince, Mohammed bin Salman, last week visited New Delhi where he met with…
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President Muhammadu Buhari on Wednesday pledged the cooperation of Nigeria to the effort to reduce oil output in order to attract higher prices in the global market. President Muhammadu Buhari receiving Ahmad Qattan at the…
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