OPEC

The strategic oil alliance led by Saudi Arabia and Russia, OPEC+, may lead to a stabilization of oil prices between $60-65 a barrel, according to a global commodities expert. Edward Morse, Global Head of Commodities Research at…
Read More...

Crude oil production from Nigeria increased the most last month among its peers in the 14-member Organisation of Petroleum Exporting Countries. OPEC, in its latest Monthly Oil Market Report for January, put Nigeria’s output at 1.797…
Read More...

For the first time in 2019, the price of oil has risen from $60.00 to $62.70 per barrel as Organisation of Petroleum Exporting Countries, OPEC, intensifies efforts to withdraw excess oil from the volatile market. Specifically, the…
Read More...

OPEC on Friday published a list of oil production cuts by its members and other major producers for the six months to June, an effort to boost confidence in the move designed to avoid a supply glut in 2019. In a statement, an OPEC and…
Read More...

Oil prices fell on Thursday as U.S. crude production neared an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.92 per barrel…
Read More...

Crude oil futures settled on Wednesday after the release of American Petroleum Institute data showing a draw in US crude stocks, with bearish factors generally dominating the market. Brent crude futures settled at $60.53/per barrel, while…
Read More...

Spot activity dwindled on Monday as traders awaited the new March Nigerian loading programmes that are expected to emerge this week, while India’s IOC mopped up some cargoes via a tender. BP was said to be offering a cargo of…
Read More...

A global recession is a possibility but it will hardly have a serious effect on the economy, Saudi Arabia’s top oil man, Khalid al-Falih, said at the Future Sustainability Summit taking place this week in Abu Dhabi. "A lot of…
Read More...

Nigeria recorded crude oil export worth N11.5 trillion in nine months, from January to September 2018, rising by 48.01 per cent from N7.77 trillion recorded in similar period in 2017. The value of crude oil export in the nine-month…
Read More...

Oil prices appreciated yesterday with support of ongoing supply cuts from Organisation of Petroleum Exporting Countries (OPEC) and Russia and by a drop in U.S. drilling activity. International Brent crude oil futures were at $60.75 per…
Read More...