OPEC

For the first time in 2019, crude oil price, yesterday rose from $56.00 to $58 in the international market, as Saudi Arabia cuts output by 500,000 barrel per day, bpd. Specifically, the price of many light crudes, including Nigeria’s…
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Oil prices tried for their fifth straight gain on Friday as stocks looked to get a bounce from renewed trade talks set for next week between the U.S. and China. Gains Thursday came as separate surveys revealed monthly declines in crude…
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When OPEC+ agreed to begin cutting crude oil production again in December, hardly anyone in the cartel thought the effect of the news on prices would be as lackluster as it turned out to be. It took some time for the fact to sink in that…
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Oil prices reversed course and turned sharply higher in mid-morning trade yesterday. Brent crude rose $2.60, or 4.8 per cent, to $56.40 a barrel after trading as low as $52.51 earlier. U.S. West Texas Intermediate crude rose $2.22, or…
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Qatar’s official withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) this week has renewed debate over the rift with its neighbor Saudi Arabia, with some observers saying the move could further complicate the…
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The deal led by the Organisation of Petroleum Exporting Countries to cut 1.2 million barrels per day from the start of this month should bring balance back to the oil market in the first quarter of 2019, the UAE’s Energy Minister, Suhail…
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Oil prices regained more ground on Wednesday, pushed higher after equity markets rebounded from an initial selloff at the start of 2019 trading. The price gains are not entirely convincing. WTI and Brent posted strong gains, each up…
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Days before OPEC’s production cuts started on January 1, France’s Total had started up oil production from Nigeria’s ultra-deepwater oil field Egina, which is expected to produce 200,000 bpd at peak output. The French supermajor began…
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Over 10,000 contract staff on the employment of international oil companies (IOCs) and local crude producers will not be confirmed in 2019. This came as the companies advanced plans to cancel many projects that they consider to be…
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Organisation of Petroleum Exporting Countries, OPEC, has harped on the positive roles of Angola, as the Secretary-General, OPEC, Dr. Mohammad Sanusi Barkindo, visits Luanda, Angola. In its recent lecture, OPEC and its role in…
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