OPEC

Revises Down Its Forecast by 160,000 bpd The Organization of Petroleum Exporting Countries (OPEC) has forecasted that global oil demand would average 96.4 million barrels per day (bpd) this year. It explained in a report released…

The price of OPEC basket of thirteen crudes stood at $55.75 a barrel on Wednesday, compared with $54.85 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following:…

The Nigerian National Petroleum Corporation (NNPC), on Wednesday, said it will continue to abide by the output cut agreement of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies aimed at stabilising the global oil…

The impasse on OPEC+ production level for the months of February and March 2021 which resulted in the extension of the group’s meeting to Tuesday has been resolved with Saudi Arabia going on voluntary dipping of its oil output by one…

…Says OPEC Achieve Biggest Production Cut in 2020 The Organsiation of Petroleum Exporting Countries and its allies (OPEC+) have failed to reach a consensus on oil production output,…

Despite the gains stirred up by the news of coronavirus vaccines, the global oil demand will take another year or so to return to pre-pandemic levels—by late 2021 or early 2022, an energy expert has said. Markit vice chairman, Daniel…

The Organisation for Petroleum Exporting Countries (OPEC) is projecting a 6.56 per cent growth in global crude oil demand to 95.89 million barrels per day in 2021, compared to 89.99 million barrels per day in 2020. The organisation…

Kuwait’s emir on Monday approved a new cabinet that included new ministers of oil and finance for the OPEC member state which is mired in its worst economic crisis in decades. The previous government had resigned following parliamentary…

Oil prices fell on Tuesday as concerns over mounting supply returned to the fore after leading producers delayed talks on 2021 output policy, while the coronavirus pandemic continues to sap fuel demand. Brent crude was down by 35 cents,…

The Organisation of the Petroleum Exporting Countries will, on Tuesday, continue its discussion on the extension oil production cuts as it set its sights on “oil market stability in the interest of producers, consumers and the global…

The secretary of the Organisation for Petroleum Exporting Countries (OPEC), Mohammed Sanusi Barkindo, has predicted that the outlook for oil demand is expected to normalize by 2025. In a speech he gave at the Crescent Ideas Forum last…

The combination of disruptive Covid-19 epidemic demand and oversupply has created an unprecedented crisis for the global oil and gas industry. The oil and gas industry is experiencing its third price collapse in a span of 12 years. …

The Organisation of Petroleum Exporting Countries (OPEC) has said that the number of active oil rigs in Nigeria declined by 30% in October, with the rig count falling to seven in October from 10 in September. The rig count is largely a…

Key members of OPEC have expressed regret over President Donald Trump’s loss at the recent presidential polls in the US, saying the cartel will miss Trump who went from criticizing the group to helping bring about a record oil output cut. …

Representing the lifeblood of global economy, two of the world’s foremost energy organisations OPEC and the Gas Exporting Countries Forum (GECF) recently held their first high-level meeting, highlighting the growing cooperation between the…

There were reports yesterday that oil prices rose nearly 3 per cent after President Donald Trump falsely claimed victory in a tight U.S. election with millions of votes still to be counted and the final result not yet clear. Hellenic…

The anticipation for global oil market recovery is seemed doused again as coronavirus infections rise around the world. The Opec Secretary General, Mohammad Barkindo on Monday said with the rise in coronavirus infections around the…

In 2021, Gabon’s oil production will drop by more than 10,000 bpd, according to the budget bill currently under review. A situation which will above all be the result of better adherence to OPEC + production cuts. The average price per…

Crude oil production in Nigeria dropped by 1.74 million barrels in September, figures from the just released oil market report of the Organisation of Petroleum Exporting Countries (OPEC) showed in a recent report. In the OPEC report,…

Organisation of Petroleum Exporting Countries (OPEC+) alliance has assured that it will ensure that oil prices do not plunge steeply again when it meets at the end of November to set policy. OPEC’s Secretary General, Mohammad Barkindo,…