The Organization of the Petroleum Exporting Countries, OPEC, has demonstrated flexibility in management of oil production cut, says Saudi Arabia’s Energy Minister. The Minister Prince Abdulaziz bin Salman, said oil production cuts announced last year by OPEC+ show the group’s readiness to be flexible. The kingdom and other members of the OPEC+ coalition have already signaled the group will stick Read More
OPEC’s top official urged countries to invest much more in oil to meet the world’s future energy needs and said climate policies need to be more “balanced and fair.” “It is imperative that all parties involved in the ongoing climate negotiations pause for a moment; look at the big picture,” Haitham Al-Ghais, secretary-general of the Organisation of Petroleum Exporting Countries, Read More
After raising its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday the Organization of the Petroleum Exporting Countries, OPEC, said $12.1 trillion of investment is needed to meet this demand despite the energy transition. The view from the OPEC, in its 2022 World Oil Outlook, contrasts with that of other forecasters which Read More
OPEC raised its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday and said$12.1 trillion of investment is needed to meet this demand despite the energy transition. The view from the Organization of the Petroleum Exporting Countries, in its 2022 World Oil Outlook, contrasts with that of other forecasters which see oil demand Read More
Saudi Aramco has told at least seven customers in Asia they will receive full contract volumes of crude oil in November ahead of the peak winter season, several sources with knowledge of the matter said on Monday. The producer is keeping supplies to Asia steady despite likely production cuts by tapping on inventories, the sources said. Saudi Aramco could not Read More
After several weeks of declines, oil began October trade with a gain driven by plans by OPEC+ to reduce production by a substantial amount. At the end of last month, the media reported that Russia had proposed a production cut of 1 million bpd. Later reports said discussions are underway for an even bigger production cut. “Anything less than 500,000 Read More
World oil demand growth in 2022 remains unchanged at 3.1 mb per day, the Organisation of Petroleum Exporting Countries (OPEC) has said. OPEC, in its Monthly Oil Market Report for September said oil demand in the OECD region is estimated to grow by 1.6 mb/d in 2022, while non-OECD growth is expected at 1.5 mb/d. The second quarter of 2022 Read More
The Organisation of Petroleum Exporting Countries, OPEC has cut its forecast for growth in world oil demand in 2022 for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation and ongoing efforts to contain the coronavirus pandemic. In a monthly report the OPEC, said it expects oil demand to rise by 3.1 million Read More
The Nigeria Security and Civil Defence Corps (NSCDC) has been in the news lately. BODE OLAGOKE reports that everything is being done to reposition the agency towards addressing its core mandates. It is no longer news that Nigeria is losing about 108,000 barrels of crude theft daily from state-linked production. In fact, the Organisation of Petroleum Exporting Countries (OPEC), according Read More
Oil fell on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes, trumping support from OPEC+’s first output target cut since 2020. New COVID-19 lockdowns in China have added to worries that high inflation and rate hikes will hit demand. The European Central Bank is widely expected to lift rates Read More
Oil prices jumped about $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices in the case of returning Iranian crude and with the prospect of a drop in U.S. inventories. The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said Read More
As the OPEC+ group gather this week to deliberate on production targets, there are indications that the group may not agree on the next line of action. OPEC+’s current production cuts that have been in place for years will be fully wound back as of August 2022. After that, OPEC+ members would be free to raise production. But the group Read More
OPEC producers will need to pump crude at the fastest pace in five years in 2023 if they are to balance oil supply and demand. Capacity constraints suggest they may struggle. The latest forecasts from the International Energy Agency, the US Energy Information Administration and the Organisation of Petroleum Exporting Countries (OPEC) all show global oil demand rising strongly again Read More
Nigeria is struggling to produce 1.21 million barrels per day in contrast to its 1.4 million barrels handed to it by the Organisation of the Petroleum Exporting Countries (OPEC). Group Chief Executive Officer of Oando Plc, Wale Tinubu, who disclosed this at the 2022 Nigerian Oil and Gas (NOG) conference and exhibition, said 20 per cent of the country’s oil Read More
Late Secretary-General of the Organisation of Petroleum Exporting Countries, Mohammed Sanusi Barkindo, on Tuesday, met President Muhammadu Buhari, who was reported to have showered praises on him. At the meeting in the presidential villa, Buhari told Barkindo, “You have indeed been a worthy ambassador of our country. We are proud of your achievements before and during your appointment at OPEC Read More
The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo, has been confirmed dead. His second term at OPEC was scheduled to end on July 31, 2022, just President Muhammadu Buhari on Tuesday July 5 commended him for making Nigeria proud throughout his stay at OPEC. However, the Group Managing Director of the Nigerian National Petroleum Company Read More
Minister of State for Petroleum Resources, Timipre Sylva has said that the country would be able to meet its OPEC production quota by the end of August. Sylva, hinged his optimism on the plans by the country to boost security in its oil industry. Nigeria is OPEC’s largest production laggard, consistently underperforming its production quotas—by a longshot—since the production cut Read More
Not only did OPEC not lift its production as agreed for the month of May, its production actually decreased, according to the Organisation of Petroleum Exporting Countries (OPEC)’s latest Monthly Oil Market Report released on yesterday. Meanwhile, the group stressed that oil demand could be stymied by Russia’s invasion of Ukraine. That point, however, did little to assuage the market’s Read More
Saudi Arabia has signaled its support for Russia as a continued member of the OPEC+ oil cartel, which comes amid ongoing Western pressure to sanction and isolate Moscow over the Ukraine invasion. Saudi energy minister Prince Abdulaziz bin Salman told the Financial Times in an interview published on May 22 that he sees Russia as an integral part of the Read More
The increase in OPEC’s oil output in April undershot the rise planned under a deal with allies, a Reuters’ survey found, as declines in Libya and Nigeria offset supply increases by Saudi Arabia and other top producers. The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.58 million barrels per day (bpd) in April, the survey found, up 40,000 bpd Read More
The gap between target levels and actual production of the OPEC+ group further widened in March to over 1.4 million barrels per day (bpd) as Russian crude output started to feel the sting of the sanctions and self-sanctioning of buyers. Last month, the producers in the OPEC+ alliance saw their combined crude oil production lag behind the quota by 1.45 Read More
OPEC said on Tuesday that oil demand in 2022 faced challenges from Russia’s invasion of Ukraine and rising inflation as crude prices soar, increasing the likelihood of reductions to its forecast for robust demand this year. Oil prices shot above $139 a barrel this month, hitting peaks not seen since 2008, as Western sanctions tightened on Moscow over its invasion Read More
Minister of State Petroleum Resources Chief Timipre Sylva has attributed the inability of Nigeria to meet the Organisation of the Petroleum Exporting Countries (OPEC) to lack of investments in the oil and gas sector of the economy. Nigeria’s OPEC quota is pegged at 1.8 million bpd but in the last few years, the country has struggled between 1.3 and 1.4 Read More
The Organisation of Petroleum Exporting Countries (OPEC) has approved 1,718,000 barrels per day for Nigeria. The alliance of OPEC members led by Saudi Arabia and non-members led by Russia agreed Wednesday to add 400,000 barrels per day in March. That is in line with plans by the OPEC+ group to add that amount of oil every month and gradually restore Read More
Increased oil Production in Nigeria, which resulted from shipments from Forcados crude after a force majeure has lifted supply of the Organization of Petroleum Exporting Countries (OPEC). However, output is still in long-term decline and Nigerian compliance, at 253 per cent is among the largest in OPEC, Reuters survey found. Nigeria’s crude oil production grew by 50,000 barrels per during Read More
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