Oil Prices Rise On Possible OPEC Supply Cuts

Oil Prices Rise On Possible OPEC Supply Cuts

Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery. Brent crude rose 59 cents, or 0.6%, to $101.81...
read more
OPEC Raises Nigeria’s Production Quota To 1.772mbpd For June

OPEC Raises Nigeria’s Production Quota To 1.772mbpd For June

The Organisation of the Petroleum Exporting Countries (OPEC) has raised Nigeria’s oil production quota from the 1.735 million barrels per day (mbpd) target approved in May 2022 to a new target of 1.772mbpd for June 2022.   A statement issued...
read more
OPEC+ Meeting In Focus

OPEC+ Meeting In Focus

By Lukman Otunuga, Senior Research Analyst At FXTM — OPEC+ is set to meet this afternoon to determine output levels for May. The cartel is widely expected to stick to its existing deal to gradually increase oil production. Any surprises...
read more
Japan Presses UAE To Pump More Oil 

Japan Presses UAE To Pump More Oil 

Japan on Sunday urged the United Arab Emirates to pump more oil to calm markets rocked by Russia’s invasion of Ukraine, the latest major consumer to lobby Gulf producers.The plea by Japan’s Foreign Minister Yoshimasa Hayashi came during m...
read more
Why Nigeria Is Unable To Meet OPEC Quota, By Sylva 

Why Nigeria Is Unable To Meet OPEC Quota, By Sylva 

Minister of State for Petroleum Resources, Chief Timipre Sylva, has attributed the inability of Nigeria to meet the Organisation of Petroleum Exporting Countries (OPEC) quota to lack of investments in oil and gas sector.  Nigeria’s OPEC quota is pegged ...
read more
OPEC Oil Output Undershoots Target

OPEC Oil Output Undershoots Target

Increase in the Organization of Petroleum Exporting Countries (OPEC) oil output in December has again undershot the rise planned under a deal with allies, a Reuters survey found on Thursday, highlighting capacity constraints that are limiting supply as gl...
read more
Barkindo Hails New OPEC Sec. Gen

Barkindo Hails New OPEC Sec. Gen

Secretary General, Organisation of the Petroleum Exporting Countries (OPEC), Mr Mohammad Barkindo,  says the organisation will be in  capable hands with his successor, Mr Haitham Al Ghais.  Barkindo made this known in a congratulatory messa...
read more
OPEC To Sustain Supply Adjustments For Oil Market

OPEC To Sustain Supply Adjustments For Oil Market

The Organization of the Petroleum Exporting Countries (OPEC) will continue with its supply adjustments for the oil market, Secretary-General, Mohammad Barkindo, declared at the weekend.“We will continue to do what we know best to ensure we attain stab...
read more
Oil Rises Ahead Of OPEC Meeting

Oil Rises Ahead Of OPEC Meeting

Oil prices clawed back some losses on Wednesday after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.U.S. West Texas Intermediate (WTI) crude...
read more
Oil Dips, Awaits OPEC+ Response To U.S.-Led Oil Release

Oil Dips, Awaits OPEC+ Response To U.S.-Led Oil Release

Oil prices ticked lower on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand. U.S. West Texas...
read more
OPEC To Sustain Cautious Oil Production

OPEC To Sustain Cautious Oil Production

The Organization of the Petroleum Exporting Countries (OPEC) and allied oil-producing countries rebuffed pressure from U.S. President Joe Biden to pump significantly more oil and lower gasoline prices for American drivers, deciding to stick with...
read more
Oil At 7-Year High As OPEC Decides On Increase

Oil At 7-Year High As OPEC Decides On Increase

Oil prices jumped Monday after OPEC and allied oil-producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November.   The decision Monday by the Vienna-based oi...
read more
Nigeria In Talks With OPEC+, To Raise Quota

Nigeria In Talks With OPEC+, To Raise Quota

Nigeria is in talks with OPEC+ to raise its oil production quota to about 2.2 million barrels per day, the OPEC member’s petroleum minister told reporters on Tuesday in Dubai.“What we’re getting right now is 1.74 million barrel...
read more
Oil Prices Rise As Producers Commit To Output Restraint

Oil Prices Rise As Producers Commit To Output Restraint

Oil prices rose around 1 per cent on Tuesday after major producers showed they were cutting crude output in line with their commitments on restraint, supporting a market thrown out of kilter by weak demand during the coronavirus pandemic.Brent crude ...
read more