Remark by OPEC scribe that U.S. shale growth may slow in 2020 jerks price
As the week draws curtain, oil prices leaped Thursday after industry data showed a surprise drop in U.S. crude inventories while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support for oil….
Changes in markets reactions on oil demand’ll drive next OPEC meeting—Barkindo
In line with commitments to keep global crude oil markets balanced this year and beyond, Secretary-General of OPEC, Mohammad Barkindo has hinted of factoring in the factors into calculations in the upcoming ministerial meetings. In an interview, he said the…
2019 budget in trouble as OPEC cuts Nigeria’s quota to 1.68 million bpd
With oil benchmark for 2019 budget set at $60 on a 2.3mbpd as contained in the Appropriation Bill presented before a rowdy Joint session of National Assembly on Wednesday, there are strong indication that it may not flow as Nigeria…
OPEC confident on rebalancing the global oil market
Emerging indications from the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Mohammad Barkindo, have shown that the joint output curb is succeeding at rebalancing the global oil market. This comes straight after OPEC raised its estimates for the…
FG may be on daily loss of N58bn if production exceeds 1.8mbpa
With Nigeria agreeing the Organisation of Petroleum Exporting Countries’ (OPEC) new condition not to cross 1.8mbpa, the country may begin to lose about N58bn daily if oil production exceeds the new mark. Though it was a voluntary agreement with OPEC…
OPEC compels Nigeria to cap oil output at 1.8mln bpd
Indication emerged on Monday that the Federal government has agreed to OPEC’s terms to voluntarily cap its oil output at 1.8 million barrels per day (bpd) once it reaches that level. This was announced by the Kuwaiti Oil Minister Essam…
