OPEC+ slashes production, saves Oil Industry from collapse
In a watershed moment for the oil and gas industry, OPEC and its allies in the OPEC+ group finalized a deal on Easter Sunday that, in conjunction with efforts from the G20 and International Energy Agency, could see up to…
How oil price war ended with historic OPEC+ deal to cut output
The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and Russia. This is coming after a week-long marathon of…
2020 budget in danger as Nigeria faces drop in daily oil output
Strong indication has emerged suggesting hard times for the smooth running of the 2020 budget which is expected to ride on stable rise in daily oil output this year. However, figures from the monthly oil market report released by OPEC,…
AEC salutes Barkindo for his reappointment, roles at OPEC
The African Energy Chamber (AEC) Tuesday salutes the re-appointment of Nigerian Mohammed Barkindo as Secretary General of OPEC and described him as a factor of stability for African and global oil markets. The Executive Chairman of the Chamber and CEO…
10 developments that will shape Africa’s energy sector in 2019
After a year of rebound and recovery, Africa’s old and new hydrocarbons markets seem to have opportunity to further entrench the continent’s position as the world’s hottest oil and gas frontier in 2019. However, 2019 also brings a new set…
Oil rises on expected OPEC cuts, as markets wary on trade woes
Global oil prices rose on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply toward year-end. However, despite that, markets remained wary amid deep trade disputes between the world’s two biggest economies, the…
Oil prices on the rise again after Saudi announced December supply cut
Global oil prices rose by about one percent on Monday after top exporter, Saudi Arabia announced a cut in supply for December loadings. This is ahead of fresh plans by OPEC to work towards uniform cut in production quota to…
Global oil prices rise on tightening market, more rise still expected
Oil prices rose on Monday as U.S. markets tightened just weeks ahead of Washington’s plan to impose new sanctions against Iran, with major traders and banks expecting prices to rise over $90 per barrel in coming months. Brent oil soared…
FG rolls over crude-for-products swap deals till December as under-recovery surges
…Seals $3bn fresh industry deal in Vienna At a time under-recovery payments (subsidy) are rising on a daily basis, the Federal Government has extended its crude for oil products swap contracts by six months, meaning that deal stands till year…
Crude oil prices gain on lower U.S. crude inventories, Libyan disruption
As OPEC executives continue their meeting in Vienna Austria today, crude oil prices recovered some day-earlier losses in Asia on Wednesday, supported by a drop in U.S. commercial crude inventories and the loss of storage capacity in oil producer Libya….
