Browsing: OPEC

Oil Prices Ease as OPEC, Allies Agree to Scale Back Production Cut. Oil prices eased on Thursday after the Organisation for Petroleum Exporting Countries (OPEC) and allies, such as Russia, agreed to taper record supply curbs from August.

Oil prices climb on improve demand in United States. Oil prices rose on Wednesday after an industry report showed crude stockpiles in the United States staged a bigger drop than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.

Compensation Plans for Oil Cut: OPEC+ sets Deadline for Nigeria, Others. For failure to comply fully with oil output cut, the Organisation of Petroleum Exporting Countries (OPEC+) has set June 22 as deadline for non-compliant member on the oil output cut to submit their compensation plans.

Brent Crude Price Drops Ahead of OPEC Technical Meeting. Ahead of schedule meeting of the Oil cartel, the price of crude dropped this morning amidst fear of second wave of coronavirus in China.

OPEC+ set for talks on extending oil reduction deal. The Organisation of the Petroleum Exporting Countries (OPEC) and allied oil producers are scheduled to conduct negotiations on Saturday, Russia’s Energy Ministry and sources in Vienna said.

Brent oil rises to $40 amid hopes for output cuts. Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and recovery from the coronavirus pandemic will spur fuel demand.

Analysts’ $40 Brent Forecast to Hurt Nigeria’s FX receipts. Federal Government’s expectation of improve global prices of oil may be douse as Reuter’s poll of dozens of analysts set target price below $40 a barrel for 2020.

Nigeria’s Oil Supply Quota Caps at 1.41 Million Barrels Per Day. As per efforts to reflate, stabilise global prices of oil, Nigeria is expected to slash daily oil supply to 1.41 million barrels per day (MMbpd) base on quota from the Organisation for Petroleum Exporting Countries.

Oil supply cut will hurt Nigeria’s economy – Fitch Ratings. Fitch, an international rating, agency has stated that reduction in Nigeria’s oil supply into the market will affect growth, and impact on the nation’s external finances.

FG plans to amend 2020 budget oil benchmark to $20 to be halted