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New Oil Price Raises Hope For Nigeria’s 2019 Budget

New Oil Price Raises Hope For Nigeria’s 2019 Budget

The oil price rebound, yesterday, reached a significant point, selling at $60 per barrel, as the Organisation of Petroleum Exporting Countries, OPEC, continue to withdraw excess oil from the international market. Prices of Brent, West Texas Intermediate, WTI, and OPEC Basket of 14 crudes stood at $60.00, $59.91 and $56.11 per barrel respectively. Further check […]

Oil Uncertainty To Persist – Goldman Sachs And Morgan Lay Statistics

Oil Uncertainty To Persist – Goldman Sachs And Morgan Lay Statistics

Oil’s gains risk being quelled by uncertainty over how the OPEC+ coalition will implement its deal to cut output, according to Goldman Sachs Group Inc. and Morgan Stanley.  While producers including Saudi Arabia and Russia defied market expectations as well as U.S. President Donald Trump late last week to pledge 1.2 million barrels a day of curbs, the lack […]

Qatar To Leave OPEC As Politics Rupture Cartel

Qatar To Leave OPEC As Politics Rupture Cartel

Qatar said it will leave OPEC next month, a rare example of the toxic politics of the Middle East rupturing a group that had held together for decades through war and sanctions.  Qatar, a member since 1961, is leaving to focus on its liquefied natural gas production, Energy Minister Saad Sherida Al-Kaabi told a news […]

Why African Cocoa Growers Are Having an OPEC Moment

Why African Cocoa Growers Are Having an OPEC Moment

The world’s top cocoa producers have long been at the mercy of traders who set cocoa prices thousands of miles away in London and New York. Now the producers are trying to do something about it. West African neighbors Ivory Coast and Ghana, which grow about 60 percent of the world’s cocoa, have outlined wide-ranging […]

Nigeria’s Oil Producers Are Itching to Pump More

Nigeria’s Oil Producers Are Itching to Pump More

Add independent Nigerian drillers to the list of oil producers itching to supply more crude at a time when OPEC and allies like Russia are trying to restrict output and prop up prices. Domestic Nigerian producers are aiming to pump almost 250,000 barrels a day more crude by 2020 as part of a wider plan […]

OPEC Oil Cut Adherence Rises In Dec As Venezuela Output Slides – Survey

OPEC Oil Cut Adherence Rises In Dec As Venezuela Output Slides – Survey

OPEC deepened compliance with an oil supply-cutting deal in December due to a further decline in Venezuelan output and extra cuts by Gulf exporters, a Reuters survey found, showing strong commitment to the deal despite higher prices. Adherence to the curbs rose to 128 percent from 125 percent in November, the survey found. The United […]

An OPEC Country Breaks Ranks and Increases Oil Output

An OPEC Country Breaks Ranks and Increases Oil Output

Ecuador has dealt a blow to OPEC unity by announcing it will start raising oil production this month, arguing it needs the money. OPEC has for years cheated on its own agreements, particularly when oil prices fail to recover after an output cut. But Ecuador has taken the rare step of saying publicly it will increase […]

OPEC Wants To Carry On Pumping Less And Earning More

OPEC Wants To Carry On Pumping Less And Earning More

IEA Head of Oil Market Division Neil Atkinson weighs in on OPEC’s attempt to extend oil production cuts and talks about and compliance. He speaks on ‘Bloomberg Daybreak: Europe.’ (Source: Bloomberg) At first glance, OPEC’s cuts haven’t worked — global oil inventories remain well above normal levels. But the policy’s made a difference where it […]

Saudis, Russia Favor Extending Oil Cuts Until End-March 2018

Saudis, Russia Favor Extending Oil Cuts Until End-March 2018

Saudi Arabia and Russia said they favor extending oil-output cuts by global producers through the end of the first quarter of 2018 to shrink a market glut. Crude prices jumped. vor extending oil-output cuts by global producers through the end of the first quarter of 2018 to shrink a market glut. Crude prices jumped. Extending […]

Nigeria To Require Higher Quality On Fuel Imports From July 1

Nigeria To Require Higher Quality On Fuel Imports From July 1

Nigeria will increase quality standards for its imported gasoline, diesel and kerosene from July 1, a change health campaigners have long said is necessary to protect citizens from toxic fuel. All imported diesel from July 1 can contain a maximum of 50 ppm sulphur, while gasoline and kerosene can contain a maximum of 150 ppm, […]

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