OPEC

Nigeria will cut crude oil output to conform to OPEC target

October 01, 2019 | Nigeria, OPEC

Fujairah, United Arab Emirates | – Nigeria will make cuts to its crude oil output to comply with OPEC output targets, Mele Kolo Kyari of the Nigerian National Petroleum Company (NNPC) said on Tuesday. Nigeria’s September crude oil and condensate output was 2.1-2.2 million barrels per day (bpd), the director of its state oil company said on Tuesday. “We will (cut) across the assets. The OPEC quota (is) on crude production only, not on condensate, so it doesn’t affect the condensate,” he told reporters at …

OPEC invites 97 oil producing countries to join Charter of Cooperation

October 01, 2019 | OPEC

London, UK | – OPEC Secretary General Mohammad Sanusi  Barkindo has invited all 97 oil producing countries to join the Charter of Cooperation. He made the remarks at the 16th Annual Meeting of the Valdai Discussion Club, Special session on energy- “World Energy Markets: How to Avoid Instability and Ensure a Balance of Interests”, in Sochi, the Russian Federation, Trend reports. Mr Barkindo noted that the ‘Charter’ is a platform to facilitate dialogue among the Participating Countries, aiming to promote oil market stability, cooperation in …

Oil edges higher towards $66 as OPEC-led cuts in view

March 05, 2019 | Commodities & Oilprice, OPEC

London, UK |  – Oil edged higher towards $66 a barrel on Tuesday as the market balanced OPEC-led efforts to tighten supply with the restart of Libya’s biggest oilfield and the prospect of weaker demand. Supply curbs by the Organization of the Petroleum Exporting Countries and allies have helped to drive a 20 percent gain for Brent crude this year. Russia plans to speed up its output cuts this month, the energy minister said on Monday. Brent, the international benchmark, rose 8 cents to $65.75 …

Nigeria oil minister expects green light for Bonga oilfield by February

December 09, 2018 | Budget & Investment, Nigeria, OPEC

Vienna, Austria | – Nigeria’s oil minister expects a final investment decision (FID) on its Bonga Southwest offshore oilfield by February next year, he said on Friday on the sidelines of an OPEC meeting. The project, one of the country’s largest with an expected production of 180,000 barrels per day, will generate profit at below $50 a barrel, according to Royal Dutch Shell which operates the field. “Negotiations (are) still going on. The contractual dynamics (are) still being perfected …,” Emmanuel Kachikwu told reporters. “Shell …

OPEC, Russia reach deal to slash oil production from January 2019

December 07, 2018 | Commodities & Oilprice, Energy Trading & Markets, OPEC

London, UK |  – OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude. The producer club will curb output from January by 0.8 million barrels per day (bpd) versus October levels, while non-OPEC allies will contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April. Oil prices jumped about 5 percent to more …

Nigeria, Saudi Arabia hold talks on oil market stability

November 30, 2018 | Nigeria, OPEC

London, UK | – Ahead of the 175th meeting of the Organization of Petroleum Exporting Countries (OPEC) members slated for December 6, in Vienna Austria, Nigeria and Saudi Arabia have met to strategise on how to ensure oil market stability To this effect, Nigeria’s Minister of State for Petroleum Resources, Dr Ibe Kachikwu, and Saudi Arabian minister of oil and energy, HE Khalid Al-Falih, met in Abuja on Wednesday to discuss how both countries would help to ensure price stability at the upcoming OPEC meeting …

IEA says calm in oil markets temporary, raises 2019 oil demand growth estimate to 1.5 million b/d

August 10, 2018 | Commodities & Oilprice, IEA, OPEC

Concerns about oil supplies have eased as major producers have stepped up output, but the respite may be only temporary as tough new US sanctions on Iran approach, the IEA warned on Friday. Crude prices have dipped in recent weeks, reflecting less worry about supplies following increased output by Russia and several OPEC nations, the International Energy Agency said in its latest monthly report about the global oil market. However the Paris-based body warned supply tensions could quickly flare. “When we publish our next report …

After OPEC decision, Russia expresses economic optimism

June 27, 2018 | Commodities & Oilprice, Eastern Europe & Russia, OPEC

Russian Energy Minister Alexander Novak said his country could put another 175,000 barrels of oil per day on the market. London, UK | –  A few days after Russia backed OPEC pledges on oil production, a Russian finance minister said Wednesday the pace of economic growth is accelerating. Russian Energy Minister Alexander Novak sat next to his Saudi counterpart, Khalid al-Falih, at a regular meeting for the Organization of Petroleum Exporting Countries that wrapped up during the weekend in Vienna. OPEC and non-member states agreed to put …