Home Topics OPEC

OPEC

Nigeria’s Bonny Light rises to $64.30 per barrel

THE price of Bonny Light, Nigeria’s premium oil grade, has risen from $63.00 to $64.30 per barrel at the international market, the highest in the past three weeks.

Oil prices rise on OPEC deficit forecast

Oil prices rose on Thursday, recouping some of the previous session’s losses after OPEC forecast a supply deficit next year and the U.S. Federal Reserve said the economic outlook was favorable.

Price of Bonny Light hits $65.47 per barrel

The price of Bonny Light, Nigeria’s premium oil grade, has risen from $63.00 to $65.47 per barrel as the Organisation of Petroleum Exporting Countries, OPEC, cuts output by 500,000 barrels per day, bpd.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has insisted that there is no plan to divest the Federal Government’s stakes in joint venture oil assets.

Federal government looking to fund budget, build infrastructure from oil earnings – minister

Minister of State for Petroleum Resources, Chief Timipre Sylva, Tuesday, disclosed that the Federal Government and the entire country is relying heavily on revenue from the Nigerian petroleum industry to finance the country’s annual budget and for the development of critical infrastructure.

Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO

OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has insisted that there is no plan to divest the Federal Government’s stakes in joint venture oil assets.

Minister: Nigeria meets 100% OPEC target agreement

The Minister of State for Petroleum Resources, Timipre Sylva, says Nigeria has met the 100 per cent target agreement entered into by the Organisation of Petroleum Exporting Countries (OPEC) and 10 Non-OPEC Member States.
President Muhammadu Buhari on Friday in Malabo, said leaders of neighbouring countries would work together and provide all necessary assistance to secure the Gulf of Guinea.

Nigeria, neighbours collaborate on security in Gulf of Guinea

President Muhammadu Buhari on Friday in Malabo, said leaders of neighbouring countries would work together and provide all necessary assistance to secure the Gulf of Guinea.

Oil falls as US rights bill fuels tensions with China

Oil prices fell for a second day on Thursday after official data showed U.S. crude and gasoline stocks rose and President Donald Trump signed into law a bill backing protesters in Hong Kong, fueling tensions with China.

Nigeria’s Bonny Light hits $64.30 per barrel

The price of Bonny Light, Nigeria’s premium oil grade has risen from $63.00 to $64.30 per barrel in the international market, the highest in the past three weeks.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC’s share of Indian oil imports in October hits lowest since 2011

OPEC’s share of India’s oil imports fell to 73% in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers.

Oil rises as data shows surprise drop in US crude inventories

Oil rose on 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.

Oil falls as US-China trade deal prospects dim

Oil prices fell on Wednesday as prospects for a trade deal between the United States and China faded, weighing on the outlook for the global economy and energy demand.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Oman: OPEC, allies likely to extend oil supply curbs

Oman said on Monday that the Organisation of the Petroleum Exporting Countries (OPEC) and allied oil producers could extend a deal to limit crude supply but may not consider deepening cuts.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC: Oil demand to fall in the West, but not in India, China

Oil demand in highly industrialised countries will shift from slight growth to a decline after 2020, while India and China will ensure that global oil consumption will grow over the next decades, an official said.

Oil slips below $61 as weak demand outlook weighs

Oil slipped below 61 dollars a barrel on Thursday as concern over the demand outlook offset a surprise drop in U.S. crude inventories and the prospect of further action by OPEC and its allies to support the market.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Oil prices edge higher as OPEC hints at deeper output cuts

Oil prices rose on Wednesday, tracking gains in equities, as investors pinned hopes on a potential Brexit deal between Britain and the European Union and on signals from OPEC and its allies that further supply curbs could be possible.
The minister of Finance, Budget and National Planning Mrs Zainab Ahmed disclosed this on Tuesday during her maiden meeting with top officials of the two merged ministries at the headquarters of Budget and National Planning in Abuja.

Oil benchmark lowered over expected crude glut – minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the federal government adopted a lower oil benchmark price of $57 per barrel for the 2020 budget as against the $60 per barrel in the 2019 budget because of the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.
Russian President, Vladimir Putin - AFP PHOTO - Sputnik - Alexey NIKOLSKY

Oil, Iran top agenda as Vladimir Putin visits Saudi Arabia

Russian President Vladimir Putin will visit Saudi Arabia on Monday, where he is set to seal oil agreements as well as use his influence to defuse rising tensions in the Gulf.

Recent Stories

The National Drugs Law Enforcement Agency (NDLEA) says it arrested 178 illicit drugs offenders in Sokoto State, out of which 29 persons were convicted in 2018.

NDLEA in Kwara arrests 119 drug suspects in six months

The National Drug Law Enforcement Agency (NDLEA), Kwara Command, has arrested a total of 119 drug suspects between July and December.
Pep Guardiola's current Manchester City contract expires in 2021

Manchester City players banned from attending Christmas party

Manchester City manager Pep Guardiola cancelled Christmas for his first-team stars, as they were banned from attending the club’s festive party.
Philip Shaibu

APC Rally: Edo government insists no rally or gathering must hold

The Edo State Government on Friday insisted that no rally or gathering must hold in line with the government ban on all forms of political rallies, demonstrations, and procession in the state.
Former President Goodluck Jonathan on Thursday visited Rivers Governor Nyesom Wike at the Government House Port Harcourt.

Former President Jonathan: Governor Wike is a courageous politician

He said: “I felicitate with you, your friends and well-wishers as you celebrate your birthday. You are a courageous politician who has remained dedicated to service and impactful leadership to the people of Rivers State and Nigeria at large.”
Sen. Eze Ajoku, President, Coalition of Societies for the Rights of Older Persons in Nigeria (COSROPIN) on Friday said that older persons were also being violated and raped and called for urgent action to curb such nefarious acts.

Senator Ajoku: Older persons are being raped too

Sen. Eze Ajoku, President, Coalition of Societies for the Rights of Older Persons in Nigeria (COSROPIN) on Friday said that older persons were also being violated and raped and called for urgent action to curb such nefarious acts.