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Organisation of the Petroleum Exporting Countries

Nigerian President Muhammadu Buhari3

President Buhari defends borrowing to fund infrastructure

President Muhammadu Buhari Tuesday justified government borrowing to finance infrastructure, asserting that his government took loans in the interest of the country to solve the dire shortfall in infrastructure.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil moves higher as storm threatens United States Gulf Coast

Oil prices rose on Monday as a tropical storm in the Gulf of Mexico prompted drillers to evacuate rigs and shut-in production.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil prices hold near multi-week lows on demand worries

Oil prices edged up on Thursday, but held near multi-week lows hit overnight after U.S. data showed gasoline demand fell and recovery from the COVID-19 pandemic was lagging.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil rises towards $46 on US inventory drop, economy hopes

Oil rose towards $46 a barrel on Wednesday, gaining for a third day, supported by a report that United States crude inventories fell.

Oil prices advance as China ramps up United States crude imports

Oil prices rose on Monday as China’s plans to ship in large volumes of United States crude in August and September outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil prices rise, head for weekly gain

Oil prices advanced on Friday and were heading for the second week of gains amid growing confidence that demand for fuel is starting to pick up.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil prices fall over rising coronavirus numbers

Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Oil prices ease after OPEC, allies reach new agreement

Oil prices eased on Thursday after OPEC and allies, such as Russia, agreed to taper record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a big drawdown from the country’s crude stocks.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil edges lower as US inventory build stokes supply fears

Oil prices dipped on Wednesday after industry data showing a build in United States crude stockpiles added to worries about oversupply, but hopes for a swift economic recovery in China limited losses.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil prices fall amidst US coronavirus case surge

Oil prices fell on Tuesday, erasing earlier gains, on concerns that the surge in coronavirus cases in the United States, the world’s biggest oil user, will limit a recovery in fuel demand.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

Oil prices slump as wary traders eye upcoming OPEC+ meeting

Oil prices edged down on Monday as traders took profits, with the Organisation of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.

Oil prices rise as US stock drawdown eases supply glut fears

Oil prices advanced on Thursday as a drawdown of the U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Oil falls as fears of second coronavirus wave take hold

Oil prices fell on Wednesday as potential OPEC+ plans to deepen supply cuts were overshadowed by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease lockdowns.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

OPEC daily basket price stands at $14.63 per barrel

The Organisation of the Petroleum Exporting Countries (OPEC) daily basket price stood at 14.63 U.S. dollars a barrel on Tuesday, compared with 14.19 dollars on Monday.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC output slips on Nigeria, Iraq compliance

The oil output of the Organisation of the Petroleum Exporting Countries (OPEC) fell in December as Nigeria and Iraq adhered more closely to pledged reductions and top exporter Saudi Arabia made further cuts ahead of a new production-limiting accord, a Reuters survey found.
Tens of thousands of Iranians thronged the streets of Tehran on Monday for the funeral of Quds Force commander Qassem Soleimani who was killed in a U.S. air strike last week in Baghdad.

Mixed reactions trail continued Iran-US tensions

The tensions in the Middle East, after a U.S. airstrike killed a top Iranian military commander, have continued to generate mixed reactions from members of the international community.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Oil prices fall as Russia touts easing OPEC+ output

Oil fell on Monday after Russia said an OPEC-led pact may consider easing output cuts next year, but prices held near recent three-month highs on hopes for a trade deal between the United States and China.

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.

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Top U.S. infectious disease expert, Anthony Fauci, has said that the first doses of a successful COVID-19 vaccine would be available to some hardest-hit Americans by late December 2020 or early January 2021.
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