Home Topics Organization of the Petroleum Exporting Countries
Organization of the Petroleum Exporting Countries
An OPEC, non-OPEC technical panel has recommended extending a current oil supply cut pact until the end of 2020 and more output reductions due to the impact of the coronavirus on oil demand, Algeria’s oil minister said in a statement.
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.
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.
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.
Oil prices climbed early on Friday, building on gains in the previous session, after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the U. S. and China to end their trade war.
Oil prices rose on Tuesday, buoyed by overnight gains in industrial commodities, while unrest in oil-producing countries Iraq and Ecuador raised concerns of supply disruption, adding to support.
Oil prices fell on Monday, extending last week’s heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war.
Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.
Oil rose on Monday on expectations that Saudi Arabia, the world’s largest oil exporter, will continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister, Abdulaziz bin Salman.
This is as NNPC and the National Oil Spill Detection and Response Agency (NOSDRA) have assured of robust collaboration to urgently mitigate incidences of oil spill across the country.
Nigeria on Monday reaffirmed its strong support for the nine-month extension of oil production cut under the “Declaration of Cooperation”, which seeks to improve global oil market stability among members of the Organization of the Petroleum Exporting Countries (OPEC).
Oil prices rose more than one dollar a barrel on Monday after Saudi Arabia, Russia and Iraq backed an extension of supply cuts for another six to nine months ahead of an OPEC meeting in Vienna.
Crude looks poised for a larger rebound ahead of the Group of 20 (G20) summit as the price of oil extends the series of higher highs and lows from the previous week.
A bench warrant was issued Monday for the arrest of Julius Malema, a fiery leader of one of South Africa’s main opposition parties, the Economic Freedom Fighters (EFF).
Journalist Erick Kabendera could finally walk to freedom as he has paid a TZS100 million ($43,325)for money laundering, as ordered by a Dar es Salaam court
Granit Xhaka has revealed how close he came to leaving Arsenal in January, while also confessing he would have reservations over captaining Arsenal again in the future.
A Federal High Court in Abuja on Monday ordered that a 36-year-old man, Augustine Chukwuma, who pleaded guilty to trafficking 5kg of Cocaine, be remanded in a Nigerian Correctional Service centre.
Two former African leaders, Ellen Johnson-Sirleaf of Liberia and Ernest Bai Koroma of Sierra Leone, as well as former prime minister of Ethiopia, Hailemariam Desalegn, are to deliver keynote addresses and lecture at the 83rd birthday of former President Olusegun Obasanjo.
Nigeria forward Anthony Nwakaeme is expected to be fit for Trabzonspor’s Turkish Super Lig clash against Besiktas on Saturday.
Liverpool looked to be “breaking up” when Philippe Coutinho left for Barcelona, says Diego Simeone, but the Atletico Madrid boss admits they have become “even stronger” without the Brazilian.
The Committee for the Defence of Human Rights, Delta State, has petitioned the police over the alleged detention of a 10-year-old boy, Prince Emeghene Idiovwa, by the management of a Warri-based private hospital over unpaid medical bills.
Tottenham head coach Jose Mourinho said Chelsea are favourites to finish in the Premier League's top four as he heaped pressure on Frank Lampard's side ahead of the London derby.
The Nigeria Football Federation has stated that Mr. Bitrus Bewarang remains the Technical Director of the football–governing body, and that at no time has the body called for applications from candidates for his position, not to talk of appointing anyone into the post.