The Secretary General to OPEC, Mohammad Sanusi Barkindo, has visited Nigerian President Muhammadu Buhari in London at the residence of the Nigerian High Commissioner – Abuja House. A statement from OPEC said the Secretary General noted that “President Buhari has made a remarkable recovery. He was in pretty good shape, full of humour.” The two […]
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Oil prices tumbled 2 percent on Monday in volatile trade, as the dollar strengthened and China posted weak domestic demand data, sinking prices that had gotten a short-lived boost on concerns about potential reductions in crude supply from Libya. Global benchmark Brent crude futures were at $51.01 a barrel by 1:56 p.m. EDT (1714 GMT), […]
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OPEC pumped more oil in July as global oil supplies rose for the third straight month, the IEA said Friday, giving figures that cast further doubt on the cartel’s pledge to cut output to raise prices. In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the […]
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OPEC forecast higher demand for its oil in 2018 due to rising global consumption and slower supply growth from rivals, although another jump in the group’s output suggested the market will remain in surplus despite efforts to rein in production. In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said the […]
Read More Nigeria’s average oil production including condensates, increased to 2.06 million barrels per day (mb/d) last month, from 2.05 million b/d in June, as the country continued to ramp up production amidst retention of output concession from the Organisation of Petroleum Exporting Countries (OPEC), the Ministry of Petroleum Resources has revealed. Though the increase appeared marginal, […]
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Oil prices extended gains on Tuesday after OPEC moved to cap Nigerian oil output and Saudi Arabia pledged to limit exports next month to help rein in global oversupply. London Brent crude for September delivery was up 7 cents at $48.67 a barrel by 0039 GMT after settling up 54 cents or 1.1 percent on […]
Read More Oil prices were little changed on Friday ahead of a key meeting of major oil producing nations next week, sitting below the $50 per barrel level that was briefly breached for the first time in 6 weeks in the previous session. International benchmark Brent crude futures were down just 1 cent at $49.29 per barrel […]
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Nigeria’s oil production, which hit 2.05 million barrels per day (mbpd) in June may suffer further decline that could threaten the 2017 budget as the Organisation of Petroleum Exporting Countries (OPEC) has invited Nigeria for briefing on its production plan. Minister of Petroleum Resources, Mr. Ibe Kachikwu, was invited to attend the OPEC and non-OPEC […]
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Libyan and Nigerian officials may attend a joint meeting between OPEC and non-OPEC nations later this month as oil producers look for ways to cap rising production to help support oil prices. Both countries have boosted production since they were exempted from an OPEC-led deal to cut output, weighing on global prices. This has prompted […]
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Oil prices recovered some losses on Monday after a 3 percent fall in the previous session, but markets remain under pressure from high drilling activity in the U.S. and ample supplies from producer club OPEC. Brent crude futures, the international benchmark for oil prices, were at $47.08 per barrel at 0136 GMT, up 37 cents, […]
Read More Oil dipped on Wednesday, pulled down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices. Brent crude futures, the international benchmark for oil prices, were at $49.55 per barrel at 0456 GMT, down 6 cents, or […]
Read More Oil prices rose on Monday, lifted by the first fall in U.S. drilling activity in months, although gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply. Brent crude futures climbed 16 cents, or 0.3 percent, to $48.93 per barrel by 0248 GMT, after jumping […]
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