Members of the Organization of the Petroleum Exporting Countries, OPEC and some non-members, such as Russia are due to meet informally in Algiers, Algeria next month. The meeting will be on the sidelines of the International Energy Forum, taking place 26-28 September. Russia is attending the forum as well. The informal meeting is taking place […]
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Global oil benchmark, Brent crude, hit an eight-week high on Thursday as the world’s biggest producers prepared to discuss a possible freeze in production levels. Brent, against which half of the world’s oil is priced, rose by $0.84 to $50.69 per barrel as of 7:58pm Nigerian time. The benchmark has risen more than 20 per […]
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Five months after it overtook Nigeria as Africa’s top oil producer, Angola retained the status in July despite a reported increase of 147,400 barrels per day in Nigeria’s production, data from the Organisation of Petroleum Exporting Countries have shown. OPEC, in its Monthly Oil Market Report for August, which was released on Wednesday, put crude […]
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The Organisation of Petroleum Exporting Countries (OPEC) has reiterated that coordination between member and non member countries will stabilise the global oil market. This is contained in a statement posted on its website on Thursday at the ongoing 169th OPEC meeting in Vienna. “The conference re-emphasised the coordination between Member Countries and non-OPEC producers to […]
Read More The Organisation of Petroleum Exporting Countries has appointed a former Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Mohammed Barkindo, as its Secretary-General. Barkindo’s appointment was confirmed on Thursday by Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu. Kachikwu, who tweeted the appointment and photographs of himself and the new OPEC […]
Read More OPEC is likely to choose Nigeria’s Mohammed Barkindo, a former head of state oil firm NNPC, as the next secretary-general of the producer group, three sources with knowledge of the matter said on Tuesday, Reuters report. The Organization of the Petroleum Exporting Countries has been looking for a replacement for Libya’s Abdullah al-Badri, who was […]
Read More FIVE oil exporting countries, including Nigeria, Angola, Venezula, Azerbaijan, and Russia are mostly affected by falling currency value, Organisation of Petroleum Exporting Countries (OPEC) has said. OPEC, in a paper detailing the impacts of recession on the global oil market, said the countries were picked among several others as having showing serious effects of fall […]
Read More GLOBAL oil prices surged as much as 12 percent on Friday after a report once again suggested OPEC might finally agree to cut production to reduce the world glut, while a bounce in stock markets fed appetite for risk. Despite the strong daily gain, oil prices were poised to end the week down as much […]
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CNN… GOLDMAN Sachs thinks crude oil’s late January surge back above $34 a barrel was a mere head fake. The elite Wall Street firm believes oil prices are poised to plunge to new lows below $26 a barrel — despite talk of OPEC coming to the rescue by cutting production. “It may already be too […]
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AFTER watching the price of crude oil collapse by more than 65% to a 12-year low, there are signs that some members of the OPEC may have had enough, CNN money report. Nigeria’s top oil official, who is also the outgoing OPEC President, Emmanuel Kachikwu said the cartel is considering an emergency meeting, perhaps as […]
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