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Does Oil Prices really have to be high?

Does Oil Prices really have to be high?

May 22, 2018 No Comments

The benefits of Oil prices rises to corporate entities and oil producing countries seem to undermine the devastating effects on other economies. We have been consistently told that high oil prices promotes technological advances and further exploration for the oil companies as they are able to spend more on on research and development. The recent […]

Kyari, Appointed Nigeria’s OPEC National Representative

Kyari, Appointed Nigeria’s OPEC National Representative

May 14, 2018 No Comments

The Nigerian National Petroleum Corporation (NNPC) has announced the appointment of Mallam Mele Kyari, incumbent Group General Manager in charge of its Crude Oil Marketing Division, as Nigeria’s National Representative to the Organization of the Petroleum Exporting Countries (OPEC). The NNPC in a statement by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, […]

Oil Price Today , 9 May 2018

Oil Price Today , 9 May 2018

May 9, 2018 No Comments

The price of OPEC basket of fourteen crudes stood at $72.12 a barrel on Tuesday, 8 May 2018, compared with $72.45 the previous day, according to OPEC Secretariat calculations. Brent crude futures settled 1.7 percent lower at $74.85 a barrel U.S. West Texas Intermediate (WTI) crude futures ended the session 2.4 percent lower at $69.06 […]

As Iran And Saudi Arabia Square Off, Is OPEC Deal In Jeopardy?

As Iran And Saudi Arabia Square Off, Is OPEC Deal In Jeopardy?

March 14, 2018 No Comments

Iran and Saudi Arabia are at odds over what to do next with the OPEC agreement, a conflict that could sow the seeds of the agreement’s demise over the course of the next year. As the WSJ notes, the dispute centers around exactly what price the cartel should be targeting. Iran’s oil minister has said […]

OPEC Secretary General to Visit Nigeria

OPEC Secretary General to Visit Nigeria

February 19, 2018 No Comments

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Dr. Mohammed Sanusi Barkindo, will be leading other global oil and gas industry leaders to participate in the Nigeria International Petroleum Summit (NIPS). This was disclosed by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, at a world press conference in […]

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Growth in US shale oil could soon force OPEC to take action, IEA says

Growth in US shale oil could soon force OPEC to take action, IEA says

February 14, 2018 No Comments

The relentless rise of U.S. shale growth could soon spark another dramatic change of policy from leading oil producers, according to the latest monthly report from the International Energy Agency (IEA). “U.S. producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth,” […]

Most Big Banks Are Now Bullish On Oil

Most Big Banks Are Now Bullish On Oil

February 6, 2018 No Comments

This time last year, all the big banks that OPEC and Russia took by surprise a month earlier by agreeing to an oil production cut were wondering just how long the agreement would last. The overwhelming opinion was one of skepticism. The deal would break apart in a few months, analysts said, or producers would […]

OPEC Output Climbs In January

OPEC Output Climbs In January

February 1, 2018 No Comments

OPEC output in January rose, despite declining production in Venezuela in the same month, a new Reuters report says. Compliance to the 2016 OPEC deal remains strong, even as Nigeria and Saudi Arabia increase output. The bloc increased output by 100,000 barrels per day, compared to December. Last month’s output numbers were the lowest since […]

OPEC Cuts May End Earlier Than Planned

OPEC Cuts May End Earlier Than Planned

December 13, 2017 No Comments

To keep the air of mystery, or whatever remains of it after the November 30 Vienna Club meeting, Kuwait’s Oil Minister Issam al Marzouq yesterday said the cuts may end before the end of 2018. “We still have a full year left in the agreement, but there is a possibility that we exit the cuts […]

Iran-Iraq Oil Swap Deal To Run For a Year

Iran-Iraq Oil Swap Deal To Run For a Year

December 12, 2017 No Comments

Iraqi Oil Minister Jabar al-Luaibi said on Sunday that a deal signed with Tehran to swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil is for one year and subject to renewal. The agreement signed on Friday by the two OPEC countries provides for Iran […]

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