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Nigeria Rallies African Oil Producing Countries

Nigeria Rallies African Oil Producing Countries

October 14, 2019 No Comments

The Federal Government has rallied African Countries Oil producers in a move geared towards ensuring that the continent benefits maximally from hydrocarbon deposits locked in its shelves. The strategic move by Nigeria was spearheaded by the Honourable Minister of State for Petroleum Resources, Chief Timipre Sylva, who, in a one fell swoop, peregrinated three nations […]

OPEC’s World Oil Outlook to be launched on 5 November 2019

OPEC’s World Oil Outlook to be launched on 5 November 2019

October 11, 2019 No Comments

The 2019 OPEC World Oil Outlook (WOO) will be launched at the Wiener Börse in Vienna, Austria, on Tuesday, 5 November 2019 at 2:00 pm (CET). OPEC’s Secretary General, HE Mohammad Sanusi Barkindo, will present the major findings of the WOO 2019, as well as introduce a video with key messages to support this year’s […]

OPEC, GECF sign MoU

OPEC, GECF sign MoU

October 7, 2019 No Comments

The Secretaries General of the Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) today signed a Memorandum of Understanding (MoU) to strengthen cooperation in research and the sharing of best practices. HE Mohammad Sanusi Barkindo, Secretary General of OPEC, and his GECF counterpart, HE Yury Sentyurin, signed the MoU […]

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Crude prices Rise

Crude prices Rise

September 16, 2019 No Comments

The price of OPEC basket of fourteen crudes stood at $60.02 a barrel on Friday, compared with $60.51 the previous day, according to OPEC Secretariat calculations. Oil prices surged Monday after an attack on Saudi Arabia’s largest oil processing plant halted output of more than 5.7 million barrels of crude a day. WTI U.S. crude […]

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JMMC  commitment to maintain market stability at times of uncertainties

JMMC commitment to maintain market stability at times of uncertainties

September 2, 2019 No Comments

The Joint Ministerial Monitoring Committee (JMMC) has reviewed the monthly report prepared by its Joint Technical Committee (JTC) and recent developments in the global oil market, as well as near-term prospects in 2019 and 2020. The JMMC noted the overall conformity of 159% in July 2019 was 22 pp higher than in June 2019, and […]

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OPEC Abandons ‘’Whatever It Takes Strategy’’

OPEC Abandons ‘’Whatever It Takes Strategy’’

September 2, 2019 No Comments

OPEC’s production increased in August thanks to Iraq and Nigeria a Reuters survey found on Friday. OPEC’s August production has been estimated at 29.61 million barrels per day, which is 80,000 barrels per day over July’s production level. The production increase is surprising, given that Iran and Venezuela are producing less not by choice, and […]

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U.S. Is Now Largest Oil and Gas Producer In The World

U.S. Is Now Largest Oil and Gas Producer In The World

August 21, 2019 No Comments

Petroleum and natural gas production in the United States jumped by 16 percent and 12 percent, respectively, in 2018, setting new production records and placing the United States as the world’s single largest producer of oil and natural gas, the Energy Information Administration (EIA) said on Tuesday. The U.S. had already surpassed Russia as the world’s biggest […]

NNPC GMD congratulates OPEC Chief

NNPC GMD congratulates OPEC Chief

July 4, 2019 No Comments

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has expressed delight over the re-election of Nigeria’s Dr. Mohammed Sanusi Barkindo as Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) for a fresh three-year term. The NNPC GMD in a congratulatory letter to the OPEC Chief Scribe, […]

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6th OPEC and non-OPEC Ministerial Meeting concludes

6th OPEC and non-OPEC Ministerial Meeting concludes

July 2, 2019 No Comments

The 6th OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on Tuesday, 02 July 2019, under the Co-Chairmanship of OPEC’s President, HE Manuel Salvador Quevedo Fernandez, People’s Minister of Petroleum of the Bolivarian Republic of Venezuela, and HE Alexander Novak, Minister of Energy of the Russian Federation. The Meeting recalled the rights of […]

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Crude Oil Price Movement to 13/06/19

Crude Oil Price Movement to 13/06/19

June 13, 2019 No Comments

The price of OPEC basket of fourteen crudes stood at $61.01 a barrel on Wednesday, 12 June 2019, compared with $62.56 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]

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