Tag Archive

OPEC and non-OPEC participants renew commitment to market stabilization

OPEC and non-OPEC participants renew commitment to market stabilization

March 19, 2019 No Comments

The Joint Ministerial Monitoring Committee (JMMC) convened in Baku, the Republic of Azerbaijan, for its thirteenth meeting on 18 March 2019. The Committee reviewed the monthly report prepared by its Joint Technical Committee (JTC) and recent developments in the global oil market, as well as immediate prospects for the remainder of 2019. The JMMC reiterated […]

Nigeria ready to reduce oil output to boost prices

Nigeria ready to reduce oil output to boost prices

February 20, 2019 No Comments

President Muhammadu Buhari today pledged the cooperation of Nigeria to the effort to reduce oil output in order to attract higher prices in the global market. Speaking at an audience with Ahmad Qattan, Minister of State for African Affairs and Special Envoy of King Salman Bin Abdulaziz of Saudi Arabia, at the State House, Abuja, […]

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ENERGY NEWSTRACK TO  14/02/19:

ENERGY NEWSTRACK TO 14/02/19:

February 14, 2019 No Comments

The price of OPEC basket of fourteen crudes stood at $62.94 a barrel on Wednesday, 13 February 2019, compared with $61.88 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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Washington Eyes Crackdown On OPEC

Washington Eyes Crackdown On OPEC

February 11, 2019 No Comments

Legislation targeting OPEC is suddenly gaining steam in the U.S. Congress, raising alarm bells for the cartel. On Thursday, the House Judiciary Committee passed a bill that would allow the U.S. Justice Department to sue members of OPEC for manipulating the oil market. The so-called “NOPEC” bill would remove sovereign immunity, exposing member countries to […]

Bill allowing U.S. to sue OPEC moves forward

Bill allowing U.S. to sue OPEC moves forward

February 11, 2019 No Comments

Legislation that would allow the U.S. government to sue OPEC for inflating oil prices cleared a key hurdle in the new session of Congress. The House Judiciary Committee, now led by Democrats, advanced the “No Oil Producing and Exporting Cartels Act” Thursday. That sets the bipartisan “NOPEC” bill, which would subject the cartel to possible […]

Crude Oil Price Movement to 20/12/18

Crude Oil Price Movement to 20/12/18

December 20, 2018 No Comments

The price of OPEC basket of fifteen crudes stood at$55.13 a barrel Wednesday, 19 December 2018, compared with $56.08 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 Light (Gabon), […]

Crude Oil Price Movement to 17/12/18

Crude Oil Price Movement to 17/12/18

December 17, 2018 No Comments

The price of OPEC basket of fifteen crudes stood at $59.07 a barrel on Friday, 14 December 2018, compared with $58.67 the previous day, according to OPEC Secretariat calculations. WTI CRUDE 51.83 BRENT CRUDE 61.12 Production cuts agreed by OPEC and its allies are on track to balance global oil markets in the first half […]

Deeper Oil Production Cuts may be needed in late 2019

Deeper Oil Production Cuts may be needed in late 2019

December 17, 2018 No Comments

Production cuts agreed by OPEC and its allies are on track to balance global oil markets in the first half of 2019, but more work may be needed after that. If Saudi Arabia, Russia and other countries in the so-called OPEC+ coalition cut production by 1.2 MMbpd as promised for the first six months of […]

Russia agrees oil output cut

Russia agrees oil output cut

December 3, 2018 No Comments

President Vladimir Putin said that Russia and Saudi Arabia had agreed to renew a pact on oil production cuts, as crude prices slump on global markets. Following talks at a G20 summit with Saudi Crown Prince Mohammed bin Salman, Putin reportedly stated, on Saturday the world’s two biggest exporters of crude “have agreed to extend […]

Support OPEC efforts to Restore Stability to the Oil Markets with Continued Production Cuts

Support OPEC efforts to Restore Stability to the Oil Markets with Continued Production Cuts

November 30, 2018 No Comments

The African Energy Chamber urges the Organization of the Petroleum Exporting Countries and other key global oil producers, including Russia, to continue with the historic production cuts at the December 6, 2018 OPEC meeting to stabilize the oil price. Oil prices have dropped by about 20 percent in November, and the month is likely to […]

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