Tag Archives: OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has beat its own oil cut compliance record, which stood at 104 percent as at April 2017. According to the joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), for the month of May 2017, OPEC and participating Non-OPEC producing countries recorded the highest conformity ever with their voluntary adjustments in production, achieving a level of …

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Global oil output will expand faster than worldwide demand for oil next year, primarily as US producers rack up production, and that could hamper exporters’ efforts to prop up prices, the IEA said Wednesday. A day after OPEC complained that increased output in the US was slowing efforts to rebalance supply and demand in the oil market, the IEA also …

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Ministers from oil exporting countries have been scheduled to meet in Vienna, Austria on Thursday. The meeting is intended to discuss oil production cuts amid increased competition from U.S. shale producers. According to the information available on the Organisation of the Petroleum Exporting Countries website, it is the organisation’s 172nd meeting. Advertisement The OPEC Secretariat calculations states that the price of …

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Folake Sokoya OPEC members response to the output cut call by the oil cartel was 94 percent observed by member countries, according to Mohammad Sanusi Barkindo, OPEC Secretary General. Barkindo, made the observation at the 3rd GCC Petroleum Media Forum held in Abu Dhabi last week, under the auspices of His Highness, UAE President Sheikh Khalifa Bin Zayed Al-Nahya In a …

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Oil prices rose on Tuesday on evidence the global market was tightening as lower production by OPEC and other exporters drained stocks. Meanwhile, an increase in drilling in the United States could keep a lid on prices. Benchmark Brent crude was up 40 cents at 55.63 dollars a barrel by 0840 GMT. U.S. light crude was 40 cents higher at …

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Nigeria records increased oil output ahead OPEC production cut talks OPEC has said that its 14 members pumped 33.64 million barrels a day (mb/d) in October, 236,000 barrels more than in September. According to AFP, this was contained in the organisation’s November monthly report. The organisation of the Petroleum Exporting Countries agreed in September in Algiers to trim production but …

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Nigeria sues over $12bn in ‘illegal’ oil exports Nigeria is suing several leading oil companies for $12.7 billion of crude oil that allegedly was exported illegally to the United States between 2011 and 2014, officials said Tuesday. The Federal High Court in Lagos is expected to begin hearings next week in cases filed against Nigerian subsidiaries of U.S. multinational Chevron, …

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