Tag
OPEC CUTS
So what was agreed? Here is the break down of the cuts and the timelines;
A historic deal to cut global crude oil output has been reached between OPEC, Russia and a group...
The meeting with OPEC and its OPEC+ countries took a u-turn late on Thursday after Mexico refused to...
Brent crude, international oil benchmark, dropped to $46 per barrel, as Russia, bluntly refused to agree to a deeper crude production cuts plan.
Oil prices spiked on Tuesday, erasing earlier losses after the U.S President Donald Trump disclosed that he would meet with the Chinese President Xi Jinping at the G20 summit later this month.
Several oil-rich nations (Nigeria inclusive) may face looming financial crises as Oil price declined to a 4-month low of $61.99 p/b on Friday, May 31, 2019. This low price was last recorded in February this year.
The facilities of Saudi Aramco suffered setback early Tuesday morning after explosive-laden drones attacked two pumping stations belonging to the state-owned oil company.
Nigeria's oil export has received a major boost as the U.S refineries upped their crude oil imports from Africa, doubling the volumes of oil import to the U.S in May 2019. The development came against the backdrop of U.S sanctions that restricted usual providers of widely used grades as the country gears up for the peak driving season
Oil prices continued its bullish run as Brent crude futures spiked to a six-month high of $74.36 per barrel in the early hours of today
Brent oil prices rose, as expectations of tight global supply outweighed pressure from rising U.S. production and less robust global demand indicators.
OPEC met yesterday to decide on how to cut crude supply in order to forestall further declines in price.
Available facts show that OPEC members, last month, pumped the highest volume of crude since 2016.