Tag
OPEC
News and stories about OPEC
The NNPC GMD has stated that Nigeria has fully complied with OPEC obligations.
The markets are dicey at the moment and the idea of a supercycle might have just been a farce.
U.S based oil contract, West Texas Intermediate futures plunged by 6.4%, and Brent crude futures dropped by 6.8%.
Brent crude futures were down by more than 0.6% to trade at $67.50 a barrel after losing 0.6% yesterday.
Brent crude is on track to post weekly gains for the eighth week after touching a 13-month high at the first trading session of the week.
Here are key takeaways from OPEC's recent meeting as the organisation shows admirable strategy in the global oil market management.
For the week, Brent crude gained 5.2%, rising for the 7th week in a row for the first time since December,
Brent Crude was up more than 4% trading around $67 a barrel.
Nigeria is hopeful that OPEC+ will agree to an increase in production.
The British-based oil contract, Brent crude surged by 0.46%, to trade at $62.99 a barrel, up from four days of losses.
Oil traders are becoming wary that OPEC+ will increase oil output and further distort the energy demand/supply dynamics.
Oil prices rose for a fourth straight month, despite its heavy plunge at the last trading session of the month.