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OPEC
News and stories about OPEC
The market has reacted positively to the meetings organized by OPEC+, and prices have become volatile in movement.
Crude oil prices dipped due to oil traders being jittery over rising global cases of COVID-19, despite hopes of effective vaccines.
For Nigeria, a combination of both higher oil prices and lower production cuts is needed to fund the country’s 2021 budget.
Brent crude futures gained over 1%, as it was within striking distance of hitting the $50/barrel price mark after gaining around 1% on Thursday.
Brent crude futures prices were down by 0.3%, trading at $48.10/barrel after initially gaining 1.8%.
OPEC+ was forced to reschedule its meeting as it could not reach a unanimous decision on key policies.
For the month of November, Brent gained 28%, its best month since a 95% jump in May from April’s lows.
Crude oil plunged, largely due to growing concerns amongst oil traders on what the outcome of the OPEC+ meeting will be.
As Donald Trump prepares to vacate office, what will be the fate of the oil market and the several arrangements the US has put in place with OPEC+?
There is a renewed hope for oil prices as backwardation in the oil markets and OPEC+ production cuts prop up the markets despite COVID-19 cases.
Oil traders hoping on OPEC+ meeting scheduled to hold in some days time could see the organisation extend current cuts by 3-6 months.
London's based oil contract Brent crude futures gained 1.72% to settle at $44.79 a barrel.