Tag
OPEC
News and stories about OPEC
Crude oil prices have been under pressure after Larry Kudlow, said the Chinese were making "a big mistake" with national security laws enacted in Hong Kong.
In the meantime, OPEC+ wants to keep the existing production output cuts beyond the June expiry date as part of efforts to rebalance the market. Countries like Saudi Arabia, the United Arab Emirates (UAE) and Iraq, have all reaffirmed their commitment to this effect.
Nigeria should be mindful that demand does not necessarily translate to sales at the headline futures contract price. The market is still recovering from the super-contango it faced a month ago.
Note that crude oil prices are still down by 45% since the beginning of 2020, a situation that had forced oil-dependent Nigeria to revise/readjust her 2020 national budget, as Nairametrics reported.
The rising tension between the US and China is weighing on the global markets. For political reasons, the leadership of each country is blaming the other for the coronavirus pandemic.
Brent crude futures gained 0.59%, at $35.96 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures also gained 1.07%, at $33.85 a barrel.
Oil Is Back after Donald Trump tactfully negotiated one of the most important diplomatic deals with Saudi and Russia
Offers for Nigeria's oil are said to be "firming up" as crude oil prices maintain bullish trend.
Global oil prices have surged to a 2-month high on growing signs of a rebound in oil demand.
Brent crude increased by $1.71, 5.49%, as it closed a barrel at $32.84,
Global oil supply to drop by 12 million b/d to 9 year low, covid-19 resurgence still a concern – IEA
IEA has just released its Oil Market Report for May 2020, with reliable data, forecasts, and analysis of trends in the global oil market.
Although the energy industry provides more than 10 million jobs with almost 8% of the country’s GDP, the US is less dependent on oil compared to average OPEC countries. However, its shale industry remains vulnerable to severe credit crunch and bankruptcies.