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OPEC
News and stories about OPEC
The American WTI fell by 1.55% to sell for $25.38 per barrel, early Wednesday morning after surging 6.8% on Tuesday. Brent crude was down by 2.03% to sell for $29.37 per barrel.
Kachikwu talks African Oil and Gas, COVID19 and the future of energy.
"This reduction in production provided excellent optics encouraging other OPEC + members to comply and even offer additional voluntary cuts, which should quicken the global oil markets' rebalancing act."
Crude oil prices dropped on Sunday after 2 consecutive weeks of upward movement since February as the global supply glut still continues
The oil futures in the New York exchange, which once traded below zero dollar, is around $24 per barrel in Asian trading on Friday. This represents a 20% increase this week. Also, the Brent crude, which is around $30 per barrel, has had a 15% price increase in the last week.
The recovery of crude oil prices from last month’s unprecedented crash seems to be moving swiftly, as more...
With the slowdown in supply glut and improvement in oil demand due to easing of lockdown in economies across Europe, Asia, Africa, and so on
It is obvious that the scale of the oil crisis has defied the efforts of OPEC+ and other oil-producing countries, as the idea of production shutdown is moving towards reality.
The liquidity based indicators of the nation remain a concern, as they make Nigeria’s low debt-to-GDP ratio highly vulnerable to shocks.
Brent crude had an impressive gain of about 23%, while U.S oil surged by about 17%.
Nigeria has been unable to find ways to cut oil production, as part of the OPEC+ deal signed weeks ago. This has led to the postponement of the crude oil export plan for May and June 2020 by Nigeria National Petroleum Corporation (NNPC)
The crisis in the global oil market seems to be hitting Nigeria harder since the country's economy is largely dependent on crude oil proceeds. and to make matters worse, it has become more difficult to sell the oil, even at ridiculously low rates.