Tag
OPEC
News and stories about OPEC
Financial experts and analysts say structural imbalances like revenue shortfall, development in the global oil market and CBN policies among others pose very bleak outlook for the economy.
Yesterday, OPEC released its monthly oil market report for December which showed that Nigeria’s oil production dipped to a new low.
Nigeria’s crude oil production fell to a record low of 1.57 million barrels per day last month, as the country complied with OPEC’s production cuts. #OPEC,#NNPC
Last week, the USA claimed responsibility for the assassination of a senior Iranian general, Qassem Soleimani, warning Iran not to retaliate.
In December last year, member of OPEC pumped less crude per day, in compliance with an output cut that was agreed by the world’s oil cartel.
Oil prices dropped for a second straight session, as prospects of OPEC+ cutting global oil outputs is overshadowed by slowing global demand for the commodity.
New oil production cuts must be announced by the Organisation of OPEC+ to keep oil price above $40 per barrel.
Recently, there have been speculations and uncertainties as to whether OPEC+ will agree to change crude oil output cuts for member countries.
The International Energy Agency has projected that members of OPEC and all the other OPEC+ countries, will face very stiff competition in 2020.
Nigeria will now cut down its crude oil production to 1.77 million barrels per day.
With earnings season now over, we have yet another opportunity to take more than a cursory glance at the H1:2019 financial scorecards for Nigeria's downstream segment
The Nigerian National Petroleum Corporation (NNPC) is about to secure a $2.5 billion Pipe-line Financing agreement from China in the next six months.