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OPEC
News and stories about OPEC
Nigerian crude prices increased during the final trading session of the week due to rumors that Israel is preparing for a direct attack on Iran this weekend.
The Minister of state for Petroleum Resources, Sen. Heineken Lokpobiri has attributed the low crude oil production in the first quarter of the year to issues with the Trans-Niger pipeline and maintenance activities by some oil companies.
Nigeria has yet to clear more than half of its scheduled crude oil cargoes for May as unsold crude oil starts to build up in the oil market.
Nigeria’s crude oil production for March dropped to 1.23 million barrels daily according to latest data from the OPEC’s monthly oil market report for March. This was a 92,000 barrel drop from the 1.32 million daily production in February 2024.
Naira appreciated for the 4th consecutive week to settle at N1,245 per against the dollar amid amplified confidence in the naira.
The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by the Russian Federation has decided to keep oil production quota unchanged until its next meeting in June.
Nigeria Brass River and Qua Iboe traded close to $92 a barrel while Brent Crude at the time of writing traded at $89 per barrel.
Chinese President Xi Jinping said he would support Chinese firms investing in Angola’s agriculture and manufacturing sectors as Angola seeks help diversifying its economy and moving away from oil.
Brent crude oil futures increased by 40 basis points to $85.66 a barrel.
For February, Nigeria’s crude oil production dropped to 1.32 million barrels per day from the 1.42-million-barrel oil daily production- a drop of 104,000 barrels per day.
Early trading on Friday revealed there was an increase in oil prices, influenced by rising demand from the largest consumers in the world, namely the United States and China.
OPEC+ countries, spearheaded by Saudi Arabia and Russia, have decided to prolong the recent voluntary oil production reductions for an additional three months in an effort to push up prices, which have continued to be low amidst persistent geopolitical conflicts across Europe and the Middle East.