OPEC

Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC) as well as the Non-OPEC members have agreed to cut production volumes to ensure global oil market stability. The agreement was reached at the 35th Joint Ministerial Monitoring Committee (JMMC) meeting of OPEC held in Vienna, Austria on 4 June. The Nigerian delegation was led by Gabriel Aduda, Permanent Secretary, Ministry of Petroleum Resources, who was also confirmed OPEC Governor for Nigeria at the meeting in Vienna. The News…

The Organisation of Petroleum Exporting Countries (OPEC) and its allies on Sunday agreed to extend its current oil output voluntary cuts until the end of 2024. OPEC disclosed this at its 35th OPEC and non-OPEC ministerial meeting, a statement released by the organisation said The oil cartel said it decided to achieve and sustain stability and provide long-term guidance for the market. OPEC and its allies had, in October last year, agreed to cut oil output by 2 million barrels per day in November, the deepest cut…

The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, last week announced an extra output cut of 1.16 million barrels per day from May for the rest of the year. Aramco is one of the largest companies in the world by revenue and has repeatedly achieved the largest annual profits…

The prices of crude oil rose on Monday after the Organisation of Petroleum Exporting Countries (OPEC) announced surprise cuts in monthly output. OPEC on Monday announced a cut in output at the 48th meeting of the Joint Ministerial Monitoring Committee (JMMC), according to a statement released by the organisation. Checks by PREMIUM TIMES Monday morning showed that Brent crude traded at $84.53 a barrel as of 1115 GMT, up $4.64, or 5.8 per cent, after touching the highest in a month at $86.44. West Texas…

Fast News The jump in price comes hours after Saudi Arabia and other major oil producers announced surprise cuts totalling 1.15 million barrels per day from May until the end of the year. The reduction in output came on top of a Russian decision to extend a cut of 500,000 barrels per day,…

Crude oil prices reversed their losses on Thursday after the Organisation of Petroleum Exporting Countries (OPEC) agreed to maintain its planned monthly oil output. OPEC on Wednesday disclosed this at the 47th meeting of the Joint Ministerial Monitoring Committee (JMMC), according to a statement released by the organisation. Checks by PREMIUM TIMES Thursday morning showed that Brent Crude appreciated 0.17 per cent to $82.98 while WTI was up +0.26 per cent at $76.61. OPEC and its allies had in October last year…

A panel of OPEC+ energy ministers Wednesday said the group of petrostates would continue cutting oil production, amid uncertainties about demand in China and the impact of sanctions on Russian crude supplies.  Maintaining the status quo will allow the Organization of the Petroleum Exporting Countries and a group of producers led by Russia—collectively known as OPEC+—to take more time to assess consumption data from China, the world’s biggest oil importer, and determine how a resurgence…

Fast News The Group of Seven price cap comes as the West tries to limit Moscow's ability to finance its war in Ukraine. The Group of Seven (G7) countries and Australia last week agreed on a $60 a barrel price cap on seaborne Russian oil.…

The Organisation of Petroleum Exporting Countries (OPEC) on Sunday agreed to maintain its planned monthly oil output, as the European Union agreed to impose a price cap on Russian oil. OPEC disclosed this at its 34th OPEC and non-OPEC ministerial meeting, according to a statement released by the organisation on Sunday. The oil cartel noted that its decision was in adherence to the approach of being proactive and preemptive. The development came days after the European Union announced it had reached a consensus…

OPEC+ agreed Sunday to stick to its oil-output targets two days after the Group of Seven nations agreed to a price cap on Russian oil, amid mounting concerns over new Covid-related lockdowns in China and lingering uncertainty over Russia’s ability to export crude. During a virtual meeting, the Organization of the Petroleum Exporting Countries and the Russia-led bloc—a group collectively known as OPEC+—decided to maintain production cuts of 2 million barrels a day, initially agreed to in…