Tag: OPEC

OPEC forecasts slow recovery as world oil demand tumbles

Onome Amuge The Organisation of Petroleum Exporting Countries (OPEC) on Monday said that the world oil demand will drop in 2020 than previously forecast due to the coronavirus and witness a slower recovery than expected in 2021. The Organisation in a monthly report disclosed that world oil demand will fall by 9.46 million barrels per […]

Oil holds gains made on high OPEC+ compliance

BY: Moses olajuwon Obajemu Oil prices steadied on Tuesday, hanging on to gains from the previous session thanks to high compliance with production cuts from members of the OPEC+ producer group. Brent crude was virtually flat at $45.39 a barrel at 0905 GMT, having gained 1.3% on Monday. U.S. crude edged down by 5 cents, […]

OPEC+ achieves 95 percent compliance with oil cuts in July-Report

BY: Moses olajuwon Obajemu Compliance with OPEC+ oil output cuts stood at 95 percent and rose to 97% in July, according to OPEC+ sources and a draft report seen by Reuters on Monday, two days ahead of a meeting of key OPEC+ producers to review adherence with their production pact as demand slowly recovers.   […]

Oil slides below $45 as supply rises

BY: Moses olajuwon Obajemu Oil edged further below $45 a barrel on Friday, giving up some of this week’s gain, under pressure from doubts about demand recovery due to the COVID-19 pandemic and rising supply. Two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand […]

Focus on OPEC as vaccine hopes fuel market optimism

The sentiment pendulum is positioned to swing deeper into ‘risk-on’ territory as markets take heart from vaccine hopes and expectations of further stimulus for pandemic-hit economies. Wednesday’s trading session has commenced on a positive note, with Asian shares edging higher following news that Moderna’s attempt to produce a coronavirus vaccine was declared safe and produced […]

Nigeria’s petrol-dollar receipts stand at $206bn in five years – OPEC

The Organisation of Petroleum Oil Exporting Countries (OPEC), said Nigeria’s treasury was boosted by $206.06bn petrol-dollar receipts arising from crude oil exports in the last five years. The information is contained in OPEC’s 2020 Annual Statistical Bulletin released on Monday, which said the country’s oil export revenue fell to $45.11bn in 2019 from $54.51bn in […]

Optimism around OPEC+ output pact lifts oil prices

Oil producing nations have something to cheer about as oil prices rose on Monday as indications of increase in demand for crude oil emerged just as  OPEC+ members were complying with a production cut deal amid fears that new coronavirus infections could further slow the global economy. U.S. West Texas Intermediate crude rose 44 cents, […]

OPEC to dominate oil markets for the foreseeable future — Goldman Sachs

OPEC will regain its position as a dominant force on international oil markets after the world emerges from the current crisis, Goldman Sachs analysts have forecast in a report titled Top Projects 2020. Highlights from the report published by Forbes reveal the reasons for this forecast and these all have to do with the industry’s reaction to […]

Don’t expect crude demand recovery before July, says OPEC

The demand for crude oil will not recover till the second half the year, the Organisation of Petroleum Exporting Countries has said. OPEC, however, forecast that global oil demand would fall by over six million barrels per day as a result of the effect of the coronavirus pandemic on the oil industry in the first […]