With improved security in the Niger Delta region, the federal government hopes to ramp up crude oil production to about 1.74 million barrels per day in months ahead.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, on Sunday, agreed to cut global oil production by 1.393 million barrels per day, reducing Nigeria’s oil production quota by 20.7 percent.
With the next OPEC+ meeting taking place this Sunday and the U.S. debt ceiling saga set to draw a conclusion around the same time, oil markets are sure to be on edge all week.
The last week or so has seen a flurry of major cooperation agreements – including in energy, security, and logistics – between various permutations of Iran, Iraq, Russia, and China.
The recent assurance from Russian Deputy Prime Minister and key OPEC+ negotiator Alexander Novak – that he does not expect the group to take any new decisions at their next meeting scheduled for 4 June – should not assure anyone.
Crude oil prices have been on a losing streak for four consecutive weeks now, erasing all the gains they booked after OPEC’s latest supply cut announcement as economic fears take precedence over demand expectations. When the cartel announced the cuts, almost every bank with a commodities department rushed to update their price forecasts, expecting prices […]
Crude oil started trade this week with a decline, based on Asian trade data from earlier in the day, as traders’ worry about the state of the global economy trumped any expectations of tight supply
For the third month running, OPEC has barely changed its forecast of global oil demand, predicting growth of 2.33 million barrels per day, or 2.3% Y/Y growth, good for a very slight increase from its previous forecast of 2.32 million barrels per day
OPEC warned the International Energy Agency (IEA) last week that it should be “very careful” about discouraging oil investments. This comes following reports the previous month about the severe underinvestment in oil and gas, as demand for fossil fuels remains high. While organizations such as the IEA and IRENA are calling on companies to shift their funding away from oil and gas to renewable alternatives, to accelerate the green transition, many energy experts are concerned about the lack of funding for fossil fuels, which will still be needed to bridge the gap to green energy security.
OPEC’s crude oil production fell last month to a level not seen in nearly a year, a Bloomberg survey showed on Tuesday.