The following factors are driving up global oil prices.
Nigerian President Buhari, is currently shifting the country’s upstream operation towards NGLs and natural gas, in a bid to comply with its crude production quota under the OPEC+ agreement.
Oil prices rose more than one dollar a barrel on Monday after Saudi Arabia, Russia and Iraq backed an extension of supply cuts for another six to nine months ahead of an […]
President Muhammadu Buhari has appointed Mr Mele Kolo Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC).
There are still worrying indicators that oil prices are not in a hurry to stabilise pretty soon. The latest research report by the Arab Petroleum Investments Corporation (APICORP) has given credence to this fear.
A Consulting Director of Energy at HIS Markitt, Vinod Raghothamarao, says the Vienna Alliance of OPEC and non-OPEC oil producers decided in December 2018 to reduce oil supply from October levels by a collective 1.2mmbpd starting in January 2019, effectively reversing a supply expansion of 1mmbpd that was agreed at its last meeting in June.
Head of the International Energy Agency (IEA) Fatih Birol, says the total oil production in the United States will equal that of Russia and Saudi Arabia’s combined output by 2025.
Stratas Advisors, has reported that after two days of negotiations, the Organisation of Petroleum Exporting Countries (OPEC) and her non-member allies have reached an agreement to cut crude oil production by 1.2 mmb/d.
Saudi Arabia’s energy minister said he wasn’t confident OPEC would reach a deal on Friday to cut oil output as sources said the producer group’s leader had yet to agree on exemptions for sanctions-hit Iran.
Saudi Arabia will not cut oil output on its own to stabilize the market, Energy Minister Khalid al-Falih said on Wednesday as Nigeria and Russia said it is too early to signal whether they would join any production curbs.