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Saturday, August 8, 2020

OPEC launches Annual Statistics Bulletin

By Edith Ike-Eboh Abuja, July 14, 2020 The OPEC Secretariat on Tuesday launched its Annual Statistical Bulletin (ASB) to help provide data statistics in the global oil sector. The organisation disclosed this on its website www, opec.org. It said that 2020 ASB provided a wide range...

Nigeria restate Commitment to 100% of OPEC+ cut after talk with Saudi Arabia

By Edith Ike-Eboh Abuja, July 13, 2020 Saudi Arabia and Nigeria have reiterated their firm commitment to the Organisation of Petroleum Export Countries and its allies known as OPEC+ agreement. The Minister of State for Petroleum Resources, Timipriye Sylva, who disclosed in Abuja on Monday, said...

Nigeria, Iraq and Angola lags as OPEC slash output amid virus resurgence hits oil demand

While Iraq, Nigeria and Angola are still lagging behind, their performances improved last month. Iraq implemented 70 per cent of its quota, Nigeria 77 per cent and Angola 83 per cent. Oil producing countries OPEC has slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again.

Angola resists OPEC pressure to comply fully with oil cuts- sources

Rania El Gamal, Dmitry Zhdannikov DUBAI/LONDON, July 04 - Angola is resisting pressure by OPEC’s de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said. The Organization of the Petroleum Exporting Countries and allies,...

Iraq, Nigeria reduce output but yet to fully comply as OPEC oil output sinks, Saudi, others deepen cut, survey shows

Record OPEC+ oil supply cut took effect on May 1 Saudi Arabia cuts much more than quota, at 138% compliance Output by country: By Alex Lawler LONDON, June 30 (Reuters) - OPEC oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf...

OPEC points to 2020 oil surplus even as demand gradually recovers

No further 2020 cut to oil demand forecast OPEC oil output falls 6.3 mln bpd in May as cut starts OPEC delivers 84% of supply cut in May – Reuters calculation OPEC+ panels meeting this week to review market (Adds details on surplus, compliance) By Alex Lawler LONDON, June...

Nigeria’s May crude exports slump 20% on a daily average in line with OPEC Quota

Nigeria’s crude exports fell by 20% on a daily average basis in the first half of June compared with the whole of May, tracking data show. The figures exclude the country’s Agbami and Akpo grades, which it says are condensates and thus outside the...

Nigeria to make additional OPEC+ cuts compliance by mid-July

LONDON, June 10 - Nigeria did not fully comply with a pact by oil producers to rein in output to balance markets but will make additional cuts to make up for the lapse by mid-July, the head of the Nigerian National Petroleum Corporation...

Nigeria ready to compensate OPEC for overproduction in May-June

LONDON, June 6 - Nigeria said on Saturday it was ready to make additional oil output cuts from July to September to compensate for producing more than its quota in May and June, when OPEC and its allies implemented a deal to curb supply...

OPEC + reportedly agree to extend record production cut

OPEC and its oil-producing allies reportedly agreed to extend the historic 9.7 million barrels per day production cut that was set to expire at the end of June, according to two sources familiar with the matter. The cut will be extended through the end of...
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