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Lagos, South Africa and New York
Wednesday, October 28, 2020

Oil near 5-month highs as OPEC+ presses Nigeria, Iraq, Angola, Kazakhstan on cuts

Brent crude is trading near a 5-month high above $45 a barrel and has more than doubled since hitting a 21-year low below $16 in April, helped by the OPEC+ deal. OPEC and its allies pressed oil nations pumping above output targets to cut more...

Saudi Pressures OPEC Cheats Like Nigeria, Iraq Before Ministerial Talks

Saudi Arabia kept up the pressure on OPEC+ nations that have been exceeding their oil-output targets, hours before a meeting to discuss their agreement. King Salman bin Abdulaziz called Nigerian President Muhammadu Buhari to emphasize the importance of complying with production quotas and compensating for...

Saudi King Salman, Nigerian president discuss OPEC+ compliance Issues

DUBAI - Saudi Arabia’s King Salman bin Abdulaziz and Nigerian President Muhammadu Buhari discussed efforts taken to stabilise and rebalance global oil markets in a telephone call, Saudi state news agency SPA reported on Wednesday. The two leaders “stressed the importance of compliance, by...

Nigeria trailing in OPEC+commitment as Iraq eyes 850,000 bpd monthly cut

Iraq made its strongest commitment yet to implement deep cuts in crude production after the country’s oil minister and his Saudi counterpart held a phone call Thursday. OPEC’s second-biggest producer -- and a long-time laggard in meeting oil-output quotas -- has faced mounting pressure to...

Along with Nigeria, Norway targets 261,000bpd drop next month to curb Atlantic Basin Crude

Along with Nigeria, Angola, the U.K., Azerbaijan and several other producers in the Atlantic Basin, Norway’s main oil loadings will drop by 261,000 barrels a day in September, according to shipping schedules seen by Bloomberg Norway will next month ship a combined 5.73 million barrels...

OPEC+ must find balance to support oil market, strategist says

OPEC and its allies need to find a balance between supporting oil prices and keeping U.S. crude production at bay, John Driscoll of JTD Energy Services said this week as the oil-producing group starts to roll back supply cuts. The alliance’s historic production cuts of...

Nigeria to cut 1.412 mln bpd output to meet OPEC quota -oil minister

LAGOS, July 30 - Nigeria expects to comply with an oil output quota of 1.412 million barrels per day for May, June and July, the minister of state for petroleum resources said on Thursday. Timpire Sylva made the comments during a webinar organised by Nigerian...

OPEC Bearish on Long-Term Oil Demand Risks

Jul 29, 2020 (Baystreet.ca via COMTEX) -- Oil prices have remained range-bound for the past several weeks, with the market in limbo as another COVID wave looms. 40 U.S. producers surveyed by the EIA posted a combined $48 billion in write downs in the first...

OPEC-Nigeria Targets Market Recovery After Covid-19

Such a dialogue is key for compliance with the OPEC global production cuts deal of April, to which all of OPEC’s African member countries have agreed to JOHANNESBURG, South Africa, July 29, 2020/ -- The OPEC-Nigeria Bilateral Meeting that took place last week has sent...

OPEC-Gabon Talks Embodies Africa’s Strong Support for Market Stability

Such a dialogue is key for compliance with the OPEC global production cuts deal of April, to which all of OPEC’s African member countries have agreed to JOHANNESBURG, South Africa, July 27, 2020/ -- The OPEC-Gabon Bilateral Meeting that took place on July 24th has...
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