25.4 C
Lagos, South Africa and New York
Saturday, June 6, 2020

OPEC April oil output hits 30.25 million bpd as new cut deal starts this Friday

Saudi Arabia pumps at record rate Iran supply falls more due to coronavirus outbreak New cut takes effect on Friday Output by country: By Alex Lawler LONDON, April 30 - OPEC oil output has jumped in April to a 13-month high as Saudi Arabia and its Gulf allies opened...

Oil Jumps as Nigeria, others implement OPEC cuts

Oil rallied on optimism that consumption could gradually return as Nigeria other major producers continue to cut output to counter a global glut. Nigeria and Angola have revised down their crude oil export programmes for May and June to align themselves with a global production...

Nigeria slashes oil export programmes to meet OPEC deal

Nigeria has revised down their crude oil export programmes for May and June to align themselves with a global production cut deal led by OPEC, loading programmes showed. The Organisation of Petroleum Exporting Countries and its allies, OPEC +, agreed to cut their combined output by...

Oil Majors, OPEC, Governments Haggle Over Sharing Pain of Deepest Cuts Yet

BY OLGA YAGOVA, ALLA Afanasyeva and Dmitry Zhdannikov LONDON/MOSCOW (Reuters) - From Kazakhstan and Azerbaijan to Nigeria and Angola, oil majors are haggling with national governments over how to share out deep production cuts that add to their pain from low oil prices and depressed...

OPEC Crude Supply Surges as Production Cut Deal Nears

Crude oil supply from OPEC members has soared by more than 2 million bpd in April to the highest levels since December 2018, oil-flow tracking company Petro-Logistics said on Tuesday. The highest OPEC supply in nearly a year and a half is being driven by...

Traders see Nigeria’s May OSPs fall as NNPC plan oil export delay amid talks with majors on cuts

By Noah Browning and Libby George LONDON/LAGOS, April 27 - Nigeria’s state oil company has delayed publishing its future oil export plans as it negotiates with local companies and international majors about how to cut output in line with a global deal on production curbs,...

Nigeria’s NNPC to adjust oil exports to comply with OPEC deal in May

Nigeria’s NNPC to adjust oil exports to comply with OPEC deal next month Meanwhile Depressed demand and record low prices continued to spook sellers of West African crude oil, as traders awaited details on Nigerian exports and prices were elusive...

Saudi Arabia Hints At Further OPEC+ Action

As the oil market meltdown intensified a week after the new OPEC+ production cut deal, Saudi Arabia has hinted for a second time in two weeks that it is ready to take further measures with OPEC to restore oil market stability. At a Tuesday meeting...

Oil plunges $10 to 21-year low as sinking demand spurs uncertainty around storage

Oil prices plunged to a more than 21-year low on Monday as uncertainty mounted around storage of excess supply. WTI crude oil plunged as much as 39% to $11.20 a barrel, while Brent slid 6.6% to $26.23 a barrel at intrasession lows. The coronavirus pandemic has...

Oil market falls too big to offset with output cuts, IEA warns

By Noah Browning LONDON, April 15 (Reuters) - The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and warned no output cut by producers could fully offset...