Africa can be long-term focal point for oil industry
Once energy security is achieved, Africa can play a greater global role as it builds out its downstream
Tag: OPEC
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Oil price of $80–95 per barrel could be new normal in 2024
Elevated oil prices may be here to stay for the medium-to-long term, but it would have to take extreme geopolitical risks to push prices into triple digits in the immediate future, according to Ole Hansen, head of commodity research at Danish investment bank Saxo Bank.
Nigeria loses N1.22tn to deficit oil production —Reports
Nigeria was unable to produce about 22.658 million barrels of crude oil valued at N1.22tn in the first quarter of this year due to its persistent inability to meet the crude oil production quota approved for the country by the Organisation of Petroleum Exporting Countries.
OPEC revises 2021 global oil demand to 5.7 mb/d
”Revisions were mainly to account for slower than anticipated demand from China and India in Third Quarter 2021.
OPEC fails to agree on February oil production output
Members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies, including Russia, yesterday failed to reach an agreement on production levels for February, with talks expected to continue today.
OPEC in trouble as oil outlook worsens
OPEC members were served an unpleasant surprise from exempted fellow Libya. The country’s warring factions reached a ceasefire, and some long-shuttered oil ports have been reopened, along with the fields that feed them.
Libya lifts Force Majeure on all oil exports
“Our infrastructure has suffered lasting damage, and our focus now must be on maintenance and securing a budget for the work to be done. We also must take steps to ensure Libya’s oil production is never again held to ransom,” Sanalla added.
Oil price crash leads to large drop in United States fixed investment
The drastic spending cuts across the U.S. shale patch due to the low oil prices will likely lead to a 6.1-percentage point slump in total U.S. fixed business investment.
Historic production cuts: Implications for Nigeria
During the public holidays, the alliance of OPEC+ producers, G-20 energy ministers and other oil producers reached a landmark deal which could cut close to 15.0mb/d from global oil supply. The details of the deal include; A 9.7mb/d oil production cut from OPEC+ producers for two months ending in June 2020. Over the next six…
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand…
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