opec

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    Metro Qatar is pulling out of OPEC - CNN

    The small, gas-rich state of Qatar said Monday that it will leave the oil cartel on January 1 after nearly 60 years of membership. The country's state oil company, Qatar Petroleum, made the announcement in a series of tweets. "The withdrawal decision reflects Qatar's desire to focus its efforts...
  2. Kayode Falayi

    World Saudis see oil price on rise as Trump blasts OPEC - The Guardian Newspaper

    Saudi Energy Minister Khaled al-Faleh said Friday the global market has the capacity to absorb higher oil prices, drawing a swift reaction from US President Donald Trump who accused OPEC of inflating prices. Faleh’s statement at a meeting of oil producers in Saudi Arabia came as crude hit the...
  3. curator

    Business Nigeria has one of the lowest rig count activities among OPEC – BusinessDay

    As oil price soars high, Nigeria has one of the lowest rig count activities among all Organisation Petroleum Exporting Countries (OPEC), as Nigeria witness a slight fall in its rig count, data obtained from the Organisation of the Petroleum Exporting Countries, (OPEC) has shown. Read more...
  4. curator

    Business Crude Oil Price Hits U.S.$70 Per Barrel – A

    By Chika Izuora With Agency Report The price of brent crude oil rose to $70 per barrel yesterday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in United States and Canadian drilling activity that points to higher future output in North America. Brent … Via...
  5. RemmyAlex

    Business OPEC, non-OPEC Members' Oil Cut Deal Threatens Buhari's 2018 Budget

    The Organization of Petroleum Exporting Countries (OPEC), and non-OPEC members on Thursday agreed to extend the oil production cut by another one year starting from January, 2018. With the cut deal, the global oil market will continue to witness reduction in about 1.8 million barrels of oil...
  6. Lequte

    Business OPEC: This is The Unbelievable Reason Nigeria Loses $2billion per year

    The Organization of Petroleum Exporting Countries, OPEC, has pointed out that Nigeria may be losing about $2 billion per year due to biometric duplication collection by government agencies. According to an official of the Information Technology unit of the OPEC Fund for International...
  7. siteadmin

    Politics [Photos] Nigeria's President Holds Court In London As OPEC Secretary General Visits With Family

    President Buhari has received another high profile visitor at his base in Abuja house. This time it was the OPEC secretary general,Muhammad Sanusi Barkindo, who paid a visit with his family to extend his best wishes to Nigeria's president. Let us not forget that President Buhari is also the...
  8. RemmyAlex

    Business Why Refineries Bidding Will Be Done In Secret - Kachikwu

    The Minister of State for Petroleum Resources, Ibe Kachikwu has said bidding for refineries repair cannot be done in an openly. The Minister told Daily Trust in Vienna, Austria on Thursday at the 172nd OPEC meeting, that refineries concession “Is a highly technical area, what we have done is...
  9. Jules

    Politics Kachikwu - I Picked Barkindo For OPEC Job Because He's A Mad Man

    Nigeria's petroleum minister Ibe Kachikwu on Monday disclosed why he nominated H. E. Mohammad Barkindo, as secretary general of the Organization of the Petroleum Exporting Countries (OPEC). Kachikwu made the disclosure while receiving the OPEC Sec Gen Barkindo. He said when the campaign for...
  10. RemmyAlex

    Business Nigeria Overtakes Angola To Retain Africa's Top Oil Producer

    Nigeria is said to have returned back to the position of Africa's top oil producer after Angola took over in March 2016. The Organisation of Petroleum Exporting Countries (OPEC), crude oil production from Nigeria rose slightly above that of Angola even before the January 2017 planned production...
  11. RemmyAlex

    Business Nigeria's Minister, Ibe Kachikwu Reels Out 7 Key Achievements in 2016

    Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has reeled out 7 viable achievements of the Ministry in 2016. Dr. kachiwku stated this on Thursday after the Federal Government reached agreement on a new cash call exit policy with the international oil companies (IOCs) in a...
  12. RemmyAlex

    Business Oil Prices Soar To $58, Highest Since 2015

    Oil prices spike over four per cent to their highest level since 2015 early on Monday after OPEC and other producers over the weekend in Vienna reached first output cut deal since 2001 . They jointly reduced output in order to rein in oversupply and prop up the market. Brent sweet crude...
  13. RemmyAlex

    Business Indonesia Pulls Out of OPEC Over Oil Output Cuts

    Indonesia has suspended its membership in oil producer club, the Organisation of Petroleum Exporting Countries again, as the crude oil importer said it does not agree to the club’s production cuts. Indonesia first joined OPEC in 1962 and left it in 2009 due to its dwindling domestic oil...
  14. RemmyAlex

    Business Crude Oil Prices Bounce as Nigeria's Barkindo Promises Cut in Output

    Oil rose more than 1 percent on Monday, boosted by a commitment from OPEC to stick to a deal to cut output, but prices remained more than $7 below last month's high due to persistent doubts over the feasibility of the group's plan. Brent crude LCOc1 traded at $46.20 per barrel at 1157 GMT, up...
  15. RemmyAlex

    Business Crude Oil Price Gears Towards $60 Per Barrel

    OPEC's proposed deal to cut production has "put a floor" under the oil price at around $50 a barrel, Reuters reports International benchmark Brent crude dropped to a little above $52 from nearly two per cent gain of $52.67 last night. West Texas Intermediate, hit a year-high of close to $52 at...
  16. RemmyAlex

    Business Crude Oil Price Hits $50 on OPEC deal

    Global oil benchmark, Brent crude, extended its rally on Sunday to hit the $50 per barrel mark, the third time this year. Oil prices have been on an uptrend since the Organisation of Petroleum Exporting Countries decided to cut output for the first time in eight years. Brent, which Nigerian...
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    Business OPEC Exempts Nigeria, 2 Other Countries From Reducing Oil Production

    Organization of Petroleum Exporting Countries, OPEC, have exempted Nigeria, Iran and Libya from cutting production output given the peculiar internal challenges they found themselves. It also agreed to commence the reduction of its members’ production output to about 740, 000 barrels per day...
  18. Lequte

    Business Nigeria Records Biggest Drop in Oil Production Output

    Nigeria in August had the biggest drop in oil production among the OPEC countries, OPEC’s Monthly Oil Market Report for September has revealed. “Crude oil output increased mainly from Saudi Arabia and Iran, while Nigeria and Libya showed the largest drop,” OPEC said in the report. Crude oil...
  19. RemmyAlex

    Business OPEC Calls For Informal Meeting As Oil Price Tumbles

    The Organisation of Petroleum Exporting Countries (OPEC) has called for an informal meeting which is scheduled to take place on the side lines of an International Energy Forum meeting in Algeria on September 26. On Monday, the U.S. West Texas Intermediate (WTI) crude futures settled at $43.02 a...
  20. RemmyAlex

    Business OPEC Fails To Reach Deal on Oil Production Ceiling

    OPEC on Thursday broke off its meeting without reaching any new agreements on oil production, continuing a hands-off policy that members say is gradually bringing supply and demand back into balance and boosting prices, Reuters reports. Related: Crude Oil Prices Drop Below $50 Ahead Of OPEC...
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