OPEC REVENUE TO PLUNGE FURTHER TO $341 BILLION IN 2016

Based on United States (U.S.) Energy Information Administration (EIA) price forecasts, revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC), is expected to fall to $341 billion in 2016.

The agency, which believed that the revenue could still increase to $427 billion in 2017, put the cartels earnings in 2015 at $404 billion in net oil export revenue in 2015, representing a 46 per cent decline from $753 billion earned in 2014.

Read more @Guardian Online

CRUDE OIL PRICES SLIDE AS HOPES OF PRODUCTION CUT DIM

West Texas Intermediated (WTI) crude oil declined by 6.33 per cent at $31.62 a barrel and Brent fell by 0.14 per cent to $34.69 a barrel as hopes for a deal on production did not scale through.

Russia had last week sent mixed signals about possible cooperation with Organisation of Petroleum Corporation (OPEC) to support prices. It first suggested it should start talking to the cartel before saying there was no decision to do so.

Read more @ The Guardian

HOW CRASH IN OIL PRICES TEARS OPEC APART

The Organisation of Petroleum Exporting Countries (OPEC) may be wading through troubled waters resulting from the low crude oil prices and its curtailing strategies which have divided the interest of the 13-member cartel.

The seemingly uncontrollable fall in oil prices has largely affected the economic status of some members, including Nigeria since 2014, but the test of strength within OPEC appears to have overshadowed the need for urgent and strategic decision that could reduce the tension.

Read more @ Guardian Online

AFRICA’S OIL SUPPLY TO DECLINE BY 30,000BPD IN 2016

There are indications that Africa’s oil supply would decline by 30,000 barrels per day (bpd) to average 2.31million bpd in 2016, going by the projections of the Organisation of Petroleum Exporting Countries (OPEC).

The cartel, in its 2015 World Oil Outlook, said oil production in Congo and Africa is expected to grow, while others are forecast to decline, with the exception of South Africa, which is expected to remain steady.

Read more @ Guardian Online

GLOBAL OIL DEMAND TO HIT 110 MBPD BY 2040

The Organisation of Petroleum Exporting Countries (OPEC) has estimated that global oil demand would hit 110 million barrels per day (mbpd) by 2040.
Also, the cartel said about $10 trillion, (in 2014 prices), is required as oil-related investment needed to cover future demand for oil at the global level between 2015 and 2040.

Read more @ The Guardian

OPEC DIVIDED OVER OIL OUTPUT CUTS

OPEC is expected to stick with its strategy of not cutting oil production when its ministers meet in Vienna on Friday, with the cartel split over who should take responsibility for reducing supply to support prices.

Read more @ BusinessDayNg

OIL SLUMP: OPEC BOWS TO PRESSURE FOR NEGOTIATION

The Organisation of Petroleum Exporting Countries has finally surrendered to market pressure, expressing its willingness to open talks with other crude producers following the persistent drop in oil prices.

 

Crude is currently trading near multi-year lows, and the oil cartel said it was ready to talk to other producers, according to an article in the OPEC Bulletin issued on Monday.

 

Read more @ Punch Online

OPEC BATTLES TO REGAIN CRUDE OIL REVENUE

Members of the Organisation of Petroleum Exporting Countries (OPEC) have continued to suffer huge drop in yearly revenue as a result of the uncertainty of oil prices.

According to the OPEC’s yearly statistical bulletin, oil revenues dropped in 2014 below the psychological $1 trillion mark for the first time since 2010, which may be a sign that the cartel was yet to overcome the economic impact of lower prices for oil-rich nations.

Read more @ Guardian

OPEC CRUDE OIL PRODUCTION HITS THREE-YEAR HIGH

Despite the clamour by the poorer members of the Organisation of Petroleum Exporting Countries (OPEC) for the cartel to reduce crude oil production due to the drop in prices, OPEC’s daily output climbed to a three-year high in June.

Saudi Arabia and Iraq hit record or near-record output, despite the clamour by the poorer members, as well as outages in Nigeria and Libya that reduced exports.

 

Read more @ Thisdaylive

OPEC HOLDS CRUNCH MEETING TODAY WITHOUT PRESIDENT DIEZANI

The Organisation of Petroleum Exporting Countries (OPEC) will today hold what many have termed a crunch meeting, as members of the cartel who favoured cut in output will battle it out with the other group, led by Saudi Arabia, who favour defending market share through maintaining its current output of 30 million barrels per day.

 

Read more @ Businessday

GLOBAL OIL GLUT LEAVES NIGERIA WITH BRUISES ALL ROUND

Amidst the escalating and bruising duel between US shale producers and the Organisation of the Petroleum Exporting Countries (Opec) oil production, not many have been punished as hard as Nigeria, highlighting a challenge for the petroleum cartel ahead of its meeting on Friday.

 

Read more @ Businessday

NIGERIA'S TRANSITION CAUSES CRACK IN OPEC

Aleadership vacuum has emerged at the Organisation of Petroleum Exporting Countries (OPEC) following the dissolution of Nigeria’s Federal Executive Council (FEC) last week, which led to the exit of former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, the OPEC’s first female president.

The oil cartel may meet for its extraordinary meeting in Vienna, Austria on Friday without a substantive president, as Alison-Madueke will no longer be eligible to preside over the meeting.

Read more @ New Telegraph
 
 

NIGERIA'S OIL PRODUCTION FALLS MOST AMONG OPEC MEMBERS

Still smarting from the plunge in revenue, Nigeria saw the highest drop in crude oil production in March among its peers in the Organisation of Petroleum Exporting Countries, the latest monthly report from the 12-member oil cartel has shown.

 

The report, which was released on Thursday, put oil output from Nigeria at 1.67 million barrels per day in March, down from 1.80 million bpd in February, based on direct communication. The country pumped 1.96 million bpd in January.

 

Read more @ Punch Online

 

OIL PRICES TO RISE AMID GROWING DEMAND – OPEC

The Organisation of Petroleum Exporting Countries has said the demand for crude oil is expected to rise this year, boosting prices of the product in the international market.

 

The oil cartel made this known in its monthly oil market report released on its website on Monday.

OPEC forecasts that demand for its oil will average 29.21 million barrels per day in 2015, up by 430,000 bpd from its previous forecast.

 

Read more @ Punch Online

EX-MINISTER, NNPC GMDS DEMAND NIGERIA’S WITHDRAWAL FROM OPEC

A former minister of Petroleum Resources, some past group managing directors and directors of the Nigerian National Petroleum Corporation have questioned the country’s continuing membership of the Organisation of Petroleum Exporting Countries.

 

They said that Nigeria’s membership of the cartel was currently hurting the economy and urged the country to pull out of the organisation.

 

Read more @ Punch Online

NIGERIA OIL EXPORTS TO DIP IN FEBRUARY

Nigerian crude oil exports in February are set to fall to around 1.87 million barrels per day (bpd) from around 2.03 million bpd in January, shipping lists showed on Tuesday.

This is just as the Kingdom of Saudi Arabia, the swing oil producer, has maintained that the Organisation of Petroleum Exporting Countries (OPEC) will not cut production even if the price of oil drops to $20 a barrel, adding that it will be unfair to expect the cartel to reduce output if non-members do not.

Read more @ Thiday Live

BRENT DROPS TO FIVE-YEAR LOW AT $61

The average price of crude oil from the Organisation of Petroleum Exporting Countries fell below $60 for the first time since July 2009, according to data from the 12-member cartel. However, the global benchmark Brent, against which Nigeria’s oil is priced, fell to $61.28 per barrel on Monday.

Brent has now lost more than 45 per cent of its value since its mid-June spike of $115 per barrel.

Read more @ The Punch

ALISON-MADUEKE ELECTED FIRST FEMALE OPEC PRESIDENT

LAGOS — Members of the Organisation of Petroleum Exporting Countries, OPEC, yesterday, elected Mrs. Diezani Alison-Madueke, Minister of Petroleum, as its president, making her the first female president of the oil cartel.

Alison-Madueke, who is currently the Alternate President of OPEC, was elected at the 166th meeting of the OPEC Conference in Vienna, Austria, and will assume office from January 2015.

Read more @ Vanguard

OPEC FACES TEST, MEETS THURSDAY ON OIL PRICES

The Organisation of the Petroleum Exporting Countries (OPEC) is set to hold a very crucial meeting on Thursday to decide on new production cuts for member countries, as the cartel seeks to lift crude oil prices which have plunged by about one-third in value since June to about $80 a barrel.

If OPEC does not curb production, the price of crude is likely to drop into the $60 per barrel range and possibly lower.

Read more @ Thisday Live

OPEC MAY NOT CUT OIL PRODUCTION

Ahead of the meeting of the Organisation of Petroleum Exporting Countries this Thursday, industry analysts have highlighted some of the factors that may prevent the 12-member oil cartel from agreeing to slash oil production to revive crashing oil prices.

International Brent crude, against which most of the world’s oil is priced, has fallen by over 30 per cent from more than $110 per barrel in June, putting pressure on the budgets of oil-exporting countries, including Nigeria. It recently tumbled below $80 per barrel.

Read more @ The Punch