NIGERIA SEES OIL HITTING MID-$60S IN COMING MONTHS AS OPEC BITES

Crude oil prices hovering around $55 a barrel since early December, will climb by about $10 in the coming months, as OPEC-led measures to curb a glut take hold, Nigeria’s oil minister said. “Ultimately, the effects over the next few months will get us to where we want to be, which is in the mid-$60s.”

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OPEC RAISES OIL FORECAST TO 95.60 MILLION BPD

The Organisation of the Petroleum Exporting Countries, in its latest Monthly Oil Market Report, raised its forecast for global crude oil demand to 95.60 million barrels daily, up by 1.16 million bpd from the estimated 2016 average of 94.44 million barrels daily.

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OIL HITS 18-MONTH HIGH AT $58PB AS OUTPUT CUT BEGINS

Crude oil price rose to an 18-month high of $58.37 on the first day of trading in 2017, yesterday. This followed anticipations anchored on a possible deal between members of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members, which could lead to cut in production.

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OPEC'S OIL OUTPUT HITS NEW RECORD ON NIGERIA, LIBYA

Partial recovery in oil production capacity in Nigeria and Libya is likely to set another record high in October in OPEC’s oil output. The rise in output could add to scepticism about OPEC’s ability to finalise a plan agreed in September to limit supplies, a survey by Reuters said.

Read more @ The GuardianOnline

OPEC, UN HARP ON ECONOMIC DIVERSIFICATION OF OIL PRODUCERS

United Nations Framework Convention on Climate Change (UNFCCC) and Organisation of Petroleum the Exporting Countries (OPEC) has identified economic diversification as the leeway for building economic resilience.

Both UNFCCC and OPEC have therefore agreed to explore all available capacities, which can assist member countries in diversifying their economies and achieving transition of work force.

Read more @ Guardian NG

CRUDE OIL PRICES LOOKING FOR DIRECTION AMIDST OPPOSING FORCES

Crude oil prices have recovered slightly since September 27, after the Organization of the Petroleum Exporting Countries (OPEC) announced its first planned output cut to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in order to rein in a global supply glut that forced crude to crash from over $100. Despite OPEC's expressed desire to cut output, latest report show the cartel's September production output at eight-year high of 33.24 million bpd.

Read more @ BusinessDay

NIGERIA’S CRUDE OIL PRODUCTION RISES BY 280,700 BPD

Nigeria’s crude oil production has increased by 280, 700 barrels per day (bpd) from the 1.104 million bpd recorded in August to 1.385 million bpd in September.

The Organisation of the Petroleum Exporting Countries (OPEC), which made this known in its monthly oil market report released on Wednesday without giving further details, said crude oil production averaged 33.39 mbpd in September, an increase of 0.22 mbpd over the previous month.

Read more @ Guardian NG

OIL PRICES SLUMP 1% AS OPEC'S OUTPUT HITS EIGHT-MONTH HIGH

Oil prices fell about one per cent wednesday after the Organisation of Petroleum Exporting Countries (OPEC) reported its September oil output at eight-year highs in its monthly Oil Market Report (OMR), thus eroding optimism over the carte’s pledge to bring a global crude oil glut under control.

 

This is coming as energy ministers from Qatar, the United Arab Emirates, Algeria, Venezuela and Russia yesterday began informal closed-door talks with the Secretary General of OPEC, Mr. Mohammed Barkindo, in Istanbul, Turkey, as part of the coordinated efforts to rebalance the oil market.

 

Read more @ Thisdayliuve

NIGERIA'S OIL OUTPUT FALLS BELOW MARKET ESTIMATE

 The crude oil production figure provided by Nigeria to the Organisation of Petroleum Exporting Countries for last month was 139,000 barrels per day lower than the estimate from secondary sources.

 

Nigeria, which lost the Africa’s top oil producer status in March, produced less crude oil than its rival, Angola, in September, according to OPEC.

 

Read more @ Punch NG

OPEC STRESSES IMPORTANCE OF CRUDE OIL PRODUCTION FREEZE

The Orgaisation of the Petroleum Exporting Countries (OPEC) has said that the agreement by member countries to settle for out put freeze underlines the organisation’s continued commitment to a ‘sustainable stability’ in oil markets.

This it said would be for the mutual interests of producing nations, efficient and secure supplies to consumers and with a fair return on invested capital for all producers

Read more @ Guardian NG

OIL MAY HIT $60 PER BARREL THIS YEAR

Saudi Arabia’s Energy Minister Khalid al-Falih has said that the price of crude oil might hit $60 per barrel this year, following the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut global production.

 

This is coming as the Russian President, Vladimir Putin, monday gave his support to international efforts to reduce oil supply and boost prices in the clearest sign yet that Russia might participate in moves to cut or freeze output.

 

Read more @ Thisdaylive

OIL PRICE HITS ONE-YEAR HIGH AT $53

Global oil benchmark, Brent, jumped to a one-year high on Monday, after Russia said it was ready to join the Organisation of Petroleum Exporting Countries in curbing crude output.

 

The oil price has risen from $45 on September 28 when OPEC decided to cut output for the first time in eight years.

 

Read more @ Punch NG

OIL EXPORTING NATIONS LOSE $1TR TO CRISIS

The over two years of oil price crisis has cost the Organisation of the Petroleum Exporting Countries (OPEC) more than $1 trillion in losses and a decline of 26 per cent in industry-related investments.

Besides, with the unsteady developments in the growth of the global economy, there is a projection that the oil industry would record further contraction of about 22 per cent in investment this year.

Read more @ Tadall

CRUDE OIL PRICES HIT FOUR-MONTH HIGH ON OPEC SPECULATION

Crude oil prices rose yesterday, with Brent hitting four-month highs on a rally inspired by Organisation Of the Petroleum Exporting Countries (OPEC) plans to tighten output before pulling back as a surging dollar weighed on greenback-denominated commodities.

Specifically, Brent crude was up 13 cents at $51.02 a barrel by yesterday. It rose to $51.37 at the session peak and its highest since June 10. Earlier, Brent fell to $50.34. after settling on Monday at $50.89.

Read more @ Guardian NG

OPEC REQUIRES $10 TRILLION TO MEET OIL DEMAND

Organisations of the Petroleum Exporting Countries (OPEC) has projected oil-related investment requirements of about $10 trillion between now and 2040.

This is expected to assist the organisation to meet oil demand, which is expected to increase by around 17 million barrels a day between now and 2040 to reach close to 110 million barrels a day.

Read more @ Guardian NG

NIGERIA’S PROJECTED INCREASE IN OIL OUTPUT TO OFFSET OPEC’S PROPOSED CUTS

Nigeria’s projected increase in oil production will potentially offset the production cuts proposed by the Organisation of Petroleum Exporting Countries (OPEC) to reduce the level of inventory in the oil market for the recovery of oil prices, THISDAY’s investigation has revealed.

 

OPEC had last Wednesday in Algiers, Algeria, agreed to a landmark deal to effectively cut production to 32.5 million barrels per day from around 33.24 million, the first time since 2008 that the cartel would be reaching such decision.

 

Read more @ Thisdaylive

CRUDE OIL PRICES RISE AS OPEC PLANS OUTPUT CUT

Crude oil prices moved up by six per cent yesterday following the decision by the Organisation of Petroleum Exporting Countries (OPEC) to cut production in an attempt to curtail glut.

Specifically, Brent crude oil traded for $49.34 per barrel while West Texas Intermediate (WTI) rose to $47.89 a barrel.This is a significant improvement from the $40 per barrel, for which it was sold a few weeks ago due to persistent global glut.

Read more @ Guardian NG

CRUDE OIL SLUMPS ONE DAY AFTER OPEC DEAL TO CUT OUTPUT

Despite the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut crude oil production by 200,000-700,000 barrels per day to achieve price recovery, oil prices fell yesterday after the gains recorded on Wednesday.

This was just as Royal Dutch Shell on Thursday in Rio de Janeiro, Brazil, launched its “#makethefuture” programme, where it unveiled six new technologies from different youth entrepreneurs around the world to provide sustainable and cleaner energy than conventional energy sources.

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SAUDI ARABIA DASHES HOPES FOR OPEC DEAL IN ALGERIA

Saudi Arabia on Tuesday dashed the hopes that the Organisation of Petroleum Exporting Countries (OPEC) could reach an agreement to reduce crude oil production in Algeria today as the differences between the kingdom and rival Iran remained unresolved.

Saudi Arabia had offered to reduce its output if Iran agreed to freeze production, a shift in Riyadh’s position as the kingdom had previously refused to discuss output cuts.

 

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CRUDE OIL PRICES RISE 2% AS VENEZUELA REKINDLES HOPES OF OUTPUT FREEZE

Crude oil prices rose by two per cent yesterday after Venezuela reportedly hinted that the Organisation of Petroleum Exporting Countries (OPEC) and other major oil producers could agree to output cuts and as clashes in Libya disrupted the country’s attempts to boost crude exports.

Read more @ Thisdaylive