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Venezuela’s production collapsed due to a lack of investment and Iranian exports have suffered due to US sanctions.
Read More »Oil Prices Rise after US Crude Inventories Fall
OPEC Production Hits 4-month High of 31.87 mb d
OPEC is a 14-country oil cartel. which includes Nigeria.
Read More »OPEC. Non-OPEC Producers Arrange to Boost Oil Output
The group equally stated they will meet again on December 4. 2018 to review their decision and its impacts on the market.
Read More »Oil Rose to $74.84 per Barrel as OPEC Agrees to Increase Output
OPEC and its allies have since last year been participating in a pact to cut output by 1.8 million bpd.
Read More »Nigeria’s Crude. Second Highest Valued in 2017 Reference Basket
An average of 692.600bd of the country’s crude oil went to Europe in 2017.
Read More »Crude Oil Price Drops as US Supply Grows. OPEC Mulls Higher Output
The production-cutting pact between the OPEC. Russia and other producers has given strong tailwind to oil prices.
Read More »IEA: OPEC Production Growth Depends on Stability in Nigeria. Libya. Iraq
IEA in the Oil 2018 envisaged that excess global refining capacity would grow. but Asian refiners need more crude.
Read More »IEA: Global Oil Supply Rose 90.000b d in September to 97.5mb d
Global oil supply rose 90.000 b d in September to 97.5 mb d as non-OPEC output edged higher with output standing at 620.000 b d higher than last year.
Read More »GE Targets to Reduce Cost of Oil Production with Baker Hughes Merger
Cost could only be reduced by cost cutting or using more efficient technology.
Read More »OPEC Predicts Higher Demand for Oil in 2018
Saudi Arabia told OPEC it cut output to 10.01 million bpd last month. from 10.07 million bpd in June. meaning its production fell back below its OPEC target of 10.058 million bpd.
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