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Thursday, May 28, 2020

OPEC

OPEC, allies agree to cut nearly 10 million barrels a day

  OPEC, Russia and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the COVID-19  pandemic and a price war, officials...

April 9 OPEC+ virtual meeting: Nigeria’s Petroleum Ministry consulting stakeholders on crude market stability, says Sylva

  Ahead of April 9 OPEC+ meeting, the Federal Government says it is in  consultations with global industry stakeholders and prepared to join the rest of the world in making the necessary sacrifices to stabilize the international crude oil market. The...

Oil Price Explosion – Brent Crude Jumps 20%

Oil prices jumped on global markets Sunday night after a wave of weekend drone attacks instantly erased half of Saudi Arabia’s oil production. Brent crude on Sunday traded at $70.98 per barrel on oil futures markets, an 18 percent surge...

Nigeria Restates Commitment to Agreed OPEC, Non OPEC Production Adjustments

  Nigeria has reaffirmed its unwavering commitment to production adjustments agreed upon under the Declaration of Cooperation (DoC), between member countries of the Organization of the Petroleum Exporting Countries (OPEC) and Non-OPEC Countries, at the last Ministerial Meeting of what...

Kyari thumbs-up OPEC decision on Production cut

Nigeria is in support of the Organization of the Petroleum Exporting Countries (OPEC)’s decision to extend production cuts to 2020, OPEC National Representative in Africa’s largest oil producer, Mele Kyari, said  on Monday. The incoming Group Managing Director of the...

OPEC chief hails Buhari’s pick for NNPC GMD

The head of the Organisation of Petroleum Exporting Countries on Thursday hailed President Muhammadu Buhari's appointment of Group General Manager, Crude Oil Stock Management, Mr. Melee Kyari, to be the next Group Managing Director of Nigeria’s National Petroleum Corporation, NNPC. A congratulatory...

OPEC ‘likely to collapse,’ warns Iran’s oil minister

Iran oil minister Bijan Zangeneh, has warned that  OPEC is on the verge of collapse because some members are targeting their fellow producers. “I told OPEC Sec Gen Mr Barkindo that OPEC is being threatened due to unilateralism by certain...

Trump says oil prices too high, blames OPEC

US president Donald Trump on Thursday suggested that the U.S. may reconsider military support for countries in the Middle East if members of OPEC don't bring down oil prices. "We protect the countries of the Middle East, they would not be...

“Please stop” tweeting, Iran’s OPEC Minister to Trump

In a statement to Iranian news agency Shana on Thursday, Iran's OPEC minister, Hossein Kazempour Ardebili, addressed President Trump, who has been demanding on Twitter that OPEC lower oil prices, directly, hoping to set the record straight: "Mr. President ......

Oil prices drop as OPEC, Russia set to increase production

Oil prices plunged on Friday as reports said OPEC and Russia are considering lifting production by as much as 1 million barrels a day to meet the shortfall in supply from Iran and Venezuela. OPEC and a group of non-OPEC...
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Latest News

Nigeria reports 5 additional COVID-19 deaths, over 385 more cases

  According to the NCDC as of 11 p.m. Wednesday, Nigeria now has 8,733 cases of COVID-19 with 2,501 recoveries. The...
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Continental Reinsurance firm Honours Top African Journalists at Virtual Awards Ceremony

  By Ajuma Edwina Ogiri A Leading Pan African Reinsurance firm, Continental Reinsurance Plc, has honoured winners of its 2020 Pan African Re/Insurance Journalism Awards at...

Alleged corruption at AfDB : I’m unperturbed, innocent, says Dr Adesina

        In spite of spirited efforts in some quarters to tarnish his reputation and prejudice the bank’s governance procedures, the President of the African Development...

COVID-19: FG to amend National Endowment for the Arts Act

  In a bid meet the demands of the creative sector and reposition it post-COVID-19 pandemic, the Federal Government says it will soon send a...

COVID-19: FG proposes shift system as it reopens schools soon

  Ahead of the re-opening of schools across the country, the Federal Government said on Thursday that it would soon announce measures for safe resumption by students. The government said...