Tag: opec
NNPC remains committed to OPEC+, agreement – Kyari tells global Forum
The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to abide by the output cut agreement of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies called OPEC+, to stabilise the global oil market. Group Managing Director of NNPC, Malam Mele Kyari, who gave the assurance at the ongoing virtual Gulf Intelligence ...Oil rises after Trump falsely claims victory in tight U.S. election
Oil prices rose nearly 3 per cent on Wednesday after President Donald Trump falsely claimed victory in a tight U.S. election with millions of votes still to be counted and the final result not yet clear. A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for ...OPEC prepares for an age of dwindling oil demand
The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting ...OPEC+ sets June 22 deadline for non-compliant members on oil output cut
The Organisation of Petroleum Exporting Countries (OPEC) and its allies in the Declaration of Cooperation, called OPEC+, has set June 22 as deadline for non-compliant member on the oil output cut to submit their compensation plans. The group disclosed this in a statement issued after the 19th Joint Ministerial Monitoring Committee (JMMC), held via video ...Less flying means oil demand to stay below pre-virus levels before 2022 – IEA
Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency (IEA) said on Tuesday, but less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022. “Our first forecast for 2021 as a whole shows demand growing by 5.7 million barrels ...Oil demand expected to fall by 8.6 mbpd – IEA
Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing lockdown measures. Demand is expected to fall by 8.6 million barrels per day (bpd), the IEA said in its monthly report, trimming its estimate by ...Oil falls as fears of second coronavirus wave take hold
Oil prices fell on Wednesday as potential OPEC+ plans to deepen supply cuts were overshadowed by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease lock downs. Brent crude LCOc1 dropped 56 cents, or 1.9%, to $29.42 a barrel by 0855 GMT, having risen 1.2% on Tuesday. West Texas Intermediate ...Oil price inches to $31 per barrel on lockdown easing
Oil rose above $31 a barrel on Wednesday as some countries ease coronavirus lockdowns offset a report showing a higher-than-expected rise in U.S. inventories. Brent crude has almost doubled since hitting a 21-year low reached on April 22, supported by expectations demand will recover and by a record supply cut led by the Organization of ...Nigeria’s oil bid stalled, upstream projects delayed due to price crash – NNPC
GMD NNPC, Mele Kyari Nigeria will not hold bidding rounds for major oilfields until crude prices recover, and some upstream projects will be completed much later than originally planned, officials said in a web conference on Tuesday. Nigeria, Africa’s largest oil producer, is grappling with a significant drop in oil prices and a collapse ...COVID-19: Economic lockdowns will trigger biggest ever fall in energy demand, emissions – IEA
Economic lockdowns brought on by the coronavirus pandemic set to cut global energy demand and carbon dioxide emissions by record amounts, the International Energy Agency (IEA) said on Thursday. Global energy demand could slump by 6% in 2020 due to the restrictions placed on homes and industry in what would be the largest contraction in ...
