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 ...

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 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 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 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 ...

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 ...

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 ...

Ministers of the OPEC+ countries agreed in a video conference on Sunday to boost oil prices by cutting production by 9.7 million barrels a day for May and June, Mexico’s Energy Minister Rocio Nahle tweeted. This may signal the beginning of a gradual rebound in crude oil prices from next month. The reduction is 300,000 ...

The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) Mohammed  Barkindo  has said that the global oil market would record excess crude oil supply of  14.7 Million Barrel per Day (MBD) in the second quarter. This signals a sustained low price and even further drop in the price of crude worsening the financial ...

This week’s oil price rout had become inevitable and cutting oil output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand will be, Russia’s deputy energy minister said in an interview with Reuters on Wednesday. Last week, Saudi Arabia failed to secure Moscow’s support for deeper ...