Tags : Oil Prices

Crude Drops For Six Weeks Straight As Omicron Jolts Market

Oil has dropped for a sixth straight week, marking the longest stretch of weekly declines since 2018, as the omicron variant jolts markets. The spread of the omicron variant has investors concerned about a potential hit to demand as the U.S. reported at least six states with cases while infection rates in South Africa have almost quadrupled […]Read More

OPEC+ May Hold Off Oil Output As Omicron Threaten Market

OPEC and its allies would meet this week to decide whether to stick with their planned oil output increase or hold off until more is known about the Omicron variant of the coronavirus. The Organization of the Petroleum Exporting Countries will meet with its allies led by Russia would meet today to discuss how to […]Read More

Oil Price Rises To A Three-Year High At Nearly $80

Oil price has continued to climb as demand recovers faster than was predicted. The global benchmark Brent is up at nearly $80 a barrel, its highest price since October 2018. Brent crude was up 1.73 percent to $79.44 a barrel by 4:06 pm ET (21:06 WAT), having posted three straight weeks of gains. United States […]Read More

OPEC+ To Revive Oil Production As Prices Bounce Back

The OPEC coalition led by Saudi Arabia and Russia is expected to press on with the planned revival of oil production, as prices bounce back from their August downturn. The coalition is gradually restoring the vast amount of crude production halted during the pandemic, and will probably ratify the next monthly instalment when it gathers on […]Read More

Nigeria Loses 2.5tr Oil Barrels In 4 Years

According to data from the Nigeria Natural Resource Charter, Nigeria has lost 4.5 trillion barrels of oil to theft in the last four years. Another separate data from the National Oil Spill Detection and Response Agency showed that the country recorded 4,919 oil spills between the period of 2015 to March 2021. The Ministry of […]Read More

OPEC Members Loses $1tr in Revenue In Two Years

Members of the Organization of the Petroleum Exporting Countries, including Nigeria, lost about $1trillion in revenue due to the plunge in oil prices in 2015 and 2016. OPEC’s Secretary-General, Sanusi Barkindo, who disclosed this at the 2021 Nigeria International Petroleum Summit said oil sector investments during the period crashed by $300billion. “In terms of foregone […]Read More

Oil Demand Shows Signs Of Recovery As Nigerian Rig Counts

Going by the increase in rig counts in May, the International Association of Drilling Contractors (IADC) in Nigeria have revealed the oil market demand may be showing signs of full recovery in no time. Chairman of IADC, Nigeria chapter, Chuks Enwereji, of Shelf Drilling Offshore Services, disclosed at the 2021 HSE Awards & Technical Session […]Read More

OPEC: Nigeria, Others Reduce Oil Production By 2.6 Billion Barrels

In the Declaration of Corporation by member and non-member nations of the Organisation of Petroleum Exporting Countries, Nigeria and other participating countries have so far reduced crude oil production by 2.6 billion barrels. OPEC announced that, in order to balance the global oil market, the participating countries contributed in cutting down this volume of oil […]Read More

OPEC Predicts 6 mb/d Global Demand of Oil In 2021

The Organisation of Petroleum Exporting Countries has predicted that the global demand will increase by six million barrels per day, mb/d in 2021 despite the prolonged impact of the Covid-19 pandemic. OPEC noted that oil demand contracted by a very significant 9.5 mb/d in 2020 and it is forecasted to grow by around 6 mb/d […]Read More

Experts Say Green Energy Could Cost Oil States $13 Trillion

As efforts to contain the rise in global temperatures drive the decarbonization of energy supplies, new report has shown that the shift to green energy could cost oil and gas producing countries $13 Trillion by 2040. It says some countries could lose at least 40% of total government revenue. Carbon Tracker’s report is likened to […]Read More