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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…
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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…
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Experts Say Green Energy Could Cost Oil States $13 Trillion By 2040
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…
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Oil Prices Revert To Pre-Covid Level Despite Low Demand
Oil prices have experienced a revert to pre-pandemic levels having hit an all-time low last year. While demand for oil is still lower than normal, the rolling out of vaccines have positively affected the oil prices, leaving in its wake hopes of a speedier than expected economic recovery. Prices “Black gold” has now reached $60…