OPEC

By Eyo  Nsima The prices of crude oil have increased to more than $100 per barrel, barely a few days after the meeting of the Organisation of Petroleum Exporting Countries, popularly known as OPEC+ in Vienna, Austria. Oil prices had dropped below $90 per barrel, due to the threat posed by the Coronavirus pandemic, but

By Eyo Nsima The secretary-general of APPO, the African Petroleum Producers Organisation, has come out in support of the recent decision by OPEC to cut production by around 2%, on the side-lines of Africa Oil Week (www.Africa-OilWeek.com) in Cape Town. “It is a decision well taken,” said APPO secretary-general Dr Omar Farouk Ibrahim, on the

By Eyo Nsima The Organisation of Petroleum Exporting Countries and its allies, popularly known as OPEC+, has slashed Nigeria’s oil output to 1.742 million barrels per day, mb/d. The ‘November 2022-December 2023’ released by OPEC, yesterday, showed that amongst African producers, Nigeria’s 1.742 mb/d was the highest, while Sudan’s 72,000 bp/d was the lowest. In

By Eyo Nsima The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and non-OPEC Ministerial Meeting will take place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022, according to the Organisation of Petroleum Exporting Countries, OPEC. It stated: “The OPEC Secretariat looks forward to

The Organization of the Petroleum Exporting Countries (OPEC) today marks the sixth anniversary of the adoption of the landmark ‘Algiers Accord’ on 28 September 2016 in Algiers, Algeria. Six years ago, the OPEC Conference held its 170th (Extraordinary) Meeting in the Algerian capital to discuss oil market developments and deliberate ways to address the severe

The Organization of the Petroleum Exporting Countries (OPEC) will host the 8th OPEC International Seminar at the Imperial Hofburg Palace in Vienna, Austria, on 5-6 July 2023 under the theme, ‘Towards a Sustainable and Inclusive Energy Transition’.   The OPEC International Seminar is one of the premier events in the energy industry calendar. It strengthens

By Eyo Nsima The Organisation of Petroleum Exporting Countries, OPEC, and its allies, known as OPEC+, has slashed Nigeria’s oil quota to 1.826 million barrels per day, mb/d in October, from 1.83mb/d in September 2022. The action, which aims at enabling OPEC+ to realise stability in the market was taken at the just-concluded meeting of

By Our Correspondent The Organisation of Petroleum Exporting Countries, OPEC, has revised down the World Economic Growth to stand at 3.1 per cent for 2022 and 2023, implying relatively low demand for oil. According to OPEC, “This is a result of weaker 2Q22 growth in the major economies and an observed soft trend in some