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Eight OPEC+ producers adjust output, pledge market stability
Frank Okon The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 April 2026, to review global market conditions and…
OPEC+ considers output boost as Hormuz impasse traps market supply
Sopuruchi Onwuka, with agency reports Organization of Petroleum Exporting Countries and its non-member allies (OPEC+) are expected to weigh another modest increase in oil production this weekend, even as the ongoing U.S.-Israeli war with Iran keeps the Strait of Hormuz…
Nigeria’s Feb oil output slips amidst rising prices
Sopuruchi Onwuka Nigeria’s oil production edged lower in February, slipping to an average of 1.46 million barrels per day from 1.49 million in January, a decline of about 30,000 barrels per day. The drop comes at a time when global…
OPEC+ adds barrels as Hormuz shipping impasse jolts oil markets
Sopuruchi Onwuka, with agency reports In response to the escalating shipping crisis at the Strait of Hormuz triggered by recent strikes on Iran, key members of the OPEC+ oil cartel have agreed to a modest increase in oil production, seeking…
OPEC+ producers to keep output steady in March
Sopuruchi Onwuka, with agency reports The Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will keep crude oil production unchanged in March. The decision was reached on Sunday at a meeting of key OPEC+ members,…
OPEC+ to maintain current oil supply volumes into Q1, 2026
OPEC and its non-member partners agreed over the weekend to maintain current oil supply volumes through the first quarter of 2026, confirming a pause on production hikes as the global market moves toward a major surplus. The group signaled that…
OPEC+ stokes oversupply fears with 137,000 new barrels
Sopuruchi Onwuka Members of the Organization of Petroleum Exporting Countries and nonmember allies (OPEC+)are billed to pump in significant 137,000 barrels per day of new supply into the increasingly bearish oil market, heightening concerns that possible supply surge would dilute…
Trump’s Middle East tour weighs on oil market fundamentals
Sopuruchi Onwuka Progress made on US-China trade negotiations and the improvement in the US-Iran nuclear negotiations have joined to erode pessimism on oil demand at a time the OPEC+ supply bloc has indicated nearly half a million barrels of incremental…
Bearish sentiments rule oil market as OPEC+ agree to boost oil production
Sopuruchi Onwuka World’s biggest petroleum supply bloc, OPEC+, has announced decision to increase petroleum liquids output, a move that analysts fear would now mount downward pressure on the value of the commodity in the global market. The decision is expected…
Trump becomes new oil price factor
Sopuruchi Onwuka The new economic and trade policies of President Donald Trump of the United States appear to establish as a third major factor in the global oil price dashboards as threats of crippling sanctions on Russian, Venezuelan and Iranian…
