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Nigeria records 39kbd rise as OPEC+ overpumps by 53 kbd in June
Sopuruchi Onwuka Nigeria’s total crude oil output in the month of June increased by 39,000 barrels per day, according to estimates by Rystad Energy which tracks crude oil trade among producers, traders and refineries across the world. The increase in…
OPEC+ countries extend 2.2 mbd voluntary cuts for Q2
Sopuruchi Onwuka The OPEC Secretariat has declared the announcements of several OPEC+ countries extending additional voluntary cuts of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets. These voluntary cuts are calculated from the…
Capacity crunch: OPEC+ squeezes additional 100 kbd output
The world’s major oil producers hosted in the Organization of Petroleum Countries (OPEC) and its nonmember coalition countries will increase their controlled oil output by only 100,000 barrels per day under the its scheduled supply restoration. OPEC and its allies,…
Citi blames price surge on Ukraine war, values crude oil at $70
Global investment bank and industry advisory firm, Citi Group has thrown support for the position of the Organization of Petroleum Countries (OPEC) on the surging crude oil prices, saying that the prevailing strong prices are not a product of fundamental…
Why OPEC+’s quota boost has no pull on prices
Sopuruchi Onwuka The decision by world petroleum market factor, the Organization of Petroleum Exporting Countries (OPEC) to boost nominal production by 648,000 barrels per day addressed the concerns of industrial economies but failed to shot down prices. Market sources on…
Energy transition is late, behind demand surge ___Avuru
Sopuruchi Onwuka Eminent geologist and petroleum industry investor, Mr Austin Avuru, is not in any panic about the prevailing global indignation against the industry. Instead he is calling on investors to muster funds for investments in meeting rapidly growing demand….
‘OPEC+ still positioned for oil market intervention’
Sopuruchi Onwuka The league of world’s key petroleum producers hosted in the Organization of Petroleum Exporting Countries (OPEC) and its non-member allies are still positioned to apply supply modulation mechanisms in protecting vulnerable economies from oil market shocks as the…
