Tag: OPEC

Oil prices advance as China increases U.S. crude imports

  Oil prices rose on Monday as China’s plans to ship in large volumes of U.S. crude in August and September outweighed concerns over a slowdown in demand recovery after…

Read More Arrow

Weakening demand, rising supply weigh crude futures

Weakening demand due to anticipated second wave of the coronavirus pandemic and rising supply have continued to weigh on market sentiment, dampening crude futures. Oil prices opened lower on Monday…

Read More Arrow

Libya Standoff Deepens as Egypt Lawmakers Approve Use of Force

Egypt’s president secured a parliamentary green light for possible military intervention in Libya, raising the stakes in the OPEC member amid international efforts to reach a political solution to the conflict. The…

Read More Arrow

OPEC+ to reduce production in August to 7.7 million barrels daily

The Organization of the Petroleum Exporting Countries (OPEC) and its allies have agreed to increase crude oil supply starting from next month, as demand continues to rise to pre-pandemic levels. OPEC+ agreed to reduce the daily production cut from…

Read More Arrow

OPEC: In five years,Nigeria earned $206bn from oil

Nigeria, Africa’s top oil producer, generated $206.06bn in revenue from crude oil exports in the last five years, the Organisation of Petroleum Exporting Countries has said. OPEC, in its 2020…

Read More Arrow

OPEC Readies Next Move in Bid to Avoid Oil-Market Taper Tantrum

OPEC+ leaning toward a gradual easing of production curbs  JMMC to assess strategy on July 15 amid fragile market outlook Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea…

Read More Arrow