Tag Archives: OPEC

Nigerian Oil Major Focuses On Condensates To Offset OPEC Cuts

The Nigerian National Petroleum Corporation has decided to focus its attention on condensates production to compensate for lost revenue from oil exports due to the country’s commitment to the OPEC+ production cut deal. Nigerian daily This Day quoted the managing director of the NNPC as laying out this plan, and noting a boost …

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Oil Prices Extend Loss as Inventories Rise

Oil prices fell more than 1% on Wednesday, extending the prior session’s losses, after industry data showed an unexpected 2.7 million barrel build in US crude inventories for the week to December, 18th. Investors were also nervous following reports that US President Donald Trump rejected the $900 billion stimulus bill. …

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Brent Crude Price Hits $50/barrel

Oil prices advanced on Monday, with WTI crude trading nearly $47.0 a barrel while Brent crude staying around $50.0 a barrel at around 06:15 AM GMT, buoyed by hopes that a rollout of COVID-19 vaccine globally will improve global crude demand. The US has kicked off its vaccination campaign against …

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Oil Prices Recovering on Covid-19 Vaccine Optimism

WTI crude futures rebounded from earlier losses to trade higher at $46.1 a barrel on Wednesday, amid optimism over coronavirus vaccines and renewed hopes a new stimulus bill in the US could be approved soon. US FDA said Pfizer/BioNTech Covid-19 vaccine “met the prescribed success criteria” clearing it for emergency …

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Oil Prices Declines Further as OPEC Delayed Output Policy Talks

Oil prices fell on Tuesday, extending its prior losses, amid uncertainty about whether major oil producers would agree to extend its deep output cuts. Reuters reported Monday that the cartel delayed output policy talks until Thursday, as key players were still in disagreement on how much oil they should produce. …

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Oil Prices Fall $45/barrel as OPEC Ministers Meet Tuesday

Oil prices came under pressure on Monday, with WTI crude falling towards $45 a barrel on doubts whether OPEC and other oil-exporting countries could agree in postpone its planned production increase in January. The cartel is due to meet this week to discuss such move in the light of a …

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Oil Prices Fall on Global Demand Concern

Oil prices fell more than 1% on Monday, amid mounting fears over weakening global demand as the number of COVID-19 cases US surged in North America and across Europe. The US saw its highest number of virus cases in two days through Saturday, while new infections in France hit a …

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Oil Prices Dip Amid Demand Concern

Oil prices fell on Wednesday, amid fears that rising COVID-19 cases in the US and across Europe would deteriorate global fuel demand. In its monthly report Tuesday, the OPEC mentioned that oil demand in 2021 will rise by 6.54 million barrels per day (bpd) to 96.84 million bpd, 80,000 bpd …

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Low Oil Demand May Cause Refinery Closures in Africa, Asia–OPEC

Organization of the Petroleum Exporting Countries (OPEC) has forcasted that the downstream operations of crude oil production has come under enormous pressure due to declining demand, saying this will likely force a wave of refinery closures, especially as new capacity comes online in the Asia-Pacific and Middle East and Africa …

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