OPEC sees the oil market as well supplied and is wary of revisiting a glut next year, the group’s secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output.
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Raising of output would offset the potential sanction hit to global supply.
The Minister of Energy and Industry of United Arab Emirates, Suhail Al Mazrouei, made the decision known at a news conference after the 4th OPEC and non-OPEC Ministerial Meeting in Vienna on Saturday.
They told the News Agency of Nigeria in separate interviews with in Lagos that the trade war between China and United States had led to the reduction of the price of crude oil at the international market.
The Director-General of LCCI, Muda Yusuf, gave the commendation in an interview with the News Agency of Nigeria in Lagos.
President Donald Trump’s decision this month to withdraw the United States from an international nuclear deal with Iran and revive sanctions that could limit crude exports from OPEC’s third-largest producer has given strong tailwind to oil prices.
The Head of Research at BudgiT, Atiku Samuel, told the News Agency of Nigeria on Thursday that the Federal Government was likely to fall short in 2018 performance for over estimating its revenue.
Both oil futures contracts hit their highest since November 2014 last week at 78 dollars and 71.89 dollars a barrel, respectively as markets anticipated a sharp fall in Iranian crude supply once US sanctions bite later this year.
Emmanuel met with Vice President, Yemi Osinbajo, who is the chairman of the National Economic Council, where both discussed the implications of the new oil price and the way forward for Nigeria.
Brent crude futures were up at $70.97 a barrel by 2:10pm EST (1810 GMT).
I have always said it privately and in public. If President Muhammadu Buhari decides to run for a second term in 2019, I would support him. It doesn’t matter whether I am in government or not
The NBS revealed this in its Foreign Trade Statistics for the Fourth Quarter of 2017
Capt. Victor Choji, the Executive Officer of the Nigerian Navy Ship Pathfinder, Port Harcourt, told newsmen on Friday that the product was suspected to have been stolen from pipelines in Niger Delta.
Brent crude rose by 3.3 per cent in January, its strongest start to the year for five years, in line with a broad rise in other risk-linked assets such as US equities, which hit record highs last month and marked their biggest January increase since 1997.
The Brent oil is poised to rise over $70 dollars in spite of international Media “manipulative stance”, media editor reveals.
Six days of anti-government protests in OPEC’s third-largest producer added a geopolitical risk premium to oil prices, although Iran’s production and exports had not been affected.
Libya has lost around 90,000 bpd of crude oil from a blast on a pipeline feeding Es Sider port, a Libyan oil source said, adding that NOC was still assessing the damage
The Organisation of Petroleum Exporting Countries, the Middle East-dominated producer club, and Russia, the world’s single biggest oil producer, have been withholding output to tighten the market and prop up prices.
The jump in Brent prices widened its premium to WTI prices, making US oil exports more attractive
Crude oil is a natural unrefined petroleum resource composed of hydrocarbon deposits and other organic materials