OPEC said this on Wednesday during a bilateral meeting.
The oil market is suffering from falling demand and low prices in light of the coronavirus pandemic.
OPEC said this on Wednesday during a bilateral meeting.
The oil market is suffering from falling demand and low prices in light of the coronavirus pandemic.
Ministers of the OPEC+ countries agreed in a video conference on Sunday to boost oil prices by cutting production by 9.7 million barrels a day for May and June, Mexico’s Energy Minister Rocio Nahle tweeted.
Sylva disclosed this at the ongoing 9th Organisation of Petroleum Exporting Countries and Non OPEC ministerial webinar meeting
The Minister of State for Petroleum Resources, Chief Timipre Sylva, says Nigeria will take positions that will favour its economic forecast at the upcoming OPEC+ meeting .
Energy ministers from the OPEC+ oil cartel would conduct a video conference on Monday in an effort to find a way to stabilise prices for the commodity, Azerbaijan announced on Friday.
OPEC on Thursday agreed to cut oil output by an extra 1.5 million barrels per day in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak.
Sylva said this in a statement issued by his Spokesman, Alhaji Garba Muhammad in Abuja on Sunday.
“The last quota put us at 1.7 million bpd and we are committed to that threshold … our current production with the cuts is between 1.6 and 1.7 million barrels per day for November,” Roland Ewubare said on the margins of an oil conference in the United Arab Emirates.
OPEC is counting on Russia to help sooth tensions between Iran and Saudi Arabia in order to help the global oil market stabilise, Barkindo was quoted by TASS as saying.
Minister of State for Petroleum Resources, Chief Timipre Sylva, says that Nigeria will cut down on its crude oil production to comply with the targets set by the Organisation of Petroleum Exporting Countries.
Barkindo made the commendation in Tuesday shortly after inspecting the NNPC Pavilion at the ongoing 24th World Energy Congress in Abu Dhabi, United Arab Emirates.
The Secretary General of the Organisation of Petroleum Exporting Countries, Mohammad Barkindo, has congratulated Timipre Sylva on his appointment as Nigeria’s Minister of State for Petroleum Resources.
Nigeria’s Representative on the OPEC Economic Commission Board and Group Managing Director, Nigerian National Petroleum Corporation, Mallam Mele Kyari, made this known in a statement issued on Wednesday in Abuja.
The Secretary General of the organisation, Mohammad Barkindo, stated this in Vienna while speaking against the backdrop of mass mobilisation of civil society campaigns against the oil industry.
Following geopolitical conflicts, the US has placed sanctions on Iran and Venezuela, who are both founding members of OPEC.
The charter now replaces the `Declaration of Cooperation’, which was reached in Dec. 2016 between the two groups.
OPEC in Vienna re-elects Nigeria’s Mohammed Barkindo as Secretary-General for a three-year tenure. The oil bloc also approved a nine-month…
Under the cooperation, OPEC member and non-member nations accelerated the stabilisation of global oil market through voluntary production adjustments, which amounted to 1.8 million barrels per day.
The Organisation of the Petroleum Exporting Countries and the Nigerian Extractive Industries Transparency Initiative have commended Mele Kolo Kyari’s appointment as NNPC boss.
Organisation of Petroleum Exporting Countries and non-OPEC States are discussing holding their ministerial meetings on oil output policy on July 10 to 12 in Vienna, a date range proposed by Iran, OPEC sources said on Tuesday.