The Organisation of Petroleum Exporting Countries will act to balance the market after oil prices rose to their highest in four years, but its options may be limited by available spare capacity.
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Raising of output would offset the potential sanction hit to global supply.
Oil prices jumped more than 2 per cent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production.
Oil prices were mixed on Friday after falling in the previous session as US President Donald Trump urged the Organisation of Petroleum Exporting Countries to lower crude prices ahead of its meeting in Algeria this weekend.
“Your tweets have increased the prices by at least $10. Please stop this method,” the oil ministry news agency quoted Kazempour Ardebili as saying.
Barkindo said this while delivering a keynote address at the 17th edition of the annual “Nigeria Oil and Gas Strategic Conference and International Exhibition’’ in Abuja on Tuesday.
Barkindo said this in an interview with the News Agency of Nigeria on Sunday after the OPEC and non-OPEC ministers had on Saturday agreed to increase oil supplies, which remained unchanged for18 months.
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.
Kachikwu made the country’s position known in an interview with journalists on Thursday ahead of the 174th Meetings of the OPEC Conference and the OPEC and non-OPEC Ministerial meeting scheduled for Friday and Saturday in Vienna, Austria.
Kachikwu said this in an interview with journalists on the sideline of the 7th OPEC International Seminar taking place in Vienna, Austria, with the theme: “Petroleum: Cooperation for a Sustainable Future”.
Sahara Group is one of the frontline participants at the OPEC seminar, a position that reinforces its thought leadership role and commitment to facilitating conversations that will bolster the sector with key considerations for transparency, market balance, safety and environmental protection.
This announcement is boosting hopes of a deal to end a nuclear standoff on the Korean peninsula.
Osinbajo stated this in Abuja on Monday while declaring open the Extraordinary Session of the Council of Ministers of African Petroleum Producers Organisation.
Earlier in the day, Trump wrote on Twitter that the oil prices were “artificially very high,” accusing OPEC of being behind it.
Kachikwu said this while reeling off the urgent needs of the sector at the closing ceremony of the just-concluded maiden Nigeria International Petroleum Summit in Abuja.
OPEC had made a decision for member countries to cut production when oil prices were low, to force a rise in the price of crude.
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.
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.