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OPEC Warms of Oil Price Volatility Due to Lack of Investment

General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Sanusi Barkindo, has expressed concern over declining investment in the oil sector which may lead to price volatility if the decline is left uncurbed. The Nigerian-born OPEC chief, who spoke in an address at the special meeting of the organisation’s Economic Commission Board (ECB), which held via videoconference, explained that ...

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OPEC : Fossil Fuels, Renewable Energy Sources Must Coexist- Barkindo

The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Sanusi Barkindo, has said that fossil fuels Renewable Energy sources must coexist in order to meet entire energy needed of the world. Speaking at OPEC first Ministerial Roundable on Energy, Climate and Sustainable Development, Dr. Sanusi Barkindo, advocated that renewable energy sources and fossil fuels should coexist. Barkindo ...

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OPEC to Host Ministerial Roundtable on Energy, Climate, Sustainable Development

OPEC Secretariat will host the ‘First Ministerial Roundtable on Energy, Climate and Sustainable Development’ on Monday, 6 September 2021, via videoconference. The roundtable will be held under the framework of the ‘Charter of Cooperation’ to discuss key challenges and opportunities related to global action aiming to tackle climate change in the context of sustainable development and efforts to eradicate energy ...

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OPEC : Deteriorating Production Capacity Hampers Nigeria Oil Quota

Nigeria’s deteriorating production capacity and technical disruptions have led to the country’s crude oil production for last month August to slide by 90,000 per day to a five-year low of 1.43 million a day, This fall in production capacity has further incapacitated Nigeria’s ability to meet OPEC quota despite the organization’s lifting output by 290,000 barrels a day. It is ...

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PIB: Nigeria will Hit 40 Billion Barrels Reserves Target – OPEC

The Organisation of Petroleum Exporting Countries, OPEC, Monday, said that Nigeria stands a chance to increase its crude oil reserves to 40 billion barrels, from 37 billion barrels as President Muhammadu Buhari signs the nation’s Petroleum Industry Bill, PIB, into law. In a letter to the President, by Secretary General, OPEC, Mohammad Sanusi Barkindo, who congratulated him, stated: “With the ...

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OPEC+ Adjust Upward By 0.4MB/D on a monthly basis To Calm Down Tension

OPEC+ has adjusted upwards their overall production by 0.4 mb/d on a monthly basis starting August 2021 until phasing out the 5.8 mb/d production adjustment, and in December 2021 assess market developments and Participating Countries’ performance. The decision was arrived at the 19th OPEC and non-OPEC Ministerial Meeting held on Sunday and which also reaffirm the Framework of the Declaration ...

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OPEC Kicks Against IEA”s Forecast of Zero Emission by 2050

….it will hurt Developing Economies……The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Sanusi Barkindo, has again questioned the International Energy Agency (IEA)’s forecast of net zero emissions by 2050, stressing that the call for a halt to all investments in the oil sector post- 2021 is capable of destabilising the industry. Barkindo, who spoke at the ...

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OPEC+ May Downgrade Ministers’ Meeting, Leave Output Unchanged

The Organisation of Petroleum Exporting Countries (OPEC) and its allies are discussing downgrading next week’s the full-scale ministerial meeting, delegates said, a signal the coalition may stick with plans to gradually revive oil production. The OPEC+ coalition led by Saudi Arabia and Russia may go ahead with just the meeting of its monitoring committee on April 28, rather than the ...

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OPEC, Allies Agree to Ease Oil Production Curbs

The Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, yesterday resolved to gradually ease its oil output cuts from May till July. Sources said OPEC, which has been implementing deep cuts since oil prices collapsed in 2020 due to the COVID-19 pandemic, agreed to ease production cuts by 350,000 barrels per day in May, another 350,000bpd ...

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OPEC+ Deal to Boosts Oil Prices Despite Inflation Fears

Oil prices jumped higher Thursday after OPEC+ countries allowed crude production to rise only slightly, while US stocks unwound over concerns about rising inflation despite the Federal Reserve’s attempt to allay fears. After a videoconference lasting less than three hours, the OPEC groups of oil producers and its allies decided to extend output cuts enacted at the pandemic’s outset into ...

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