Tag Archives: OPEC

New York, US | Xinhua | Global oil market will rely more on the Middle East as U.S. shale oil production is expected to continue to fall, according to industry experts. U.S. shale oil production will fall by 900,000 barrels per day in 2020 and drop another 1.1 million barrels per …

Caracas, Venezuela | XINHUA |   Venezuela’s government on Thursday said it has succeeded in “normalizing” the supply of fuel throughout the South American country, following weeks of severe shortages and disrupted distribution. Starting Monday, the country’s 1,568 gasoline service stations will be reactivated after production at two of the country’s …

Kampala, Uganda | XINHUA | The Organization of the Petroleum Exporting Countries (OPEC) predicts that global oil demand will register a historic high growth of seven million barrels per day (b/d) in 2021, although it will remain far below the pre-COVID-19 level. While the oil market is still ravaged by …

Lagos, Nigeria | AFP |  Plunging oil prices and collapsing state revenues have seen Nigerian authorities vow an end to a controversial fuel subsidy scheme long criticised as a graft-ridden drain on public finances. But there are major doubts that Africa’s most populous country is finally ready to wean itself off …

  Libreville, Gabon | AFP | For years, African oil-exporting countries have vowed to wean themselves off crude — but for many, this uphill task may become mountainous after the coronavirus pandemic caused the energy market to collapse. Here is a snapshot of how sub-Saharan oil exporters are faring: – Who …

Paris, France | AFP | The rebalancing of the oil market is underway and will accelerate, the OPEC cartel said Wednesday, days after some of its members voluntarily increased their production cuts. The world oil market was thrown into disarray earlier this year as lockdown measures imposed by governments to slow the spread of the …

Paris, France | AFP |  The coronavirus pandemic blindsided international organisations, prompted individual states to unilaterally strike out alone and heralded a new chapter in the 21st century’s chief geopolitical rivalry between the United States and China. In the post-COVID-19 era, will multilateralism be dead? Regional and international organisations from the …

Hong Kong, China | AFP |  Oil resumed its painful retreat Wednesday, extending a rout that has torn through energy markets, though stock exchanges in Asia and Europe were mixed following a two-day sell-off. With demand virtually non-existent owing to virus lockdowns, and production still high despite storage at bursting point, …

Paris, France | AFP | The OPEC oil cartel said Thursday that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have decimated demand. “The oil market is currently undergoing a historic shock that is abrupt, extreme and at global scale,” said the group …

Vienna, Austria | AFP | Top oil-producing countries agreed on “historic” output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war, sending crude prices soaring on Monday. The US benchmark WTI climbed 7.7 percent to $24.52 a barrel in early Asian trade while Brent was …