The Organization of Petroleum Exporting Countries (OPEC) has retained its oil market forecast in 2023 for 2024 amid forecasts by analysts of bright economic outlook. In its Monthly Oil Market Report (MOMR) released on Wednesday, the oil cartel maintained that for 2024, world oil demand would grow at 2.2 million barrels per day (b/pd), for […]
Tag: Organization of Petroleum Exporting Countries (OPEC)
OPEC Could Maintain $80/B Oil Price In 2024 – Citigroup
Latest oil market analysis research findings by the Citigroup Inc, has predicted that oil prices could range between $70 to $80 per barrel in 2024. The Group, in the report, pointed out that to balance the oil market, the Organization of Petroleum Exporting Countries, OPEC+ will need to maintain its latest oil production cuts throughout […]
UAE Opts Out Of Voluntary Oil Output Cut By OPEC
The United Arab Emirates (UAE), the third largest oil producer in the Organization of Petroleum Exporting Countries (OPEC) has expressed intention to raise its oil output next year following the allocation of increased quota under the OPEC+ agreement. The country’s leaders said in the summer that the country would not join the Saudi Arabia on […]
Global Crude Oil Output Rises By 80,000 B/PD In October – OPEC
…Says Nigeria Still Unable To Meet Quota The Organization of Petroleum Exporting Countries (OPEC) on Monday reported that crude oil production by oil producing countries rose in October by 80,000 barrels per day (b/pd) compared to September output The oil cartel clarified that the output of the OPEC+ countries during the month, however, continued […]
Fossil Fuels Still Account For 80% Of Global Energy Mix – OPEC
The Organization of Petroleum Exporting Countries (OPEC) on Thursday disclosed that fossil fuels continue to make up 80% of the global energy mix. The oil cartel, in a statement debunked the assertion by the International Energy Agency (IEA) that fossil fuels demand would peak before 2030, adding that the assertion is not made on data-based […]
OPEC Forecasts 23% Surge In Energy Demand By 2045
….says industry needs $12.1trn investment to meet demand The Organization of Petroleum Exporting Countries (OPEC) has predicted that global energy needs will continue to increase given the expected growth in the world economy and population over the years ahead and estimated that energy demand would increase by 23% in 2045. The Secretary General of the […]
OPEC Forecasts Bright Outlook For Oil Market In 2024
The Organization of Petroleum Exporting Countries (OPEC) has expressed optimism about oil demand growth prospect next year despite the current market slowdown in the global market. Sources close to the oil cartel hinted that it would likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later […]
OPEC Cuts Nigeria’s 2024 Production Quota To 1.38MB/D
The Organization of Petroleum Exporting Countries OPEC+ members agreed to maintain their current crude oil supply through the end of 2024, following a weekend of intense oil diplomacy in Vienna, Austria Similarly, quotas for 2024 were lowered for production under-performers, including Nigeria, Angola, Azerbaijan, Malaysia, Congo and a few more countries. Under the arrangement Nigeria’s […]
KPMG Charts Fiscal Roadmap To Boost Nigeria’s Oil Revenue
….Says New Tax Hike Will Hurt Economy KPMG Nigeria, one of the leading tax advisory and economic research firms in the country, has charged the Federal Government to adopt fiscal measures to boost revenues from the nation’s hydrocarbon resources sector rather than hiking non-oil taxes in order to achieve an efficient fiscal system in […]
Naira Depreciates To N707/$1 At Black Market
The Naira again slumped in value early Wednesday, trading at N707 to a US dollar at the parallel market, representing a 0.28% depreciation compared to N705/$1 recorded in the previous trading session. Similarly, the exchange rate at the cryptocurrency peer-to-peer (P2P) FX market also fell by 0.35% to trade at N706.98/$1 on Wednesday morning, as […]