Tag: Organisation of Petroleum Exporting Countries (OPEC)

Oil rises as supply concerns persist

Abibat Babalola

Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply. Brent futures rose $2.08, or 1.88%, to $112.98per barrel by 0922 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $2.00, or 1.85%, to $110.26 a barrel. READ ALSO: Oil Prices Rebound To $107.91 Per Barrel Oil price rises as OPEC projects steady demand growth 275 Oil Workers, Others Escape As Saipem Crane Vessel Nearly Sinks Brent and WTI…

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Nigeria Undermines OPEC Projections, Fails To Meet Quota In April

Abibat Babalola

Nigeria, Libya and a handful of African countries again hobbled the projected oil production plan by the Organisation of Petroleum Exporting Countries (OPEC) in April, failing to meet the quota allocated to them by the oil producers’ group. Crude oil theft and lack of investment made Nigeria lose on the average between 350,000 to 400,000 barrels per day during the period under review according to the minister of state for Petroleum Resources, Timipre Sylva He said the country has, however, begun to ramp up its production level and very soon…

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