• About Us
  • Terms & Conditions
  • Contact Us
Monday, January 30, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Security features of the new naira notes revealed by the CBN

    DSS intercepts syndicates selling new naira notes, bank officials implicated

    Sharia Council asks INEC to hold all elections same day

    Sharia Council asks INEC to hold all elections same day

    vacancy: Montego Upstream Services is recruiting

    VACANCY: SPIE Services Nigeria Limited is recruiting

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    BREAKING: CBN extends deadline for old naira notes

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    Again, INEC extends PVC collection deadline

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    Train Derails In Abuja, NRC Suspends Services

    Train Derails In Abuja, NRC Suspends Services

    How Osun state governor, Adeleke was sacked by tribunal

    How Osun state governor, Adeleke was sacked by tribunal

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Local Bourse Records Gains… As Year-to-Date in closed at 2.68%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    Zenith Bank’s Board of Directors approve payment of final dividend for 2022

    Zenith Bank’s Board of Directors approve payment of final dividend for 2022

    GlaxoSmithKline Nig. Plc reports N692mn profit for the 2022 financial year

    GlaxoSmithKline Nig. Plc reports N692mn profit for the 2022 financial year

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

    Unilever Nigeria Plc grows profit by 75.8% in FY 2022

    Dangote Cement Plc announces date of Board meeting to consider 2020 accounts

    Dangote Cement Plc appoints Arvind Pathak as new GMD

    Release of Oando’s 2019 Annual Financial Statements delayed again

    Oando blames complexity of audit for continued delays in releasing its financial statements

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    UK fines GTBank for ‘money laundering system failures

    UK fines GTBank for ‘money laundering system failures

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Security features of the new naira notes revealed by the CBN

    DSS intercepts syndicates selling new naira notes, bank officials implicated

    Sharia Council asks INEC to hold all elections same day

    Sharia Council asks INEC to hold all elections same day

    vacancy: Montego Upstream Services is recruiting

    VACANCY: SPIE Services Nigeria Limited is recruiting

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    BREAKING: CBN extends deadline for old naira notes

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    Again, INEC extends PVC collection deadline

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    Train Derails In Abuja, NRC Suspends Services

    Train Derails In Abuja, NRC Suspends Services

    How Osun state governor, Adeleke was sacked by tribunal

    How Osun state governor, Adeleke was sacked by tribunal

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Local Bourse Records Gains… As Year-to-Date in closed at 2.68%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

    Zenith Bank’s Board of Directors approve payment of final dividend for 2022

    Zenith Bank’s Board of Directors approve payment of final dividend for 2022

    GlaxoSmithKline Nig. Plc reports N692mn profit for the 2022 financial year

    GlaxoSmithKline Nig. Plc reports N692mn profit for the 2022 financial year

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

    Unilever Nigeria Plc grows profit by 75.8% in FY 2022

    Dangote Cement Plc announces date of Board meeting to consider 2020 accounts

    Dangote Cement Plc appoints Arvind Pathak as new GMD

    Release of Oando’s 2019 Annual Financial Statements delayed again

    Oando blames complexity of audit for continued delays in releasing its financial statements

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    UK fines GTBank for ‘money laundering system failures

    UK fines GTBank for ‘money laundering system failures

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Opinion & Analysis

Oil Price Jolts Up as OPEC+ Maintains Production Output for April 2021

Friday, 5 March 2021, 10:02 pm
in Opinion & Analysis
0
Brent rises above $60 per barrel as oil rally continues
Share Share Share Share Send as Email

(Greenwich Merchant Bank): Barely a year ago, oil prices reached an 18-year low of USD19.33pb in April 2020, fueling the decision for the Organisation of the Petroleum Exporting Countries, and its alliance (OPEC+) to cut back on the supply of crude oil to the market. Accordingly, oil production dipped by 3.7mbpd to average 25.6mbpd in 2020.

With the roll out of vaccines and the gradual recovery of economies, oil prices began to rally, hitting a post-COVID high of USD67.00pb in February 2020. Hence, the expectation that production levels will be hiked in March to ease the steep cut made in the previous year (2020). This was further buttressed by OPEC+ decision at its 13th OPEC and non- OPEC Ministerial Meeting (ONOMM) held in January 2021, where in it reaffirmed its stance to increase production by 0.5mbpd with effect from January 2021 and adjust production reduction from 7.7mbpd to 7.2mbpd.

Read: On that Misguided Food Blockade

Contrary to this popular expectation, the Ministers agreed at the 14th ONOMM, held on March 4, 2021, to maintain current status quo, leaving production cuts unchanged for April. This, however, was not extended to Russia and Kazakhstan, which were permitted to increase production by one-hundred and thirty-thousand barrels per day (130kbpd) and twenty-thousand barrels per day (20kbpd), respectively, due to their continued seasonal consumption patterns.

Furthermore, Saudi Arabia, the organisation’s de-facto leader, which had reduced its oil production for two (2) months starting in February, made additional voluntary adjustments of 1mbpd for the month of April.  This brings the current total output cut to 8mbpd. That caution by the coalition sent the price of Brent crude up 5.2% to settle at USD67.31pb.

As the uncertainty ushered in by the COVID-19 pandemic still exists, despite the rollout of vaccines, the need to still restrain the supply of crude oil is pertinent in order to avoid an oil glut as global recovery remains fragile. Hence, the decision of the OPEC+ to maintain production cuts is welcomed with an accompanying note of caution. The continued curtailment of production cut should result into higher prices which may consequently encourage more US shale output, particularly as US retail gasoline prices trends towards USD3.00 per gallon for the first time in six (6) years.

On the basis of a projected world oil demand growth of 5.8mbpd to average 96.1mbpd in 2021 (as revised in February) by OPEC, we anticipate that as oil prices continue to boom on the back of improved roll-out of vaccines and increased resumption of economic activities particularly in transport services, the Ministers at the subsequent ONOMM in April 2021, may decide to fulfil its earlier position at the start of the year by increasing production levels of members by at least 0.5mbpd.

Related Posts:

  • OPEC maintains 2021, 2022 oil demand forecasts, anticipates Covid-19 to be controlled
    OPEC maintains 2021, 2022 oil demand forecasts, anticipates…
  • Breaking: OPEC+ agree to boost oil output after Saudi and UAE end standoff
    Breaking: OPEC+ agree to boost oil output after Saudi and…
  • OPEC unanimously agree to extend 9.7 mb/d oil production cut
    OPEC unanimously agree to extend 9.7 mb/d oil production cut
  • Nigeria oil production declined to 1.373 million bpd in July - OPEC report
    Nigeria oil production declined to 1.373 million bpd in July…
Previous Post

On that Misguided Food Blockade

Next Post

CBN keeps in place Forbearance for Credit Facilities, Monitors Economic Recovery

Next Post
CBN Revises Timeline for Resolving Failed ATM, PoS and Web Transactions.

CBN keeps in place Forbearance for Credit Facilities, Monitors Economic Recovery

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

BREAKING: CBN extends deadline for old naira notes

VACANCY: Egbin Power Plc is recruiting into several positions

VACANCY: Nestoil is recruiting into several positions

Zenith Bank’s Board of Directors approve payment of final dividend for 2022

Zenith Bank’s Board of Directors approve payment of final dividend for 2022

Caught on Camera: Pfizer exploring “Mutating” COVID-19 virus for new vaccines

Caught on Camera: Pfizer exploring “Mutating” COVID-19 virus for new vaccines

Security features of the new naira notes revealed by the CBN

DSS intercepts syndicates selling new naira notes, bank officials implicated

Sharia Council asks INEC to hold all elections same day

Sharia Council asks INEC to hold all elections same day

vacancy: Montego Upstream Services is recruiting

VACANCY: SPIE Services Nigeria Limited is recruiting

CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist