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Tag: Output

  • Oil prices rise on slow OPEC oil output increase

    Oil prices rise on slow OPEC oil output increase

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    by

    Femi Ajasa
    in

    Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures gained 28 cents, or 0.3%, to $84.99 a barrel by 0117 GMT while U.S. West…

  • OPEC output rises on Nigeria, Kuwait supplies

    OPEC output rises on Nigeria, Kuwait supplies

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    by

    Olaotan Falade
    in ,

    Oil production from the Organisation of Petroleum Exporting Countries (OPEC) rose in July, despite supply shortfalls from Libya, Iran and Saudi Arabia. Rising output from Nigeria, Kuwait and the UAE offset the drops. OPEC production averaged 32.32 million barrels per day (bpd) in July, 40,700 higher than June, according to the group’s monthly oil market…

  • Nigeria won’t exceed oil output target – Barkindo

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    by

    Olaotan Falade
    in ,

    The Secretary-General of Organisation of Petroleum Exporting Countries, OPEC, Mohammad Barkindo on Monday said that Nigeria has no intention of going beyond its oil production target of 1.8 million barrels per day (bpd) until the end of March 2018. Barkindo made this known at the opening of the fourth Joint OPEC-non-OPEC Ministerial Monitoring Committee in…

  • Oil steady after gains on Saudi output cuts

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    by

    Olaotan Falade
    in ,

    Oil prices were little changed on Friday after gaining nearly 1 percent the day before on news that Saudi Arabia had cut production to meet OPEC’s agreement to reduce output. Saudi Arabia has been curbing oil output in January by at least 486,000 barrels per day (bpd) to 10.058 million bpd, fully implementing OPEC’s agreement…

  • Oil-Producing Countries agree to cut output with OPEC

    Oil-Producing Countries agree to cut output with OPEC

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    by

    Olaotan Falade
    in ,

    Oil-producing nations on Saturday struck a deal to cut output along with the Organization of the Petroleum Exporting Countries OPEC, a pact designed to reduce a global oversupply of crude, lift prices and lend support to economies hurt by a two-year market slump. The deal will remove about 600,000 barrels a day of crude oil…