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OPEC MEMBERS
Nigeria has been unable to find ways to cut oil production, as part of the OPEC+ deal signed weeks ago. This has led to the postponement of the crude oil export plan for May and June 2020 by Nigeria National Petroleum Corporation (NNPC)
The dangerous exposure of Nigeria to the crude oil price crash and low demand globally will be a huge blow to the country’s ability to meet its revenue target for the revised budget
Oil prices spiked on Tuesday, erasing earlier losses after the U.S President Donald Trump disclosed that he would meet with the Chinese President Xi Jinping at the G20 summit later this month.
The facilities of Saudi Aramco suffered setback early Tuesday morning after explosive-laden drones attacked two pumping stations belonging to the state-owned oil company.
Nigeria's oil export has received a major boost as the U.S refineries upped their crude oil imports from Africa, doubling the volumes of oil import to the U.S in May 2019. The development came against the backdrop of U.S sanctions that restricted usual providers of widely used grades as the country gears up for the peak driving season
@OPECSecretariat says it plans to prevent an energy crisis as a result of conflicts in some member states.
Recent developments in the global oil market have indicated that there may be a repeat of the oil price burst of 2014.
Nigeria has defaulted in the agreement reached by the Organization Petroleum Exporting Country (OPEC) to cut crude oil production.
Available facts show that OPEC members, last month, pumped the highest volume of crude since 2016.
Meanwhile, millions of Nigerians are in abject poverty in spite of the increased earnings.