Energy Featured Gas Oil Petrochemicals

Oil: OPEC predicts shortfall of 2m barrels per day by year end

Oil: OPEC predicts shortfall of 2m barrels per day by year end

The oil market is heading for a significant shortfall of around two million barrels per day at the end of the year as a result of a production cut by major producers.

The Organisation of the Petroleum Exporting Countries (OPEC) disclosed this on Thursday.

In its monthly report for April, OPEC noted the unexpected decision at the start of the month by OPEC, which included Russia alongside OPEC members, to reduce production from next month.

Russia is among the countries cutting production by extending to the end of the year, a production cutback originally scheduled to expire at the end of June. It said the aim was to support prices.

Oil prices had responded to the move.

Brent crude, a key global benchmark, had risen by more than 7 dollars since the start of the month to around 87 dollars.

Related posts

Fuel subsidy removal: FG secures $800mn World Bank facility for palliatives

Editor

NIMASA shortlists 11 firms for vessel financing

Our Reporter

Inferior fuel: FG demands Dangote refinery’s diesel report, orders new test

Editor

Lagos Assembly rejects 3 Sanwo-Olu’s cabinet nominees, confirms 35

By Meletus EZE

Customs in Seme intercepts 136,350 litres of petrol, 79 used cars

Meletus EZE

Trump says to unleash American fossil fuels, halt climate cooperation

Editor