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<p>The International Energy Agency has kept its outlook for growth in oil demand largely steady this year on the back vaccine hopes which could prompt countries to relax COVID-19 induced restrictions. In Nigeria’s domestic oil market, deliberations on the Petroleum Industry Bill continues as lawmakers aims to pass the highly anticipated bill in the second quarter of the year. Ayodele Oni, Chair and Partner of the Energy and Natural Resources Practice Group at Bloomfield Law Practice joins CNBC Africa for more.</p>


Vaccine hopes boosts oil markets – What does this mean for Nigeria?

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<p>Oil producer group, OPEC says uncertainty around the oil market remains high with most of the downward risks being related to the coronavirus pandemic. How will the change in administration in the U.S bear impact the dynamics in the oil markets? Emmanuel Odiaka, Managing Director and CEO of ECOB Capital joins CNBC Africa for more.</p>


How the Biden administration impacts dynamics in the oil markets

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<p>As oil prices hit a nine-month high with Brent crude hovering around 51 dollars and 60 cents, worries around oil demand recovery persist despite improved vaccination hopes. Oil cartel, OPEC, trimmed its 2021 demand forecast yet again to 95.89 million barrels per day just as its Joint Ministerial Monitoring Committee rescheduled this week’s meeting for early January.  Joining CNBC Africa to discuss what to expect from the oil sector next year are Adeoye Adefulu, Partner at Odujinrin and Adefulu, Kola Karim, the Chairman of Shoreline Group and Niyi Falade, CEO of Crusader Sterling Pensions.</p>


What lies ahead for Nigeria’s oil and gas sector in 2021?

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<p>Producer club, OPEC, its allies and Russia have agreed to mildly increase oil supply by 500, 000 barrels per day beginning from January 2021. Expert say the group took a more diplomatic approach in reaching its decision. What does this mean for oil producing economies like Nigeria? Uchenna Minnis, Managing Partner at WST Markets joins CNBC Africa for more.</p>


OPEC+ agrees to ramp up production by 500

OPEC+ agrees to ramp up production by 500,000 bpd from January

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<p>The oil market continues to remain on high alert as it expects producer club, OPEC and its allies to reach a decision on its production guidance for member countries come 2021. But what OPEC+ deal will be most favourable for the Nigerian economy whose oil sector contracted by 13.89 per cent in the third quarter of the year? Kola Karim, Chairman of Shoreline Group and Tajudeen Ibarhim, Senior Vice President and Head of Research at Chapel Hill Denham joins CNBC Africa for more.</p>


OPEC+ meeting: What’s best for Nigeria?

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<p>Oil prices are steady as the market pays attention to deliberations by producer club OPEC and its allies on the 2021 output policy. Back home, Nigerian equities have registered gains for the sixth consecutive session, sustaining their bullish momentum. Luke Ofojebe, Analyst at Vetiva Research joins CNBC Africa for more.</p>


Oil market awaits OPEC+ consensus on 2021 policy

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<p>OPEC and its allies have delayed talks for an output policy for 2021 until Thursday. The group is faced with the options of extending its current supply cut in other to monitor market trends or reverse it on hopes that recent vaccine developments will support global economic growth which will in turn boost crude demand recovery. Rolake Akinkugbe-Filani, Chief Commercial Officer at Mixta Nigeria joins CNBC Africa for more.</p>


OPEC+ delays talks on output policy for 2021

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<p>Financial Derivatives says the current global oil demand which has failed to fully recover from its pre-pandemic levels does not support the lessening of OPEC’s production cut mandates in January. This comes ahead of the December 1st meeting by the oil producer club and its allies. Pelumi Osode, Senior Economic Analyst at Financial Derivatives joins CNBC Africa for this conversation.</p>


FDC: Oil demand does not support lessening of OPEC cut

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<p>The Joint Ministerial Monitoring Committee of oil producer club, OPEC will meet virtually today to assess the state of the market. But expert say they do not expect any major decision on crude supply until the two-day meeting scheduled for the 1st of December. Uchenna Minnis, Managing Partner at BluFX Nigeria joins CNBC Africa for more.</p>


OPEC+ meets as demand concerns weigh oil markets

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<p>A ministerial panel of key OPEC plus oil producers meets today to review the group’s compliance with the current oil supply cut pact an also assess the oil market. Ahead of the meeting, Nigeria’s President Mohammadu Buhari and Saudi Arabia’s King Salman bin Abdulaziz discussed efforts taken to stabilise and re-balance global oil markets. Olumayowa Ige, Research Analyst at Financial Derivatives joins CNBC Africa for more.</p>


Brent nears five-month high as OPEC+ meets today

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<p>Global crude production cut has been tapered to 7.7 million barrel per day this August putting an end to the historic 9.7 million barrels per day supply cut which expired on July 31st. Crude prices have remained under pressure on fears of new COVID-19 cases. Kola Karim, Chairman of Shoreline Group joins CNBC Africa for a focus on the global oil market.</p>


Crude remains under pressure on fears of new cases COVID-19


<p>LONDON (Reuters) &#8211; The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC.</p>



<p>The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand.</p>



<p>It has prompted some officials in the Organization of the Petroleum Exporting Countries, oil’s most powerful proponent since it was founded 60 years ago, to ask whether this year’s dramatic demand destruction heralds a permanent shift and how best to manage supplies if the age of oil is drawing to a close.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="338" height="253" src="https://www.cnbcafrica.com/wp-content/uploads/2020/07/oil-oil-production-oil-pump-heating-oil-crude-oil-thumbnail.jpg" alt="" class="wp-image-376014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/07/oil-oil-production-oil-pump-heating-oil-crude-oil-thumbnail.jpg 338w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/oil-oil-production-oil-pump-heating-oil-crude-oil-thumbnail-300x225.jpg 300w" sizes="(max-width: 338px) 100vw, 338px" /></figure>



<p>“People are waking up to a new reality and trying to work their heads around it all,” an industry source close to OPEC told Reuters, adding the “possibility exists in the minds of all the key players” that consumption might never fully recover.</p>



<p>Reuters interviewed seven current and former officials or other sources involved in OPEC, most of whom asked not to be named. They said this year’s crisis that sent oil below $16 a barrel LCOc1 had prompted OPEC and its 13 members to question long-held views on the demand growth outlook.</p>



<p>Just 12 years ago, OPEC states were flush with cash when oil peaked above $145 a barrel as demand surged.</p>



<p>Now it faces a dramatic adjustment if consumption starts a permanent decline. The group will need to manage even more closely its cooperation with other producers, such as Russia, to maximise falling revenues and will have to work to ensure relations inside the group are not frayed by any fratricidal dash to defend market share in a shrinking businesses.</p>



<p>“OPEC’s job will be harder in the future because of lower demand and rising non-OPEC production,” said Hasan Qabazard, OPEC’s head of research from 2006 to 2013 whose work now includes advising hedge funds and investment banks on OPEC policy.</p>



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<figure><iframe width="755" height="129"></iframe></figure>



<p>One official, who works in energy studies in the oil ministry of a major OPEC member, said shocks to oil demand had in the past led to permanent changes in consumer behaviour. He said this time was unlikely to be different.</p>



<p>“The demand does not return to pre-crisis levels or it takes time for this to happen,” he said. “The main concern is that oil demand will peak in the next few years due to rapid technological advances, especially in car batteries.”</p>



<p>In 2019, the world consumed 99.7 million barrels per day (bpd) &#8211; and OPEC was forecasting a rise to 101 million bpd in 2020.</p>



<p>But global lockdowns this year that grounded planes and took traffic off the streets, prompted OPEC to slash the 2020 figure to 91 million bpd, with 2021 demand still seen below 2019 levels.</p>


oil-rig-industry-oil

End game for oil? OPEC prepares for an age of dwindling demand

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<p>Oil producer club and its allies, OPEC+ agreed to ease production cuts to 7.7 million barrels per day from August until December this year. Dayo Amzat, Managing Director and CEO of Zedcrest Capital joins CNBC Africa to discuss what these decisions mean for the global oil market and emerging economies like Nigeria.</p>


OPEC & allies agree to ease oil production cuts

OPEC & allies agree to ease oil production cuts, here’s how this impacts emerging markets

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<p>The Joint Ministerial Monitoring Committee of oil producer club, OPEC will meet later today after which it will announce its recommendation for production policy along with the group’s allies. Joining CNBC Africa to weigh the committee’s options is Kola Karim, Chairman of Shoreline Group.</p>


COVID-19: What to expect from the OPEC+ meeting

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<p>As the first half of the year winds down, the COVID-19 pandemic has shaped global oil dynamics with the OPEC+ supply cuts helping to keep oil prices afloat. Alex Nachi Tarka, President of the Nigerian Association of Petroleum Explorationists joins CNBC Africa for more.</p>


COVID-19: How the pandemic is impacting Nigeria’s oil exploration prospects

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<p>Oil producer club, OPEC, says global oil demand is anticipated to decline by 6.4 million barrels per day in the second half of the year compared with a decline of 11.9 million barrels per day in the first half of the year. Uchenna Minnis, Managing Partner at BluFx Nigeria joins CNBC Africa to discuss the trends in the global oil market and what they mean for emerging markets like Nigeria.</p>


BluFx’s global oil market trends for 2020

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<p>Following the decision by oil producer club and its allies to extend its 9.7 million phase one production adjustment deal till the end of July.</p>


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Vaccine hopes boosts oil markets – What does this mean for Nigeria?

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OPEC+ agrees to ramp up production by 500,000 bpd from January

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OPEC+ delays talks on output policy for 2021

FDC: Oil demand does not support lessening of OPEC cut

OPEC+ meets as demand concerns weigh oil markets

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Crude remains under pressure on fears of new cases COVID-19

End game for oil? OPEC prepares for an age of dwindling demand

OPEC & allies agree to ease oil production cuts, here’s how this impacts emerging markets

COVID-19: What to expect from the OPEC+ meeting

COVID-19: How the pandemic is impacting Nigeria’s oil exploration prospects

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OPEC

Vaccine hopes boosts oil markets – What does this mean for Nigeria?

How the Biden administration impacts dynamics in the oil markets

What lies ahead for Nigeria’s oil and gas sector in 2021?

OPEC+ agrees to ramp up production by 500,000 bpd from January

OPEC+ meeting: What’s best for Nigeria?

Oil market awaits OPEC+ consensus on 2021 policy

OPEC+ delays talks on output policy for 2021

FDC: Oil demand does not support lessening of OPEC cut

OPEC+ meets as demand concerns weigh oil markets

Brent nears five-month high as OPEC+ meets today

Crude remains under pressure on fears of new cases COVID-19

End game for oil? OPEC prepares for an age of dwindling demand

OPEC & allies agree to ease oil production cuts, here’s how this impacts emerging markets

COVID-19: What to expect from the OPEC+ meeting

COVID-19: How the pandemic is impacting Nigeria’s oil exploration prospects

BluFx’s global oil market trends for 2020

Can Nigeria’s economy withstand OPEC’s production cuts?

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