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.
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.
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.
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.
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.
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.
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.
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.