• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, March 23, 2023
Leadership News
Read in Hausa
  • Home
  • 2023 ElectionsLive
  • News
    • World News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • 2023 ElectionsLive
  • News
    • World News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership News
No Result
View All Result

OPEC Predicts Balanced Oil Market In Q1

by Chika Izuora
2 months ago
in Business
Reading Time: 2 mins read
OPEC+
Share on WhatsAppShare on FacebookShare on TwitterTelegram

The Organisation of Petroleum Exporting Countries(OPEC) expects global oil supply and demand to be in balance in the first quarter of the current year.

 The organisation will need to provide an average of 28.85 million barrels a day in the first three months of the year, roughly 120,000 bpd less than it pumped last month, according to a report from the group’s secretariat.

The estimates provide further validation for the substantial production curbs OPEC and its allies made late last year, saying, they were necessary to keep crude markets in equilibrium.

The measures have helped to support international oil prices near $85 a bbl as traders gauge China’s attempts to reopen its economy after almost three years of COVID lockdowns.

Speaking at the World Economic Forum(WEF) in Davos earlier on Tuesday, OPEC secretary-general, Haitham Al-Ghais said, the group is ‘seeing signs of green’ from China as travel and economic activity resume. Still, economic slowdown and persistent inflation in advanced economies are clouding the outlook, he warned.

A panel of key OPEC+ ministers will hold a monitoring meeting to assess market conditions on February 1, but it’s too early to say what they might decide, Al-Ghais added. 

RELATED

Winners Emerge In Cadbury Season 4 Competition

Winners Emerge In Cadbury Season 4 Competition

3 hours ago
Dangote Sugar Boosting Shareholders Value

Dangote Cement Earmarks N340bn Dividend Payment To Shareholders

9 hours ago

United Arab Emirates Energy minister, Suhail Al Mazrouei said on Monday that oil markets are ‘balanced.’

Heading into the second quarter, the report indicated that OPEC may face a slight surplus if it continues to produce at current rates, with expected demand for the group’s crude dipping to 28.34 million bpd.

For the year, OPEC predicts that world oil demand will increase by 2.2 million bpd to an average of 101.77 million a day, while supplies outside of the group will expand by 1.5 million bpd. The estimates are largely unchanged from last month’s report.

 

Tags: OPEC+
SendShareTweetShare

paygate
Previous Post

MTN Foundation Revamps 15 Labs, 3 Secondary Schools In Owerri

Next Post

Customs Recovers N5.8bn From Importers At Lagos Port

Chika Izuora

Chika Izuora

YOU MAY LIKE

Winners Emerge In Cadbury Season 4 Competition
Business

Winners Emerge In Cadbury Season 4 Competition

3 hours ago
Dangote Sugar Boosting Shareholders Value
Business

Dangote Cement Earmarks N340bn Dividend Payment To Shareholders

9 hours ago
Elections: Electronic Banking Channels To Remain Open – CBN
Business

CBN Disburses N1.09trn Anchor Borrowers’ Loans In 2 Months

10 hours ago
Next Post
Customs Seizes 12 Trucks Of Rice Worth N537.5m In 1 Month

Customs Recovers N5.8bn From Importers At Lagos Port

ADVERTISEMENT

LATEST UPDATES

100m Hungry Nigerians Our Party’s Structure – Peter Obi

UPDATED: Keyamo Demands Peter Obi, Baba-Ahmed’s Arrest Over Alleged Incitement, Petitions DSS

March 23, 2023
NANSE Congratulates Zamfara Gov-elect, Advises Against Neglect Of Students

NANSE Congratulates Zamfara Gov-elect, Advises Against Neglect Of Students

March 23, 2023
Illicit Drugs: NANSE Confirms Arrest Of 50 Nigerian Students In Cyprus

Illicit Drugs: NANSE Confirms Arrest Of 50 Nigerian Students In Cyprus

March 23, 2023
Obi/ Baba- Ahmed Ticket: Can They Cause An Upset?   

JUST-IN: Keyamo Reports Peter Obi, Baba-Ahmed To DSS Over Alleged Calls For Rebellion 

March 23, 2023
Rehabilitation Of Apapa, Tin-Can, Other Ports To Cost $800m – NPA

NPA Remittances To Federation Account Rises To N91bn

March 23, 2023
Coalition Storms INEC Headquarters In Kaduna, Seeks Review Of Guber Poll Result

Coalition Storms INEC Headquarters In Kaduna, Seeks Review Of Guber Poll Result

March 23, 2023
Aviation Sector Records Double Growth In 7 Years – Sirika

JUST-IN: Nigeria Air To Begin Operations Before May 29 – Minister

March 23, 2023
Timi Frank Urges US, UK, EU To Stop Buhari, INEC From Postponing Elections

Buhari Assents Copyright, Medical Laboratory College Bills

March 23, 2023

© 2023 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • 2023 Elections
  • News
    • World News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2023 Leadership Media Group - All Rights Reserved.