• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, August 2, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

OPEC Retains Output Level Despite Russia’s Cutback Threat

by Chika Izuora
2 years ago
in Business
OPEC
Share on WhatsAppShare on FacebookShare on XTelegram

The Organisation of the Petroleum Exporting Countries (OPEC) and partners have signaled they won’t boost oil production to fill in for cutbacks announced by Russia.

Advertisement

The OPEC+ group, led by Saudi Arabia, will maintain output despite plans by the Moscow to cut 500,000 barrels a day in retaliation for international sanctions, according to delegates who declined to be identified.

Oil jumped after Russia’s announcement, with Brent rising 2.8 per cent to $86.90 a bbl. It later pared gains to 1.4 per cent, or around $85.65.

Riyadh and others in the producers’ alliance have indicated they aim to stick with targets fixed late last year for the rest of 2023. They believe these will keep global oil markets broadly in balance.

‘We really believe OPEC+ will hold production flat for the full year,’ co-founder of consultancy Energy Aspects, Amrita Sen said to Bloomberg TV on Friday, after visiting Saudi Arabia. 

RELATED

Business Summit Partners UWEAL To Empower African Entrepreneurs

Business Summit Partners UWEAL To Empower African Entrepreneurs

9 hours ago
New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

14 hours ago

“Having spoken to quite a few officials in Riyadh, the motto was very much to stay put this year — no changes to OPEC+ policy, regardless of the volatility we see in prices,” he said.

While the U.S. and other consumers repeatedly urged OPEC to fill in any gap left by Russia, the group has been unmoved, remaining concerned that increasing supplies could oversupply the market and endanger oil revenues for its members.

“I doubt Russia’s OPEC+ partners were taken by surprise and do not expect the supply reduction will alter their ‘stay put’ policy stance,” said president of Rapidan Energy Group and a former White House official, Bob McNally.

OPEC officials have indicated they’re still apprehensive that the resurgence in COVID cases in China could derail the country’s economic recovery as it reopens. secretary-general, Haitham Al-Ghais said this week the disease is a ‘beast’ menacing the global economy.

Saudi Energy minister, Prince Abdulaziz bin Salman, last week in Riyadh, said, the bar for any intervention will be very high. ‘I will believe it when I see it and then take action,’ he said.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: OPEC+
SendShareTweetShare
Previous Post

Goldman Sachs Foresees Crude Oil Prices Rising To $100 Per Barrel

Next Post

Late Night Fire Consumes N56.8m Property In Kwara

Chika Izuora

Chika Izuora

You May Like

Business Summit Partners UWEAL To Empower African Entrepreneurs
Business

Business Summit Partners UWEAL To Empower African Entrepreneurs

2025/08/02
New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations
Business

New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

2025/08/02
FUEL CRISIS…Hold Marketers Responsible For Long Queues – Dangote
Business

Dangote Refinery Appoints David Bird As CEO

2025/08/02
Nestlé Equips Over 3.7m Children In 2023
Business

Nestle Nigeria Deepens Grassroots Impact With Women Empowerment Initiative

2025/08/02
Wema Bank Rewards 131 Customers With N11m In ‘5 For 5’ Promo Monthly Draw
Business

Wema Bank Grows Profit by 231% in H1 2025

2025/08/02
United Capital Appoints Uche Ike As New Chairman
Business

United Capital Appoints Uche Ike As New Chairman

2025/08/02
Leadership Conference advertisement

LATEST

Edo LG Polls: I’m Aspiring To Advance Good Governance In Ovia South-West — Omoruyi

LASU Suspends Exam, Academic Activities

ADC Condemns Shutdown Of Radio Station In Niger

Abure-led Labour Party Faults INEC Over Party’s Omission In By-election

Gov Sani Distributes 400 Trucks Of Fertilizer To 100,000 Kaduna Farmers

Police Clash With Community Over Land Dispute In Abuja

Zulum Allays Borno Residents’ Fears Over Alau Dam

Police Summon Sowore For Alleged Forgery, Inciting Disturbance

Tinubu Celebrates Ex-VP Sambo At 71

NSE President Urges Stronger Nigeria–Japan Synergy For Infrastructure Dev’t

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.