• Latest
  • Trending
OPEC+ Boosts Crude Oil Exports In September

OPEC Fails to Agree on February Oil Production Output, Meeting Continues Tuesday

January 5, 2021
761 Days to 2023 Presidential Election, Nigerian Politicians Start to Re-align

US ‘Deeply Disappointed’ Mexico Closed Probe of Ex-Defence Minister

January 17, 2021
761 Days to 2023 Presidential Election, Nigerian Politicians Start to Re-align

761 Days to 2023 Presidential Election, Nigerian Politicians Start to Re-align

January 17, 2021
Nigerian Governors Move to Take Over Covid-19 Vaccines’ Distribution, Meet Wednesday

Nigerian Governors Meet Wednesday Over New Covid Safety Measures

January 17, 2021
Saudi Arabia to Reopen Qatar Embassy in Coming Days

Saudi Arabia to Reopen Qatar Embassy in Coming Days

January 17, 2021
Stallion Nigeria, Interswitch, Flour Mills among Companies Investigated by CBN over FX Infractions

Fitch Forecasts $42bn External Reserves for Nigeria in 2021

January 17, 2021
Ally of Poisoned Kremlin Critic Navalny Jailed in Moscow for Extremism

Ally of Poisoned Kremlin Critic Navalny Jailed in Moscow for Extremism

January 16, 2021
Covid Cases on Player Flights Leave Australian Open Buildup in Disarray

Covid Cases on Player Flights Leave Australian Open Buildup in Disarray

January 16, 2021
All 50 US States Brace for Armed Protests Ahead of Biden Inauguration

All 50 US States Brace for Armed Protests Ahead of Biden Inauguration

January 16, 2021
Pragmatic German Governor Armin Laschet Elected to Lead Merkel’s Party

Pragmatic German Governor Armin Laschet Elected to Lead Merkel’s Party

January 16, 2021
Museveni Declared Winner of Uganda Elections Amid Vote Rigging Claims By Bobi Wine

Museveni Declared Winner of Uganda Elections Amid Vote Rigging Claims By Bobi Wine

January 16, 2021
Trump Administration Carries Out 13th and Final Execution

Trump Administration Carries Out 13th and Final Execution

January 16, 2021
Dr Dre Records First Victory in Messy Divorce with Estranged Wife

Dr. Dre Released From Hospital After Brain Aneurysm

January 16, 2021
India Begins World’s Largest Covid-19 Vaccination Drive

India Begins World’s Largest Covid-19 Vaccination Drive

January 16, 2021
Tyler Perry To Receive Humanitarian Award At the Oscars

Tyler Perry To Receive Humanitarian Award At the Oscars

January 16, 2021
Barcelona Postpone Presidential Election Due to Covid-19

Barcelona Postpone Presidential Election Due to Covid-19

January 16, 2021
Morning Show

Morning Show

January 16, 2021
CAR Refugees Flee to Cameroon to Escape Violence

CAR Refugees Flee to Cameroon to Escape Violence

January 16, 2021
Wayne Rooney Confirmed as Permanent Derby County Manager Following Retirement 

Wayne Rooney Confirmed as Permanent Derby County Manager Following Retirement 

January 16, 2021
Pogba Sends Man United Top of Premier League After Narrow Win at Burnley

Pogba Says Manchester United Can Win Premier League, Despite Not Being at Liverpool’s Level Yet

January 16, 2021
US Health Secretary Azar Resigns, Cites Capitol Attack

US Health Secretary Azar Resigns, Cites Capitol Attack

January 16, 2021
End of Merkel Era Begins as German CDU Picks New Party Leader

End of Merkel Era Begins as German CDU Picks New Party Leader

January 16, 2021
UK Covid Variant Could Drive ‘Rapid Growth’ in US Cases, CDC Warns

UK Covid Variant Could Drive ‘Rapid Growth’ in US Cases, CDC Warns

January 16, 2021
Retired Doctors, More Syringes: Biden Unveils US Vaccination Plan to Improve on Trump’s ‘Dismal Failure’

Retired Doctors, More Syringes: Biden Unveils US Vaccination Plan to Improve on Trump’s ‘Dismal Failure’

January 16, 2021
Buhari Orders Service Chiefs to Ensure Synergy in Fight against Insurgents

Buhari Orders Service Chiefs to Ensure Synergy in Fight against Insurgents

January 16, 2021
Mexico President Backs Dropping of Drug Case Against Ex-Defence Minister

Mexico President Backs Dropping of Drug Case Against Ex-Defence Minister

January 16, 2021
US Imposes Fresh Sanctions on Iran in Final Days of Trump Presidency

US Imposes Fresh Sanctions on Iran in Final Days of Trump Presidency

January 16, 2021
Dutch Government Resigns Over Child Welfare Fraud Scandal

Dutch Government Resigns Over Child Welfare Fraud Scandal

January 16, 2021
Nigeria Qualify For U17 Afcon After 1-0 Victory Over Burkina Faso

Nigeria Qualify For U17 Afcon After 1-0 Victory Over Burkina Faso

January 16, 2021
ARISE Newsnight

ARISE Newsnight

January 15, 2021
Uganda polls: ‘I’ve Survived Two Assassination Attempts’ Says Bobi Wine

‘Under Siege’: Bobi Wine Says Military Raids Home

January 15, 2021
en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
No Result
View All Result
Sunday, January 17, 2021
Arise News
  • HOME
  • Breaking
  • Global
  • Regional
  • US ELECTION
  • BUSINESS
  • Politics
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates
Arise News
  • HOME
  • Breaking
  • Global
  • Regional
  • US ELECTION
  • BUSINESS
  • Politics
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates
No Result
View All Result
Arise News
No Result
View All Result
Home Business

OPEC Fails to Agree on February Oil Production Output, Meeting Continues Tuesday

January 5, 2021
Reading Time: 4min
0 0
0
OPEC+ Boosts Crude Oil Exports In September
Share on FacebookShare on Twitter

Members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies, including Russia, on Monday failed to reach an agreement on production levels for February, with talks expected to continue today.

The cartel had agreed after its last summit, held from November 30 to December 3, to raise production levels by half a million barrels per day in January and to thereafter meet at the beginning of each month to decide on any adjustments to production volumes for the following month.

The meeting also paved the way for a gradual return of two million barrels per day to the market over the coming months” according to OPEC’s Secretary General, Dr. Sanusi Barkindo.

Speaking at the beginning of Monday’s meeting, Saudi Energy Minister, Prince Abdulaziz bin Salman, told his counterparts that it was not time to lose guard, noting that the battle to stabilise the crude oil market is far from being won.

“As we see light at the end of the tunnel, we must at all costs avoid the temptation to slacken off in our resolve. Do not put at risk all that we have achieved for the sake of an instant but illusionary benefit,” he said.

However, Russia was the only member of the coalition that had publicly called for production increases in February, arguing that the recent price rally warranted additional supplies on the market.

“To restore our output, that we’ve reduced a lot, the price range of $45 to $55 a barrel is the most optimal. Otherwise we’ll never restore production, others will restore it,” Deputy Prime Minister Alexander Novak told reporters in Moscow.

On Monday, prices for both North Sea Brent Crude and West Texas Intermediate (WTI) crude hit a 10-month high at $53.33 and $49.83 respectively, but later pulled back in the afternoon.

There was no official statement on why an agreement could not be reached, but sources within the organisation told journalists that “since there is still no consensus, it was decided to continue the meeting tomorrow.”

Iranian Petroleum Minister Bijan Zangeneh said earlier in the day that OPEC+ was discussing two options, to increase oil production in February by 500,000 barrels per day or to maintain the January parameters.

Meanwhile, Saudi Arabia, has warned against unleashing more barrels on to a fragile market, adding that the new coronavirus variant was “worrying and unpredictable”.

Salman told officials from the 23-member OPEC+ group that joint efforts to restrict production and manage the oil market must be maintained.

“Do not put at risk all that we have achieved for the sake of an instant, but illusory, benefit. Our job is not yet done”, Financial Times quoted Salman to have said ahead of the virtual meeting.

Saudi Arabia and other producers in the cartel are at loggerheads with Russia, which has been part of an oil alliance with the group since 2016, while Moscow has been keen to increase production in an effort to protect its market share.

Russia’s Deputy Prime Minister, Novak, also told the conference that he hoped the rollout of vaccination programmes, that were only going to “accelerate”, would pave the way for a recovery in oil production.

According to the report, the United Arab Emirates, too, traditionally a Gulf ally of Saudi Arabia, has also pushed to raise output in recent months as it increases its domestic production capacity.

Oil prices retreated from earlier highs as the ministerial meeting got under way, with Brent crude easing to as low as $50.75 a barrel, a pullback from the nine-month high of $53.33 struck earlier in the day while West Texas Intermediate, the US marker, dipped as low as $48.05.

Oil ministers from the OPEC+ group face a complex outlook for crude demand, with the reopening of economies in some parts of the world but renewed lockdowns in others.

The global rollout of vaccines has driven positive sentiment and pushed prices back above $50 a barrel, but case numbers in countries such as the United Kingdom have accelerated sharply, prompting new government curbs.

Emmanuel Addeh, Peter Uzoho

  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 Arise News - Part of the Arise Media Group.

No Result
View All Result
  • HOME
  • Breaking
  • Global
  • Regional
  • US ELECTION
  • BUSINESS
  • Politics
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates

© 2020 Arise News - Part of the Arise Media Group.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist