• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

OPEC oil output steady with African members making modest gains

2 years ago
in Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
91
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

OPEC oil output steady with African members making modest gains

OPEC’s crude production held broadly steady last month, with modest increases across most of its African members being offset by declines elsewhere.

The Organization of Petroleum Exporting Countries pumped an average of 28.08 million barrels a day in October — about 50,000 a day more than the previous month, according to a Bloomberg survey.

Nigeria led the gains, followed by Congo, Gabon, Angola and Equatorial Guinea. Several of those countries are having their production capability assessed by OPEC, a review that could potentially secure them higher output quotas for 2024.

Oil prices fluctuated in the weeks after Hamas’s attack on Israel, initially surging on concern that the crisis could draw in Iran, a key backer of the militant group and a major Persian Gulf exporter. Yet the market has since cooled as supplies remain unaffected, with Brent futures hovering around $86 a barrel Wednesday.

The turmoil hasn’t affected the strategy of OPEC leader Saudi Arabia, which is keeping output on a tight leash after slashing it during the summer in a bid to shore up prices. Energy Minister Prince Abdulaziz bin Salman said last week the policy is “working.”

Riyadh has had some assistance from Russia, the joint leader of a wider coalition known as OPEC+, which pledged export cutbacks.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

Nonetheless, the latest tanker tracking by Bloomberg indicates that Russian shipments of crude increased by 110,000 barrels a day to 3.64 million barrels a day in the week to Oct. 29. The advance reflected a jump in shipments from Novorossiysk in the Black Sea that was partly offset by a drop in the number of vessels leaving Russia’s Baltic and Pacific ports.

OPEC is assessing output capacity in several African states following an agreement in June that downgraded their targets for 2024 following years of underperformance. Many producers in the continent are suffering from inadequate investment, operational disruptions and political instability.

Nigeria, which said it wanted to restore output to previous levels to secure a higher quota, boosted supplies in October by 60,000 barrels a day to 1.49 million barrels.

While that’s the highest in almost two years, it’s still below the country’s aspirations, and it’s unclear whether that will be enough for a quota revision. The increases by African members last month were countered by fractional reductions in Iran, Iraq, Kuwait and Libya.

Bloomberg’s survey is based on ship-tracking data, information from officials and estimates from consultants, including Kpler Ltd., Rapidan Energy Group and Rystad Energy A/S.

The entire 23-nation OPEC+ alliance is due to meet Nov. 26 to review production policy for next year.

Source: bloomberg
Via: norvanreports
Tags: OPECOPEC oil output steady with African members making modest gains
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

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
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.