The Organization of the Petroleum Exporting Countries (OPEC) is shifting its focus in oil market reporting. Instead of estimating demand for its own crude oil production, OPEC will now prioritize forecasts for demand from the wider OPEC+ group. This change reflects the growing importance of OPEC+ in managing global oil supply. OPEC+ is an alliance of major oil producers that includes Russia. The alliance has been working with OPEC since 2016 to coordinate production levels and stabilize oil prices.
crude oil
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The Dangote Refinery, a $20 billion project and soon to be Africa’s largest refinery, is set to begin operations after years of construction delays. The Nigerian National Petroleum Corporation (NNPC)…
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Nigeria is on the verge of becoming a major player in the global oil market as the Dangote refinery, the largest single-train refinery in the world prepares to start operations…
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The Dangote Refinery, Africa’s largest oil refinery with a capacity of 650,000 barrels per day, is set to receive crude oil from the Nigerian National Petroleum Company Limited (NNPCL) in…
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Oil prices experienced a boost in tandem with the broader financial markets following a signal from the Federal Reserve suggesting that an imminent interest rate hike might not be in…