ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Saturday, February 27, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Opec meeting

OPEC meeting [Sputnik International]

OPEC defies coronavirus scare to hold crucial meeting

byBassey Udo
March 5, 2020
2 min read
ADVERTISEMENT

Oil ministers from the Organisation of Petroleum Exporting Countries (OPEC) on Wednesday defied the global scare of the deadly coronavirus to hold its crucial meeting in Vienna, Austria.

Since the breakout of the deadly disease, several groups and organisations have decided to either cancel or postpone their scheduled meetings till further notice.

For instance, the International Monetary Fund (IMF) and the World Bank on Tuesday announced the adjustment of their schedule for the annual Spring meetings billed for Washington DC from April 13.

Rather than the usual physical meetings attended by finance ministers of countries around the world, along with other leaders, civil society groups and journalists, the organisers opted for ‘virtual meetings format,’ following the ravaging spread of the deadly virus in the U.S.

Not deterred

Regardless, the 15-members OPEC defied the threat of the ravaging scourge to go ahead with their scheduled 178th (Extraordinary) Meeting of the OPEC Conference on Friday, March 6.

The inter-ministerial meeting of OPEC and non-OPEC Ministers is also slated for Sunday to take a decision to salvage the plunging global crude oil price.

Despite previous decisions to intervene by a commitment to cut about 2.1 million barrels per day of their combined production, crude oil prices have declined by over 20 per cent this year.

The OPEC basket of 14 crude oil blends stood at about $51.80 per barrel on Wednesday, compared with the previous $52.65 per barrel, according to OPEC Secretariat monitoring report.

RelatedNews

Oil Production Cut: Sylva travels as Nigeria lobbies four OPEC countries

NNPC partners to build Nigeria’s first methanol processing plant

Methanol gas project to create 30,000 jobs – Sylva

Renewables great but won’t get close to overtaking oil & gas soon – OPEC

The U.S. West Texas Intermediate fell 40 cents, or 0.8 per cent, to settle at $46.78 per barrel.

The latest price is already significantly below the crude oil benchmark price of $57 per barrel in the 2020 Federal budget.

Nigeria’s Minister of State for Petroleum, Timipre Sylva, is leading the Nigerian delegation to the crucial meeting where members are poised to take further decisions to cut their production and stabilise the plummeting market

Dangote adbanner 728x90_2 (1)

The mere confirmation that the meetings would go ahead despite mounting anxiety over coronavirus shows how serious members of the group are to the effort to save the economies by rescuing the plummeting oil prices.

Three meetings are expected to be held over the period beginning with the 18th joint ministerial monitoring committee (JMMC) to review the impact of the previous output cut on oil prices.

The other meetings include the 178th (Extra-ordinary) OPEC Conference, which will consider the report of the JMMC, while the 8th OPEC-NON OPEC (OPEC+) meeting to take a decision on whether to maintain the current output, or further announce a cut to strengthen the market and stabilise prices.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Coronavirus: No functional isolation centre in Abuja, North-central – Lawan

Next Post

Justice delivery in Nigeria fastest in Borno, Katsina — Report

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

Naira notes used to illustrate market trading

Naira crosses three-month mark in parallel market fall

February 26, 2021
Vice President Yemi Osinbajo speaking at the ministerial retreat[PHOTO CREDIT: @ProfOsinbajo]

Osinbajo opposes cryptocurrency ban

February 26, 2021
Nigeria Anambra State map

Anambra introduces COVID-19 mobile testing

February 25, 2021
National primary health care development agency, NPHCDA.

COVID-19: NPHCDA to train 100,000 health workers ahead of vaccine arrival

February 25, 2021
Minister of Finance, Zainab Ahmed 1

Unifying Naira’s exchange rate will take time, Nigerian Govt tells World Bank

February 25, 2021
Oando-PLC [Photo Credit: www.oandoplc.com]

SEC speaks on court order nullifying Oando’s AGM ban

February 25, 2021
Next Post
Nelson Olanipekun (middle) flanked by his team

Justice delivery in Nigeria fastest in Borno, Katsina -- Report

National Chairman of the All Progressives Congress (APC), Adams Oshiomhole [PHOTO CREDIT: ThisdayLIVE]

APC Crisis: Oshiomhole appeals suspension

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,625,366 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.