Prince Abdulaziz bin Salman, Saudi Arabia’s Energy Minister has said that the worst was over for the oil market.
The World Bank has said that oil prices won’t be rising much next year either but would average $44 per barrel, saying that prices will not recover to pre-pandemic levels at least until 2022.
The Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, has said oil and gas companies raised over N400 billion across several asset classes using the platform in recent years.
OPEC’s Secretary-General, Mohammad Barkindo said on Thursday that the OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, adding that demand has been recovering more slowly than expected.
The Nigerian National Petroleum Corporation, NNPC, has announced the release of its 2019 Audited Financial Statement, declaring a loss of N1.7 billion, representing a 99.7 per cent decline from a loss of N803 billion recorded in 2018.
The figures from the just-released oil market report of the Organisation of Petroleum Exporting Countries showed that crude oil production in Nigeria fell by 1. 74 million barrels in September.
Organization of the Petroleum Exporting Countries (OPEC) said on Thursday that world oil demand will plateau in the late 2030s and could by then have begun to decline.
Oil prices on Monday gained more than 2%, boosted by comments from doctors for U.S. President Donald Trump suggesting he could be discharged from hospital as soon as Monday, just a few days after his positive coronavirus test sparked widespread alarm.
Crude oil prices fell on Monday as rising cases of coronavirus upset hopes for a smooth recovery in fuel demand, with crude on track for its first monthly fall in many months after slipping last week.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has warned traders against betting heavily in the oil market saying he will try to make the market “jumpy” and promised those who gamble on the oil price would be hurt “like hell”.