OPEC+ Appoints Nigeria s Oil Minister as Special Envoy for Africa - Statement Thu 04th February 2021 | 12:30 AM
MOSCOW (UrduPoint News / Sputnik - 04th February, 2021) The OPEC+ Joint Ministerial Monitoring Committee (JMMC) has appointed Nigeria s Minister of State for Petroleum Resources Timipre Sylva as the alliance s special envoy for consultations with the African participants in the oil cuts agreement, OPEC said in a statement on Wednesday. In line with the principles of fairness, transparency and equity that underpin the [OPEC+], the JMMC has mandated the Minister of State for Petroleum Resources of Nigeria, HE Timipre Sylva, to undertake a mission as Special Envoy to the following Participating Countries: Congo, Equatorial Guinea, Gabon and South Sudan, OPEC said.
Oil Surges as OPEC+ Pledges to Clear Pandemic-Driven Surplus
Bloomberg 2/3/2021 Andres Guerra Luz
(Bloomberg) Oil climbed to the highest in more than a year in New York as OPEC and its allies pledged to continue whittling down global inventories.
Futures in New York surged 1.7% to near $56 a barrel on Wednesday. A committee of OPEC+ ministers said the group will keep pushing to quickly clear the oil surplus left by the pandemic-induced demand slump. The alliance’s effort appears to be working despite a still tenuous recovery in demand: Chinese stockpiles are at the lowest in almost a year and a U.S. government report on Wednesday showed crude stockpiles fell nearly 1 million barrels.
Crude Oil - Feb 3, 2021 - Reliance Securities
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Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil extended gains this Wednesday morning and early afternoon in Asia supported by declines in U.S. crude stockpiles.
OPEC+ said it expects that it will drain an oil surplus by the middle of the year. Oil inventories in developed nations will subside back below their five-year average in June, according to a report compiled by OPEC+.
The Joint Ministerial Monitoring Committee, which oversees the alliance s strategy, will convene online today to assess the outlook. The JMMC is unlikely to recommend new policies in this meeting.
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FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic
LONDON (Reuters) -OPEC+ maintained its oil output policy at a meeting on Wednesday, a sign producers are happy that their deep supply cuts are draining inventories despite an uncertain outlook for a recovery in demand as the pandemic lingers.
A Joint Ministerial Monitoring Committee of OPEC+ met virtually on Wednesday, pronouncing itself “optimistic for (a) year of recovery in 2021,” a statement issued after the meeting said.
Oil has rallied from historic lows hit last year as the pandemic hit demand, thanks to record output cuts by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+ that the group is beginning to unwind.
OPEC, Non-OPEC withdraw 2.1 billion barrels in 9 months
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Appoints Sylva Special Envoy to consult with DoC nations
By Udeme Akpan
THE Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC member States, have withdrawn 2.1 billion barrels of excess oil from the volatile oil market, thus raising hope on market stability.
According to OPEC, which commended Nigeria for supporting its efforts, said the 2.1 billion barrels were slashed from the market between April 2020 and January 2021.
In a statement obtained by
Vanguard from OPEC at the end of its 26th Meeting of the Joint Ministerial Monitoring Committee (JMMC), which took place via video conference on Wednesday, 3rd February, 2021, under the Chairmanship of HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair HE Alexander Novak, Deputy Prime Minister of the Russian Federation, OPEC stated: “The Committee further noted that DoC participants pledged to achieve full conformity and ma