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Top 5 largest oil-producing countries in Africa for April According to the latest report from the Organization of the Petroleum Exporting Countries (OPEC), the global oil demand forecast 2024 remains unchanged. Most African OPEC members, according to secondary sources saw a decline in the amount of oil produced during the period under review save Algeria Libya, and Congo. According to the report Nigeria produced the most oil for the month despite falling in oil production. In April, the period under review for the latest... Read more on the link below https://lnkd.in/gcvdmtFv

As of 2024, the Organization of the Petroleum Exporting Countries (OPEC) consists of 13 member countries, primarily located in the Middle East, Africa, and South America. These countries coordinate their oil production policies to stabilize and influence global oil prices. Here is the list of current OPEC member countries: OPEC Member Countries: 1. Algeria 2. Angola 3. Congo (Republic of the Congo) 4. Equatorial Guinea 5. Gabon 6. Iran 7. Iraq 8. Kuwait 9. Libya 10. Nigeria 11. Saudi Arabia (de facto leader of OPEC) 12. United Arab Emirates (UAE) 13. Venezuela Key Observations: Saudi Arabia is the largest oil producer in OPEC and often acts as the de facto leader. OPEC's decisions on oil production levels can significantly impact global oil prices and supply. The organization collaborates with non-member oil-producing countries (OPEC+) like Russia to further control oil markets. OPEC continues to play a crucial role in the global energy landscape, particularly in terms of managing oil supply and price stability.

#opec #oilprice The preliminary 2024 OPEC oil price stood at 81.83 U.S. dollars per barrels, as of March. This would be slightly lower than the 2023 average, which amounted to 82.95 U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2020 fall in prices was the result of a significant decline in transportation fuel demand and weakened economic prospects during the coronavirus pandemic. Source: statistics.com 👇 👇 https://lnkd.in/djJRMhSC #oilgas

#Palm #Oil Swings on Middle East Tensions and Weaker #Soybean #Oil By Bernadette Toh October 07, 2024 (Bloomberg) -- Palm oil fluctuated between gains and losses on a rally in petroleum prices and a further decline in prices of rival soybean oil. Crude oil surged on elevated tensions in the Middle East, with Hamas firing a barrage of rockets toward Tel Aviv after Israel bombed a number of targets connected to the militant group in Gaza. Investors also waited to see if Israel would retaliate against Tehran for a missile attack last week. Higher petroleum prices tend to boost palm oil’s biofuel appeal. A spike in oil prices amid escalating tensions in the Middle East supported the palm oil market, said David Ng, a senior trader at IcebergX Sdn. The tropical oil came under pressure earlier in the session due to weaker soybean oil prices, and profit-booking after last week’s rally. Soyoil — the tropical oil’s closest substitute for food and fuel — slipped as much as 1.8% on the Chicago Board of Trade, before partially recovering. ©2024 Bloomberg L.P.

Oil output from the Organization of the Petroleum Exporting Countries (OPEC) declined during March due to lower exports from key producers such as Iraq and Nigeria. This decline comes against the backdrop of ongoing voluntary supply cuts agreed upon by OPEC+ alliance members, indicating the group’s continued commitment to stabilizing oil markets amidst economic uncertainties. According to the latest Reuters survey, OPEC pumped 26.42 million barrels per day last month, down 50,000 barrels per day from February. The survey calculated the decline based on shipping data and information from industry sources. Read more: https://lnkd.in/d7KCi9cr #OPEC #OilSupply #OilExports #Oilproduction

𝟮𝟬𝟮𝟰 𝗢𝘂𝘁𝗹𝗼𝗼𝗸: 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗮𝗻𝗱 𝗣𝗿𝗼𝘀𝗽𝗲𝗰𝘁𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗢𝗶𝗹 & 𝗚𝗮𝘀 𝗨𝗽𝘀𝘁𝗿𝗲𝗮𝗺 𝗠𝗮𝗿𝗸𝗲𝘁 Rising global oil production, especially from the US, alongside OPEC+ efforts to stabilize prices, creates a complex backdrop for 2024. Adding to this complexity are ongoing geopolitical tensions. Despite its vital economic role, Nigeria's oil industry faces significant challenges, including infrastructure issues, theft, and underinvestment. The Petroleum Industry Act aims to address these issues, but current production still falls short of OPEC+ quotas. Agusto & Co. anticipates that improved security measures and new projects by domestic players will slightly boost Nigeria’s oil production in the near term. However, OPEC+ quotas will cap output, and global factors indicate oil prices will hover around $85 per barrel in 2024, reflecting a balance between geopolitical tensions and sluggish global growth. To learn more, subscribe by emailing us at marketing@agusto.com or call us at 08089422147, 07063601109, and 08030635616.

Libya’s oil shutdown has slashed daily output by over half, raising concerns for OPEC and global markets. As OPEC considers whether to proceed with planned production increases in October, the disruption could influence oil prices and market stability. For Nigeria, heavily reliant on oil exports, this uncertainty may pressure the 2024 budget, which anticipates oil prices above $78 per barrel and production at 1.78 million bpd.    Almbrouk Dorman Luan Valladares Allan Domingo, CPA, US CMA Omar Nasr Ahmed El Shenawy Petlong Dakhling Oveh Kpason Dakim Dung Ikechukwu Promise Obialor Follow The African Energy Council for more energy news #OilandGas #Nigeria #aecouncil #OPEC #EnergyMarket #Libya #OilShutdown #GlobalEnergy #OilProduction #CrudeOil #EnergySector #OilMarket #EnergyEconomics #OPECPlus #NigeriaOil #EnergyNews

Oil Markets Take a Hit as Libya Deal Sparks Demand Fears The oil market has entered bearish territory following the recent resolution of Libya’s oil deal, leading to increased concerns over global demand. Over the past week, Brent crude prices have plunged by more than 11%, signaling uncertainty in the energy sector. This sharp decline highlights the market's sensitivity to geopolitical events and the balancing act between supply and demand. As global economies adjust, energy traders are keeping a close watch on how these developments will affect future oil prices. What are your thoughts on this price crash? Will we see a recovery soon, or is this a sign of more volatility ahead? https://lnkd.in/dYJgdm5A #OilMarket #EnergySector #BrentCrude #MarketTrends #LibyaDeal #GlobalEconomy #OilPrices #Commodities #EnergyNews #youtubeshorts #shorts #linkedin #facebook Share your insights on how these shifts might impact the global energy landscape, and don't forget to comment below with your thoughts on the future of oil prices.

'The market has started to price in some form of Israeli attack on Iranian oil infrastructure, consultancy FGE said in a Friday note. Any disruptions to Iranian oil supplies will likely push Brent oil prices above $80 per barrel, but in the absence of that, we could pull back quickly to $70 a barrel, FGE says.' - in a recent OilPrice.com article Read the full article here: https://fgner.gy/4gN2YDA #Brent #OilMarket #Oil #Iran #Israel

Crude Oil Market: Political Risks and Supply-Demand Factors at Play In terms of crude oil supply, attention should be paid to the rising political risks in Libya, which have led to the closure of the Sharara oil field. The Middle East remains tense with the ongoing Hamas conflict, though it has not directly impacted supply. The Red Sea conflict, while not affecting supply at the moment, could increase transportation costs, although the impact is currently minimal. However, the possibility of oil supply being threatened cannot be ruled out with the escalation of conflicts. However, there are also positive factors on the supply side. For instance, in December, OPEC+ increased production due to higher output from Angola, Iraq, and Nigeria, offsetting their originally planned production cuts. The Middle East tensions have led oil buyers to turn to the United States, increasing the supply of American crude oil. Furthermore, due to the sluggish growth of the Chinese economy, the growth in demand for liquid fuels is expected to slow down. U.S. gasoline inventories continued to increase in the week ending December 29, reaching 237 million barrels, the largest weekly increase in over 30 years. These data also put pressure on the outlook for oil demand. This week, keep an eye on tonight's API report, Thursday's inflation data, and whether the cold weather in Europe will affect energy demand. =================================== About Hantec Financial: https://bit.ly/478OQPo #HantecFinancial #Hantec #Hantecgroup #Fintec #marketnews #financenews