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Nigeria’s crude oil production increased to 1.33m bpd in October – OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that Nigeria’s average daily crude oil production rose marginally to 1.33 million barrels per day (bpd) in October 2024. OPEC disclosed this in its monthly oil market report released on November 12. It said the figure was obtained from direct communication with Nigerian officials. The organisation […]

The post Nigeria’s crude oil production increased to 1.33m bpd in October – OPEC first appeared on Business Hallmark.



  • Business
  • Nigeria’s crude oil production increased to 1.33m bpd in October - OPEC

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Treatment Outcomes of Persistent Radiation-Induced Alopecia in Patients With Cancer




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Diferentes configuraciones de derechos de exportación, la economía Argentina y el sector agropecuario: Simulaciones con el modelo mundial del IFPRI

Este documento es parte de una consultoría del IFPRI con el Banco Mundial para apoyar al gobierno de Argentina, y en particular al Ministerio de Agricultura, Ganadería y Pesca (MAGyP), en el análisis de los derechos o impuestos de exportación (DEXs), llamados también retenciones en la Argentina. Este es un tema con importantes implicaciones políticas, económicas y sociales.




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Síntesis de evidencia: Lineamientos para el diseño de programas crediticios agropecuarios condicionados para el fomento de prácticas agropecuarias sostenibles

Síntesis de evidencia: Lineamientos para el diseño de programas crediticios agropecuarios condicionados para el fomento de prácticas agropecuarias sostenibles

Enfoques para el desarrollo de políticas del sistema alimentario.

The post Síntesis de evidencia: Lineamientos para el diseño de programas crediticios agropecuarios condicionados para el fomento de prácticas agropecuarias sostenibles appeared first on IFPRI.




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'I embrace my alopecia, but I’d love my old hair back’

People living with alopecia could have access to treatment on the NHS in Scotland for the first time.




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Fossil fuel demand to by 25% by 2040 – OPEC

Fossil fuel demand will reduce by nearly 25 percent in the next two decades, the Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammed Sanusi Barkindo has said. Speaking at the SPE Kuwait Oil & Gas Show and Conference in Kuwait City, yesterday, Barkindo however said fossil fuels will remain a dominant in […]

Fossil fuel demand to by 25% by 2040 – OPEC




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Is Russia Plotting to Bring Down OPEC?

Russia's economy is heavily dependent on its energy industry, and President Vladimir Putin is playing a long, complex game to combat low oil prices.






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Genetic Insights Into Androgenetic Alopecia

Scientists in /medlink Bonn pinpoint uncommon genetic mutations linked to male-pattern hair loss. From receding hairlines to the iconic horseshoe baldness




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Crude oil futures rise as OPEC delays production output increase

Increase in tensions in West Asia also boosted the price of the commodity. The latest developments in West Asia have created apprehensions in the market over possible crude oil supply disruptions from the region.




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Are Coal Producers doing an OPEC?



  • Siddhartha P Saikia

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OPEC+ could cushion Iran oil shock but not a broader disruption

OPEC and the U.S. can help ease oil prices in case there is disruption in supply due to a full-blown conflict between Israel and Iran; while OPEC has enough spare capacity to compensate for the loss of Iranian supplies, much of that capacity is in the Gulf region and potentially vulnerable to attack




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After Jio deals, RIL valued higher than BP, Sinopec, Shell, ConocoPhillips, Vodafone, Tesco

The investor confidence shot up in RIL because of the back-to-back strategic investments in its telecom subsidiary in the last three weeks





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Veteran Iranian OPEC Governor in Coma

Hossein Kazempour Ardebili is in a coma after a severe brain hemorrhage.




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How Much Oil Does OPEC Really Have?

With Saudi Arabia as the linchpin, OPEC's importance in the global oil market is clear.




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Saudi Oil Exports Soar Ahead of OPEC+ Cuts

The oil-price war may be over, but the effects are still rippling through the market.




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OPEC Output Surged Most in 30 Years in April

Saudi Arabia, the cartel's most powerful member, pumped a record of more than 11 million barrels a day.




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The Keys to Preventing Alopecia, Female Pattern Baldness, and General Hair Loss During Menopause

Michigans leading female hair transplant specialists share tips on preventing hair loss and alopecia for women approaching or going through menopause.




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OPEC meets tomorrow to mull output cut extension

OPEC meets tomorrow to mull output cut extension





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OPEC agrees oil cut extension to end of 2018

OPEC agrees oil cut extension to end of 2018





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Oil demand seen steady in 2019 but OPEC supply, trade risks loom: IEA

Oil demand seen steady in 2019 but OPEC supply, trade risks loom: IEA





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Opec agrees on output hike of 1 million bpd

Opec agrees on output hike of 1 million bpd





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Trump slams Opec as crude oil prices near $80 a barrel

Trump slams Opec as crude oil prices near $80 a barrel





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Qatar to exit Opec amid tension with Saudi Arabia

Qatar to exit Opec amid tension with Saudi Arabia





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The Texas Origins Of OPEC

For decades, the Texas Railroad Commission controlled oil production, even deploying armed National Guard members to enforce limits. The commission is again debating limits amid a new oil glut.




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Webinar: OPEC, Falling Oil Prices and COVID-19

Corporate Members Event Webinar

7 April 2020 - 1:00pm to 2:00pm

Online

Event participants

Julian Lee, Oil Strategist, Bloomberg LP London
Dr John Sfakianakis, Associate Fellow, Middle East and North Africa Programme, Chatham House; Chief Economist and Head of Research, Gulf Research Center
Professor Paul Stevens, Distinguished Fellow, Energy, Environment and Resources Programme, Chatham House
Emily Stromquist, Director, Castlereagh Associates
Chair: Dr Sanam Vakil, Deputy Director and Senior Research Fellow, Middle East and North Africa Programme, Chatham House

In early March, global oil prices fell sharply, hitting lows of under $30 a barrel. Two factors explain this collapse: firstly the decrease in global demand for oil as a result of the COVID-19 pandemic and, secondly, the breakdown in OPEC-Russian relations and the subsequent Saudi-Russian price war which has seen both countries move to flood the market with cheap oil.
 
Against this backdrop, the panellists will reflect on the challenges currently facing OPEC as well as the oil industry as a whole. How are OPEC countries affected by the ever-evolving Covid-19 pandemic? What are the underlying causes behind the Saudi-Russian price war? Is the conflict likely to be resolved soon? And what are the implications of these challenges for the oil industry?

This event is part of a fortnightly series of 'Business in Focus' webinars reflecting on the impact of COVID-19 on areas of particular professional interest for our corporate members and giving circles.

Not a corporate member? Find out more.




opec

Webinar: OPEC, Falling Oil Prices and COVID-19

Corporate Members Event Webinar

7 April 2020 - 1:00pm to 2:00pm

Online

Event participants

Julian Lee, Oil Strategist, Bloomberg LP London
Dr John Sfakianakis, Associate Fellow, Middle East and North Africa Programme, Chatham House; Chief Economist and Head of Research, Gulf Research Center
Professor Paul Stevens, Distinguished Fellow, Energy, Environment and Resources Programme, Chatham House
Emily Stromquist, Director, Castlereagh Associates
Chair: Dr Sanam Vakil, Deputy Director and Senior Research Fellow, Middle East and North Africa Programme, Chatham House

In early March, global oil prices fell sharply, hitting lows of under $30 a barrel. Two factors explain this collapse: firstly the decrease in global demand for oil as a result of the COVID-19 pandemic and, secondly, the breakdown in OPEC-Russian relations and the subsequent Saudi-Russian price war which has seen both countries move to flood the market with cheap oil.
 
Against this backdrop, the panellists will reflect on the challenges currently facing OPEC as well as the oil industry as a whole. How are OPEC countries affected by the ever-evolving Covid-19 pandemic? What are the underlying causes behind the Saudi-Russian price war? Is the conflict likely to be resolved soon? And what are the implications of these challenges for the oil industry?

This event is part of a fortnightly series of 'Business in Focus' webinars reflecting on the impact of COVID-19 on areas of particular professional interest for our corporate members and giving circles.

Not a corporate member? Find out more.




opec

Webinar: OPEC, Falling Oil Prices and COVID-19

Corporate Members Event Webinar

7 April 2020 - 1:00pm to 2:00pm

Online

Event participants

Julian Lee, Oil Strategist, Bloomberg LP London
Dr John Sfakianakis, Associate Fellow, Middle East and North Africa Programme, Chatham House; Chief Economist and Head of Research, Gulf Research Center
Professor Paul Stevens, Distinguished Fellow, Energy, Environment and Resources Programme, Chatham House
Emily Stromquist, Director, Castlereagh Associates
Chair: Dr Sanam Vakil, Deputy Director and Senior Research Fellow, Middle East and North Africa Programme, Chatham House

In early March, global oil prices fell sharply, hitting lows of under $30 a barrel. Two factors explain this collapse: firstly the decrease in global demand for oil as a result of the COVID-19 pandemic and, secondly, the breakdown in OPEC-Russian relations and the subsequent Saudi-Russian price war which has seen both countries move to flood the market with cheap oil.
 
Against this backdrop, the panellists will reflect on the challenges currently facing OPEC as well as the oil industry as a whole. How are OPEC countries affected by the ever-evolving Covid-19 pandemic? What are the underlying causes behind the Saudi-Russian price war? Is the conflict likely to be resolved soon? And what are the implications of these challenges for the oil industry?

This event is part of a fortnightly series of 'Business in Focus' webinars reflecting on the impact of COVID-19 on areas of particular professional interest for our corporate members and giving circles.

Not a corporate member? Find out more.




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Deja Vu for OPEC as Oil Prices Tumble

1 December 2014

Professor Paul Stevens

Distinguished Fellow, Energy, Environment and Resources Programme
OPEC is making the same fundamental mistakes it made during the 1980s oil price collapse.

20141201KuwaitOPEC.jpg

Traders follow the stock market activity at the Kuwait Stock Exchange on 30 November 2014. Gulf stocks plunged on their first trading day since OPEC decided to maintain oil output. Photo by Getty Images.

At the end of November amidst much speculation, OPEC kept its formal production level of 30 million barrels per day in what appears to be an oversupplied market. This controversial decision was taken because cutting production would cede market share to the growing production flooding out of the US. The immediate result was a significant fall in oil prices.

The 'official' logic behind the decision was twofold. First, it was contended that weak demand was temporary because of slow economic growth and would recover next year. Second, the argument went, lower prices would close high-cost production from the shale technology revolution. In other words, current prices were too low and the market, allowed to operate, would rectify this.  Many (rightly) saw this decision as a significant landmark in global oil markets. In effect, OPEC had ceded any semblance of control over the market and prices, instead launching the oil price onto a sea governed by market forces.

Those with knowledge of oil market history will see this as a very dangerous gamble based on two serious misconceptions. After the oil shocks of the 1970s, the market was in a similar position as now. Demand was falling and non-OPEC supply was rising. In response, to defend prices, OPEC (but effectively Saudi Arabia) cut production because the fall in demand was seen as temporary as a result of global recession and would shortly recover. It did not. Then when the oil price eventually collapsed in 1986, the OPEC view was that lower prices would quickly reverse as they would shut in high-cost production, specifically in the North Sea. These views in the 1980s were conceptual mistakes, still relevant today and likely to undermine OPEC’s current strategy. The mistakes are a failure to understand the difference between an income effect and a price effect on demand and the failure to understand the difference between a break-even price (what investors consider when deciding whether to invest in new producing capacity) and a shut-in price (what existing operators consider will cover variable costs and if not, will stop production from existing wells.).

While some of the fall in demand in the 1980s was because of the recession (an income effect), some was due to genuine demand destruction as the result of much higher prices (a price effect). Recession-induced lower demand reverses itself when the global economy recovers, but demand destruction is permanent. Today, part of the fall in oil demand is because oil prices have inexorably risen (from $32.40 in 2002 to $108.66 in constant 2013 dollars). Furthermore, many sources of recent oil demand growth, notably China and India, have been moving from subsidized domestic oil prices to higher border-based prices. OPEC’s expectations of quickly recovering demand may be optimistic as they were in the early 1980s.

OPEC is hoping lower break-even prices will reduce shale production.  Various estimates for the US shale break-even price have been bandied around (usually in the realm of $60-$80 per barrel). Most are far too high, because they ignore the fact that the recent boom in shale operations has grossly inflated project costs. If investment in new capacity slows, then project costs − and hence the break-even price − will fall.

However, in terms of OPEC’s current strategy, the break-even price is the wrong metric. What matters in the next few years is the shut-in price.  After the 1986 price collapse, a number of stripper wells in US (with high variable costs) did close, but the loss of production was minimal. North Sea production, which had been OPEC’s prime target, was hardly affected and actually increased in 1987. The current level of shut-in price for shale oil is again debatable, but almost certainly is well below $40 per barrel. Thus it will be some time before existing shale oil production falls, even if prices stay low.

Should the oil price fall towards variable costs, threatening shale supply, it will be the OPEC producers who must blink first. They will then try to take back control of the market, if they can.

To comment on this article, please contact Chatham House Feedback 




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IEA doubts Russia’s commitment to OPEC accord

The Paris-based International Energy Agency on Friday cast doubt on whether Russia would meet its agreement with OPEC to cut crude oil output to support prices.




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Saudi Arabia’s think-tank studying hypothetical world sans OPEC

The study is the second in a series, after an earlier report found that OPEC’s spare capacity reduces oil price volatility and generates as much as $200 bn of annual economic benefits for the world economy.





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Iranian OPEC Official In Coma After Suffering 'Severe' Brain Hemorrhage

Iran's OPEC governor, Hossein Kazempur Ardebili, is in a coma after suffering a ";severe"; brain hemorrhage. In a tweet on May 3, the country's Oil Ministry said Ardebili was hospitalized on May 1. It did not provide further details. Ardebili is a key figure in Iran's energy industry and served as the deputy foreign minister and deputy oil minister in the 1980s.




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IL12B and IL23R polymorphisms are associated with alopecia areata






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After Doha, what next for Opec?

Most Opec countries attended along with non-Opec leaders such as Russia and Oman. It seemed that the previously announced deal to freeze production at January levels was a formality, especially as most countries involved could not or would not increase output anyway. But at the last moment the Saudi position changed, and it became clear they would not agree to freeze production unless Iran were included. 



      
 
 




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Yawn, another OPEC meeting

On Thursday, the 13-nation Organization of the Petroleum Exporting Countries ended its meeting without reaching an agreement on oil production. Some had hoped OPEC would freeze and lower oil supplies to stabilize prices, but Saudi Arabia’s new oil minister and de factor OPEC leader left supplies unchanged. The gathering in Vienna received plenty of attention…

       




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These are the three big things to focus on from OPEC and the G-20 meetings over the next 48 hours

These are the three things to focus on from OPEC and the G-20 meetings over the next 48 hours to discuss global energy markets.




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More OPEC supply and less global liquid fuels demand puts downward pressure on prices

In its March 2020 update, the U.S. Energy Information Administration (EIA) significantly revised its Short-Term Energy Outlook for global oil supply, demand, and prices compared with the February Short-Term Energy Outlook. These updates largely resulted from updated data and assumptions about the effects of the 2019 novel coronavirus disease (COVID-19) on global oil demand and assumptions regarding the Organization of the Petroleum Exporting Countries (OPEC) crude oil production following its meeting on March 6. EIA now forecasts that OPEC will target market share instead of a balanced global oil market. As a result, EIA expects that OPEC crude oil production will increase to an average 29.1 million barrels per day in the second and third quarters of 2020. EIA forecasts that global demand for liquid fuels will grow by 0.4 million barrels per day from 2019 to 2020, down from the 1.0 million barrels per day increase EIA previously forecasted in February. The revised March estimate is driven by EIA's expectations of slowing economic growth, primarily related to the effects of the coronavirus outbreak. EIA expects the decline in global liquid fuels demand, combined with the increase in OPEC production, to result in significant global oil inventory builds in the first half of 2020-putting continued downward pressure on prices. EIA forecasts Brent oil prices will average 43 dollars per barrel in 2020 and 55 dollars per barrel in 2021.




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Little girl with alopecia goes wild over a MAC beauty ad featuring a bald model

Iylah Hanley, from Mount Maunganui, New Zealand, has alopecia, a condition that causes hair loss from the scalp and other areas of the body.




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Iraq emerging as Opec's main laggard in making record output cut: Report

Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an Opec deal with Russia and other producers on a record supply cut, traders and industry sources said. Smaller producers such as Nigeria and Angola could also hurt the Opec+ group's efforts to cut output by 9.7 million barrels per day from May 1.




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Pesquisa Agropecuária Gaúcha [electronic journal].





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Del Ing. José Luis Araya Villalobos, coordinador, Comite Sector Agropecuario, Región Pacífico Central, para el Lic. Manuel Rodríguez Echeverría, Ministro de Ambiente y Energía




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The reproductive ecology of the calico scallop, Argopecten gibbus (Linnaeus), and mass mortality linked to a protistan




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Reproductive energy metabolism in the bay scallop, Argopecten irradians concentricus (Say)




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Bifacial photovoltaics: technology, applications and economics / edited by Joris Libal and Radovan Kopecek

Barker Library - TK1087.B54 2018