Oil Price Goes Bullish On Hopes For Non- OPEC Output Cuts

Hamilton Nwosa
Writer
new-diplomat default image
new-diplomat default image

Ad

The Global Energy Shift Is Happening—Quietly but Surely

Renewable energy is steadily displacing fossil fuels despite their current dominance, with solar, wind, and EV adoption accelerating globally. Emerging economies are leapfrogging coal by integrating renewables and cleaner natural gas, while EVs and storage drive electricity demand growth. The energy transition is a “tortoise” strategy: gradual, economically driven, and durable, slowly squeezing fossil fuels…

Proton Energy Plans Radical Upgrade of Nigeria’s Energy Supply

When The Nigerian State Chooses To Play Rogue By OWEI LAKEMFA

BY OWEI LAKEMFA Governor Mohammed Umar Bago, the 51-year-old Governor of Niger State who wears mullah-like beards, is once again trending in the country. He is the star boy of a state gone rogue. On August 2, 2025, even the Federal Government which, as usual, is into its own tantrums in seeking to override the…

Ad

 

Oil prices went bullish on Friday following optimism that non-OPEC producers would agree to cut output following a cartel agreement to limit production.

The Organization of Petroleum Exporting Countries (OPEC) will meet non-OPEC nations in Vienna on Saturday seeking their help in curbing a global supply glut.

With this development, Azerbaijan has said it will come to the Austrian capital, armed with proposals for its own reduction.

Brent sweet crude for February delivery was up by 17 cents at 54.06 dollars a barrel after settling up 1.7 percent on Thursday.

The contract hit its peak since July 2015 at 55.33 dollars on Monday.

NYMEX crude for January delivery was up by 33 cents at 51.17 dollars a barrel.

In view of this development, Russia has said it would cut 300,000 barrels per day, meaning other non-OPEC producers combined would need to pledge the same amount to lower output by the 600,000 bpd.

Ad

X whatsapp