Nigeria’s crude oil production recorded a slight improvement in November, rising to 1.436 million barrels per day (bpd) from 1.401 million bpd in October, according to the Organisation of Petroleum Exporting Countries’ (OPEC) Monthly Oil Market Report released on Thursday. Despite the uptick, the country again missed its allocated production quota, marking the fourth consecutive […]
The Organisation of the Petroleum Exporting Countries (OPEC) increased crude oil production by 263,000 barrels per day (bpd) in July, bringing total output to 27.54 million bpd, according to its latest Monthly Oil Market Report. Saudi Arabia, OPEC’s top producer, led the surge with an output boost of 170,000 bpd to 9.53 million bpd, while […]
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) is considering a fresh production increase of 411,000 barrels per day (bpd) in August to reclaim global market share lost during earlier output cuts, four delegates told Reuters. If approved, the hike would raise the group’s total supply increase this year to 1.78 million […]
The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will maintain their planned output increase through July 2025, as part of efforts to recalibrate the oil market and penalise past overproduction. OPEC+ has committed to boosting production by 411,000 barrels per day (bpd) across May, June and July—an accelerated […]
The global oil market is keeping a close eye on the Organisation of Petroleum Exporting Countries (OPEC), which is unwinding output cuts at a faster rate than originally planned to punish over-producers. The OPEC+, which includes members like Russia, has vowed to increase output by 411,000 bpd for May, June and July. In total, OPEC […]
BY MOTOLANI OSENI Nigerian crude oil prices have slipped below $65 per barrel—well under the Federal Government’s budget benchmark—amid growing concerns over global oversupply and weakening demand, as the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) forge ahead with increased output. Cargoes scheduled to load from Nigeria on May 10 remain unsold, […]
The Organisation of Petroleum Exporting Countries (OPEC) has declared that Africa’s vast oil and gas reserves will remain a crucial pillar of global energy supply, urging the continent’s leaders to create favourable conditions for increased investment in the sector. OPEC Secretary-General Haitham Al-Ghais, speaking at the Nigeria International Energy Summit (NIES) 2025 in Abuja, emphasised […]
The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC countries has decided to critically examine and evaluate oil production levels of countries known to have transgressed against and contravened its production quotas. It however welcomed renewed pledges by the overproducing countries to achieve full conformity with production targets and resolved that the countries should resubmit […]
BY MOTOLANI OSENI The Organization of Petroleum Exporting Countries(OPEC), in June, recorded its lowest production level since the start of the year. The OPEC+ production numbers for June show that the group’s production was only marginally above its target by just 53,000 barrels per day (bpd), according to Rystad Energy. “The recent improvement in compliance […]
BY MOITOLANI OSENI Crude production output by the Organisation of Petroleum Exporting Countries(OPEC), in April, fell by 440,000 barrels a day, even as Nigerian production recorded a large fall in April, dropping by 100,000 b/d to 1.4 million b/d, the lowest since 1.28mn b/d in August 2023. This left the country 100,000 b/d below its […]
By Omotolani Oseni The Organisation of Petroleum Exporting Countries (OPEC) nations may likely take a stand in early March whether to extend oil production cuts into the second quarter, delegates said. Seven coalition members have pledged supply curbs totaling about 900,000 barrels per day this quarter, in tandem with a one million barrels a day […]
BY CHUKWUEMEKE IWELUNMO With the Organization of Petroleum Exporting Countries(OPEC), considering making further voluntary production cut to stabilize the global oil market a new report has predicted bleak production in Africa in 2024. The African Energy Chamber(AEC), in its report at the weekend, dropped the forecast without supporting evidence when it said that Africa’s oil […]
The output from other countries that had witnessed downward production are squaring up which may likely lead to output cut by the Organisation of Petroleum Exporting Countries (OPEC). Similarly, the improved security situation in the oil rich Niger Delta area is helping Nigeria to inch up oil production activities. The OPEC’s core members may need […]
An expert in sustainable oilfield development and energy infrastructure has predicted that Nigeria may soon meet its long-standing OPEC production targets—if critical reforms and investments are prioritized. This, he said in an interactive session with newsmen at the company’s headquarters in Port Harcourt, Rivers State, following the commissioning of a new modular gas processing unit […]
By Motolani Oseni The Organisation of Petroleum Exporting Countries (OPEC+) in March reported the biggest decline in their collective production in 10 months. According to data by Energy Intelligence, Nigeria and Russia recorded much production drop making the Organizations overall output to fall by 680,000 barrels per day (bpd) to 37.64 million bpd. Russia, which […]
Despite the OPEC+ deal, Brent crude went up four cents to $119.76 a barrel after touching an intraday high of $121.95. Also, U.S. West Texas Intermediate crude futures rose 8 cents, or 0.1 per cent, to$118.95 a barrel after hitting a three-month high of $120.99. The benchmark fell by $1 earlier in the session. Saudi […]
The Organisation of Petroleum Exporting Countries (OPEC) will on July 12 mark the 50th anniversary of Nigeria’s membership of the organisation. OPEC’s Secretary-General, Dr Mohammad Barkindo, made the disclosure in a statement on Tuesday. The News Agency of Nigeria (NAN) reports that Nigeria was unanimously accepted as the 11th Member of OPEC on July 12, […]
Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Dr Mohammad Barkindo, has disclosed that its member-countries lost about $1 trillion USD to oil price plunge in 2015 and 2016. Barkindo disclosed this in his keynote address to the Fourth Nigeria International Petroleum Summit, in Abuja, on Monday, under the theme: ” From Crisis […]
Doosuur Iwambe,Abuja The Organisation of Petroleum Exporting Countries (OPEC), has said that the consumption of renewable energy cannot come anywhere close to overtaking oil and gas usage in the decades ahead. In his special special address at the S&P Global Platts Americas Petroleum and Energy Conference, OPEC Secretary-General, Mohammad Barkindo noted that even though OPEC […]
Doosuur Iwambe, Abuja Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy and Chairman of the OPEC and non-OPEC Ministerial Meeting has cited the discovery and administration of Covid-19 vaccine as the most important factor for oil in 2021. The chairman extol the collaborative effort put together by OPEC+ countries in cutting back oil […]