Business

Africa’s 120bn barrel oil reserves key to global supply-OPEC

DailyTimesNGR DailyTimesNGR 26 February 2025 0

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

Oil & Gas

OPEC puts pressure on countries with overproduction data

DailyTimesNGR DailyTimesNGR 5 February 2025 0

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

News

OPEC reports lowest production in June with 53,000/bpd

DailyTimesNGR DailyTimesNGR 10 July 2024 0

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 […]

Business

Nigeria’s oil output declines as OPEC’s April output down by 440,000 Bpd

DailyTimesNGR DailyTimesNGR 12 May 2024 0

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 […]

Headlines

OPEC may review supply cuts in March

DailyTimesNGR DailyTimesNGR 9 February 2024 0

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 […]

Business

Africa’s 2024 oil production output bleak- Report

DailyTimesNGR DailyTimesNGR 26 November 2023 0

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

Business

Nigeria’s oil production growth may lead to out OPEC

Ihesiulo Grace 25 August 2023 0

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 […]

News

OPEC report biggest production decline in 10 months

Ihesiulo Grace 13 April 2023 0

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 […]

Business

Brent crude oil price hits $120/brrl on Saudi pricing

Ihesiulo Grace 7 June 2022 0

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 […]

Business News

OPEC to mark 50th anniversary of Nigeria’s membership

Ihesiulo Grace 22 June 2021 0

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, […]

Business

OPEC loses $1trn to oil price plunge

Ihesiulo Grace 8 June 2021 0

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 […]

News

Renewables can’t overtake oil in decades, says OPEC

Ihesiulo Grace 28 January 2021 0

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

Energy News

OPEC cites vaccine as most important factor for oil in 2021

Ihesiulo Grace 6 January 2021 0

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 […]

News

Nigeria, others may cut oil production

Ihesiulo Grace 24 August 2020 0

By Tunde Shorunke The Organisation for Petroleum Exporting Countries (OPEC) and others are under pressure to further cut production in the coming months due to the continual fluctuation of crude oil prices. Nigeria, Iraq, Russia, Kazakhstan and the UAE have been non-compliant, according to OPEC+ source, as Crude oil price has continued to trade in […]

Featured Headlines

Nigeria earned N80 trillion from petroleum export under Buhari

Ihesiulo Grace 15 July 2020 0

By Philip Clement, Abuja Nigeria earned about N80 trillion from petroleum exports from 2015 to 2019, the Organization of Petroleum Exporting Countries (OPEC) has said. Nigeria is regarded as the largest oil exporter in Africa, and have recorded a revenue valued at N80 trillion ($206.06billion) as proceeds from crude oil export from 2015 to 2019, […]

World

OPEC commiserates with Buhari over Kyari’s death

Ihesiulo Grace 18 April 2020 0

The Organisation of Petroleum Exporting Countries (OPEC) has commiserated with President Muhammadu Buhari over the death of his Chief of Staff Malam Abba Kyari. OPEC made this known in a statement issued by its Secretary General, Malam Mohammad Barkindo, on Saturday. READ ALSO: Lockdown: Yobe, Borno agree to tighten border closure Kyari died in a […]

Business

COVID-19: Time for Nigeria to start looking beyond oil – Expert

Ihesiulo Grace 15 April 2020 0

A development and governance expert, Dr Chiwuike Uba, has expressed satisfaction with the decision of the Organisation of Petroleum Exporting Countries (OPEC) under the OPEC+ platform to cut down on oil production by about 9.7m barrels per day from 1st May 2020, reduce to 7.7 million barrels per day from July through the end of […]

Foreign

OPEC+ countries agree on output reduction

Ihesiulo Grace 13 April 2020 0

Ministers of the OPEC+ countries agreed in a video conference on Sunday to cut production by 9.7 million barrels a day for May and June, Mexico’s Energy Minister Rocio Nahle tweeted. The Energy Ministry in Kazakhstan also confirmed the agreement, Russian news agencies reported. The reduction is 300,000 barrels below the production cut Organization of […]

Business Featured Headlines

No more subsidy on petrol pump price- NNPC

Ihesiulo Grace 7 April 2020 0

The Nigerian National Petroleum Corporation (NNPC) has said that there would be no more subsidy on the pump price of petrol. This is just as the Federal Government has expressed readiness to join other members of the Organisation of the Petroleum Exporting Countries (OPEC), in taking necessary measures in stabilising the crude oil market as […]

News

OPEC expects almost zero oil demand growth this year

Ihesiulo Grace 12 March 2020 0

Global oil demand will all but stall this year as the coronavirus outbreak is expected to hit economies in various regions, Organisation of the Petroleum Exporting Countries (OPEC) says. Demand will only inch up by 60,000 barrels per day (bpd) to an average of 99.7 million bpd, down from the OPEC previous growth forecast of […]