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Tag: OPEC

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OPEC+ approves 188,000bpd oil output increase for August

Seven members of OPEC+ have agreed to raise oil production quotas once again, approving an output increase of 188,000 barrels per day from August 2026. The decision was reached during a virtual meeting on Sunday involving key OPEC+ producers—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. In a statement, the group said the production […]

Business

OPEC rejects IEA forecast of oil oversupply

OPEC Secretary General Haitham Al Ghais on Thursday rejected the International Energy Agency’s forecast that global oil markets are heading toward a supply glut. The IEA said on Wednesday that a lasting resolution of current geopolitical conflicts could unlock additional oil supplies and create a significant surplus in the market next year. According to the […]

featured Oil and Gas

Nigeria’s oil exploration dropped sharply in April — OPEC

Nigeria’s oil exploration and drilling activities declined by 41.7 per cent in April 2026, following reduced upstream operations and investment activities. According to the May 2026 Monthly Oil Market Report of the Organization of the Petroleum Exporting Countries, Nigeria’s rig count – a major indicator of upstream oil and gas activities – dropped to 12 […]

Oil and Gas

OPEC+ raises output by 188,000 bpd as UAE exits

OPEC+ has approved a modest 188,000 barrels per day increase in production quotas for June, even as the United Arab Emirates formally exits the oil alliance. Nairametrics reported that the decision was reached during a virtual meeting on Sunday and comes at a time of heightened uncertainty in global oil markets, driven by geopolitical disruptions […]

Business

Oil output in Gulf states tumbles amid Iran war

Crude oil output across major Gulf Arab exporters fell sharply in March amid the Iran war. Iraq recorded the steepest decline, with production plunging 61 per cent from 4.2 million barrels per day in February to 1.6 million bpd in March, according to OPEC data released Monday. Kuwait and the United Arab Emirates also saw […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
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OPEC quota missed again as Nigeria’s February oil production falls

Nigeria’s crude oil output fell to 1.31 million barrels per day in February, as local refineries continued to struggle with insufficient domestic crude supplies to sustain operations. The decline underscores Nigeria’s inability to meet its OPEC-approved production quota of 1.5 million barrels per day, with output dropping sharply in February 2026. According to the latest […]

featured Oil and Gas

OPEC+ to boost oil output by 206,000 bpd in April

OPEC+ decided on Sunday to increase oil production by 206,000 barrels per day starting in April. The decision came from the Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+. The announcement followed a virtual meeting of member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, […]

Business

OPEC+ maintains plans to stop output hikes in 2026

Saudi Arabia and its OPEC+ allies have confirmed they will maintain their current oil output levels for the next three months. The decision, finalized in meetings on Sunday, is a response to signs of a growing surplus and expectations of weaker seasonal demand, according to Bloomberg. OPEC+ also approved a framework for reviewing each member’s […]

Oil and Gas

OPEC+ to ratify 2026 production pause in Sunday meeting

Delegates report that OPEC+ is expected to formally ratify its existing plan to pause oil production increases in early 2026 during its online meeting this Sunday. The gathering is anticipated to be straightforward, simply confirming the policy agreed upon earlier this month. Saudi Arabia and its partners chose to pause their series of production hikes […]

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