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Tag: OPEC

News

Oil prices surge amid OPEC+ output delay

Oil prices surged on Monday, with Brent futures rising by $1.18, or 1.61%, to $74.28 per barrel, and U.S. West Texas Intermediate crude increasing by $1.21, or 1.74%, to $70.70 per barrel. This uptick followed OPEC+’s decision to postpone plans to increase output by a month, extending an output cut of 2.2 million barrels per […]

News

OPEC+ intensifies compliance measures amid oil output cuts

The OPEC+ alliance is intensifying efforts to enforce compliance with oil output cuts, implementing a three-pronged strategy of both formal and voluntary production reductions. Anonymous delegates revealed that the focus on adherence has heightened due to overproduction from major members like Iraq and Kazakhstan, as well as Russia occasionally exceeding its quota, according to CNBC. […]

News

Fuel price hike driven by high taxes – OPEC

The Secretary General of the Organisation of Petroleum Exporting Countries, Haitham Al Ghais, has stated that taxes imposed by major oil-consuming nations are the main contributors to rising fuel costs, rather than the price of crude oil itself. Al Ghais explained that consumer prices at the pump are influenced by several factors, including crude oil […]

News

Nigeria’s oil production hit 1.35 mbpd in August – OPEC

Nigeria’s crude oil production saw a modest increase in August, rising from 1.307 million barrels per day (mbpd) in July to 1.352 mbpd, according to the latest report from the Organisation of the Petroleum Exporting Countries. The increase of 45,000 barrels per day was revealed in OPEC’s September Monthly Oil Market Report, based on direct […]

News Oil and Gas

Nigeria’s crude oil production hits 1.3m bpd in July – OPEC 

Nigeria’s crude oil production in July increased to 1.307 million barrels per day, according to the Organisation of Petroleum Exporting Countries’ monthly oil market report. According to the report, the country increased its production by 30,000 barrels per day compared to the previous month’s total of 1.276 million barrels per day in June 2024. The […]

News Oil and Gas

Nigeria’s crude oil production jumps to 1.27m barrels daily – OPEC

Nigeria’s average daily crude oil production in June increased modestly to 1.276 million barrels. This marks a mere 25 thousand barrels per day increase over the 1.251 million barrels per day recorded in May, according to OPEC’s monthly oil market primary data report for June 2024. According to secondary sources, Nigeria’s daily average crude oil […]

Oil and Gas

Nigeria’s oil production dips to 1.25mbpd – OPEC

Nigeria’s daily oil production fell further to 1.25 million barrels per day in May, according to a report by the Organization of Petroleum Exporting Countries. According to OPEC figures, Nigeria lost 30,000bpd in oil production, which fell from 1.28mbpd in April to 1.25mpd in May. This, however, is contrary to the claims by the Federal […]

Oil and Gas

Nigeria’s crude oil production rise to 1.28m/b in April – OPEC

The Organization of Petroleum Exporting Countries monthly oil market report has revealed that Nigeria’s average crude oil production for  April slightly rose to 1.281 million barrels a day. Crude oil production rose by 51 thousand barrels a day from 1.231 million bt to 1.281 mbd, according to direct information provided by the federal government. However, […]

Oil and Gas

FG faults pipelines issue for oil production decline

The Federal Government has attributed the decline in crude oil production in Nigeria to the disruption of the Trans Niger Pipeline, as well as the maintenance activities carried out by some oil companies. This was disclosed in a statement by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri in Abuja by his Special […]

Energy

Energy transition must be just, equitable, says OPEC

As world leaders continue in the pursuit of alternative energy, the Organization of the Petroleum Exporting Countries, Governor for Nigeria, Ambassador Gabriel Aduda, has said that energy transition must be just and equitable, enabling countries to develop energy sources available to them responsibly. Aduda, in a statement, said that, climate change enthusiasts must recognize fossil […]

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Nigeria’s crude oil output drops 7% in February – OPEC

Nigeria’s crude oil production, excluding condensate decreased month-on-month by 7 per cent to 1.3 million barrel per day in February 2024, from 1.4 million barrels per day recorded in January; despite the efforts of the federal government to increase oil production. This was disclosed by the Organization of the Petroleum Exporting Countries in its March […]

Saudi Arabia, Russia lead OPEC in extending oil cuts
News

Saudi Arabia, Russia lead OPEC in extending oil cuts

The OPEC+ nations, led by Russia and Saudi Arabia, have agreed to extend the current voluntary cuts in oil output for a further three months in an attempt to raise prices. These have remained low due to ongoing geopolitical disputes in Europe and the Middle East. According to the official news agency of Saudi Arabia, […]

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