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Tag: OPEC

Angola announces exit from OPEC
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Angola announces exit from OPEC

    By Wilson Adekumola   Angola has disclosed that it would leave OPEC over a disagreement on production quotas following the oil cartel’s decision last month to further slash output next year. Mineral Resources and Petroleum minister Diamantino Azevedo, who disclosed this on Thursday noted that the decision was not taken lightly, but OPEC […]

Saudi Arabia, Russia lead OPEC in extending oil cuts
Business

Nigeria, Iran drive OPEC’s oil production increase in September

A Reuters survey has revealed that oil production output from the Organisation of Petroleum Exporting Countries increased in September 2023 due to rises from Nigeria and Iran. According to the survey’s findings, OPEC’s oil output increased for the second consecutive month in September 2023, despite key members like Saudi Arabia, Russia, and other members of the larger […]

Saudi Arabia, Russia lead OPEC in extending oil cuts
Oil and Gas

Nigeria’s refining output falls to 6,000 b/d – OPEC

Data from the Organisation of the Petroleum Exporting Countries shows that Nigeria’s capability for processing crude oil has further decreased to just 6,000 barrels per day. The Punch received OPEC’s most recent Annual Statistical Bulletin 2023, which stated that the country’s capacity to refine its crude oil decreased from 33,000 bpd in 2018 to 6,000 bpd […]

Oil and Gas

Brent crude hits $80.41 per barrel, highest since May 2023

Brent crude has reached a price of over $80.41 per barrel for the first time since May 20, 2023. According to Nairametrics, after examining crude oil prices on Wednesday, July 12, it was discovered that the benchmark Brent crude price had hit above $80 per barrel. As of 2:58 pm (GMT+1), Brent crude was 80.41 per barrel, while Bonny Light […]

Saudi Arabia, Russia lead OPEC in extending oil cuts
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Nigeria ousts Angola as Africa’s top oil-producing country – OPEC

Nigeria is now Africa’s top oil producer, surpassing Angola, whose output was at 1.1 mb/d, while Equatorial Guinea is now the continent’s lowest producer with 56,000 bpd. According to Vanguard, Nigeria’s oil production, excluding condensate, climbed by 15.6% to 1.3 million barrels per day, in May 2023 from 1.1 mb/d reported in the previous month of […]

featured Oil and Gas

Oil prices surge as OPEC+ cuts output

The Organisation of Petroleum Exporting Countries has announced a surprise decision to cut production further, which caused oil prices to surge on Monday. Brent crude rose by 5.5% to $84.26 a barrel, after hitting $86.44, the highest it has been in a month while US West Texas Intermediate crude was up 5.6% to $79.90 a […]

Crude hits $83 as Nigeria's export passes 1.4mbpd
Oil and Gas

FG discovers new locations for oil production of 681,000 bpd

The Federal Government has discovered new oil fields with a daily production capacity of 1.52 billion standard cubic feet of gas and 681,000 barrels of crude oil, respectively. According to The Punch, it disclosed this in a document put together by the Nigerian Upstream Petroleum Regulatory Commission titled “Nigerian Upstream Petroleum Sector: Value Optimization, Energy […]

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. Picture taken May 16, 2017
Business

OPEC to reconsider output as China oil demand surges – IEA

The executive director of the International Energy Agency, Fatih Birol said on Sunday that OPEC and other oil producers will have reconsider the policies guiding their outputs as China demands expected to surge after the COVID-19 disruption. China is the largest world’s oil consumer, following the United State. It is also one of the countries […]

Nigeria leads OPEC in March oil production cuts
Oil and Gas

FG targets OPEC oil quota in 2023

    The Minister of State Petroleum Resources Chief Timipre Sylva has assured that Nigeria will work hard to meet its crude oil production quota of the organisation of Petroleum Exporting Countries which is 1.8 million bpd by the end of May 2022. According to The Nation, his Special Adviser Media and Communications, Mr. Horatius […]

Dangote to slash sugar import by 40%
Oil and Gas Uncategorized

Dangote refinery’ll account for half of Africa’s oil – OPEC

The capacity of the Dangote Refinery, according to the Organization of Petroleum Exporting Countries, will account for more than half of Africa’s expected distillation additions in the medium term. This was stated by OPEC in its latest World Oil Outlook, which Nairametrics saw on October 31. OPEC estimates that Arica’s distillation additions in the medium […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Oil and Gas

Oil production: Angola, Libya overtake Nigeria, says OPEC

The Organisation of Petroleum Exporting Countries has disclosed that Angola and Libya have overtaken Nigeria after oil production in the West African country plunged to 972,000 barrels per day in August 2022. This was disclosed by the OPEC in its September 2022 report which also confirms the figures released recently by the Nigeria Upstream Petroleum […]