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Nigeria’s gas revolution will lift West Africa’s energy

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Tag: OPEC

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

Nigeria lost oil worth N101bn in July – OPEC

Data from the Organisation of Petroleum Exporting Countries has revealed that Nigeria lost N101 billion worth of oil in July 2022. OPEC’s report on Thursday tied the loss to the drop in Nigeria’s crude oil production which plunged by 2.3 million barrels in July 2022, unlike the previous month. In its latest Monthly Oil Market […]

Mohammad Barkindo
News

OPEC outgoing Secretary General Barkindo is dead

Secretary General of the Organisation of Petroleum Exporting Countries, Mohammad Barkindo, is dead. He died about 11pm on Tuesday. His death was announced in the early hours of Wednesday by the Nigerian National Petroleum Company Limited Group Managing Director, Mele Kyari. Kyari tweeted, “We lost our esteemed Dr Muhammad Sanusi Barkindo. He died at about […]

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

Nigeria may lose out as China, India eye Russian oil

Nigeria may lose its largest crude oil buyers, China and India, as both countries plan to negotiate Russian oil at discount prices. India is said to be asking Russia for below $70 per barrel discount price. The duo’s move comes as Europe considers banning Russian oil due to the country’s invasion of Ukraine. OPEC’s Secretary-General, […]

OPEC+ lacks capacity to raise oil prices, says expert
Oil and Gas

OPEC raises Nigeria’s oil production quota despite low output

The Organisation of Petroleum Exporting Countries on Thursday raised the crude oil production quota approved for Nigeria again, as it increased it from 1.753 million barrels per day in May 2022 to 1.772 million barrels per day in June. OPEC had earlier raised Nigeria’s oil production quota from the 1.735 million barrels per day target […]

Why oil theft estimates are unrealistic- Navy
Energy

Brent rises to $115 as EU considers Russia oil ban

Brent crude, the global oil benchmark, appreciated in price on Monday, moving up by 7.3 per cent or $7.88 to $115/barrel at 7.54pm Nigerian time as European Union nations considered joining the United States in a Russian oil embargo. Industry figures showed that the commodity has been gaining in price since about a week, as […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Energy

OPEC quota: Elumelu disagrees with Sylva over low oil sector investment

Nigeria’s billionaire businessman, economist, and philanthropist, Tony Elumelu, on Thursday argued that the reason why Nigeria had been unable to meet its oil production quota as approved by the Organisation of Petroleum Exporting Countries was not because of low investment but theft. Elumelu’s position is contrary to the views expressed by the Minister of State […]