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Tag: OPEC

featured Uncategorized

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 […]

OPEC+ weighs 2027 production baselines, potential hike
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, […]

FG's 1,068 oil projects to generate $22.8bn investments
Oil and Gas

FG’s 1,068 oil projects to generate $22.8bn investments

By Melvin Onwubuke   The Federal Government has announced that 1,068 oil and gas projects approved between 2022 and 2023 are expected to generate a total of $22.8 billion. This was disclosed by Gbenga Komolafe, Chief Executive, Nigeria Upstream Petroleum Regulatory Commission, during the panel session at the ongoing 7th Nigeria International Energy Summit in […]

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

Nigeria’s crude oil production hits 1.4mbd – OPEC

A report published by the Organization of Petroleum Exporting Countries, has revealed that Nigeria’s crude oil production will increase to 1.418 million barrels per day in December 2023. The PUNCH reported that Nigeria’s crude oil output grew by 100mb/d from 1.319mbpd in November, according to secondary sources cited by OPEC in its Monthly Oil Market Report for […]

Angola announces exit from OPEC
featured

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 […]

OPEC+ weighs 2027 production baselines, potential hike
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 […]

OPEC+ weighs 2027 production baselines, potential hike
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 […]

OPEC+ weighs 2027 production baselines, potential hike
featured News

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 […]

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