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Tag: OPEC

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 […]

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 […]

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