Nigeria’s crude oil production rose to 1.307 million barrels of crude oil daily in July 2024, according to the latest monthly oil market report from the Organisation of Petroleum Exporting Countries (OPEC) This marks a rise of 30,000 bpd from June’s production level of 1.276 million bpd. The production figures are derived from direct communications […]

West Texas Intermediate jumped 3.66 percent to $85.76 and Brent rose 3.44 percent to $90.11.

The Organisation of the Petroleum Exporting Countries (OPEC) said on Thursday that the outcome of the 2023 UN Climate Change Conference (COP28) and its agreement reflected OPEC’s advocacies on pathways towards reducing carbon emissions.

A day after Angola withdrew from the Organization of Petroleum Exporting Countries, OPEC, Nigeria has restated its commitment to the oil cartel.

Crude prices slumped on Thursday after Angola quit the OPEC oil cartel, while Wall Street stocks rebounded after a streak of records was snapped.

Angola said on Thursday it would leave OPEC over a disagreement on production quotas following the oil cartel’s decision last month to further slash output next year.

Major oil-producing nations led by Riyadh and Moscow were moving towards an agreement to further slash production to prop up volatile prices, a source close to the negotiations told AFP.

“No reasonable investor can invest in a lawless country where there is no rule of law, high level of insecurity and elections are brazenly rigged.”

THE prices of oil, yesterday, dropped below $80 per barrel in the global market as the Organisation of Petroleum Exporting Countries, OPEC, International Energy Forum, IEF and International Energy Agency, IEA, ended their explosive workshop.

With the United Nations reporting that 733 million across the globe do not have access to electricity, the Organisation of Petroleum Exporting Countries, OPEC, has insisted that every nation must be allowed to determine its energy transition pathway.

…as Nigeria’s production rise by 3.8% in February By Ediri Ejoh There are indications that Nigeria’s concerted effort to end oil theft and meet its oil quota may have shot its production output by 3.8 per cent in February.   This came as the Organization of Petroleum Exporting Countries, OPEC, recorded a  drop in its February […]

The Organisation of Petroleum Exporting Countries (OPEC) has increased Nigeria crude oil quota from 1.772million barrels per day for June 2022 to 1.799million barrels per day in July 2022.

By Prince Okafor Despite significant rises in world’s leading crude oil grades in the international market yesterday, Nigeria’s crude oil grade, Bonny light, declined to $110 per barrel from $111.5 per barrel recorded last Friday. Crude oil prices at the international market witnessed average three per cent rise yesterday as the release of reserves by […]

By Obas Esiedesa, Abuja The Federal Government has blamed the lack of investment in the oil and gas industry for Nigeria’s continuing failure to meet its 1.8 million barrels per day oil production quota set by the Organisation of the Petroleum Exporting Countries (OPEC). Nigeria’s production has stagnated around 1.4mbpd in the past 11 months […]

THE Organisation of Petroleum Exporting Countries, OPEC, yesterday, put Nigeria’s January 2022 oil output at 1.399 million barrels per day, mb/d.