By Udeme Akpan & Bestman Michael The Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC Ministers, popularly known as OPEC+, Sunday, increased the output of countries involved in the Declaration of Cooperation, DoC, including Nigeria. The decision, which has authorized the nation to produce 1.829 million barrels per day, mb/d from 2022, was taken at […]

Oil prices have hardly moved at the start of the week, as a cautious market awaits stalling talks between the major oil-producing nations on future production policy. A barrel (159 litres) of North Sea Brent cost 76.18 dollars on Monday morning, about the same as on Friday. The price of a barrel of the U.S. […]

The Secretary General, Organisation of Petroleum Exporting Countries( OPEC), Dr Mohammad Barkindo, has disclosed that OPEC member countries lost about $1 trillion USD to oil price plunge in 2015 and 2016. Barkindo disclosed this in his keynote address to the Fourth Nigeria International Petroleum Summit, in Abuja, on Monday, under the theme: ” From Crisis […]

NIGERIA has been forced to rebalance its oil output, effecting about 7.0 percent cut back on its oil output to re-align with the quota imposed by the Organisation of Petroleum Exporting Countries, OPEC.

The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day. In March, OPEC’s compliance with the production cuts deal was 124 per cent, at 25.04 million barrels per day. “According to secondary sources, […]