Nigeria’s daily oil and condensate production has surged to 1.67 million barrels, marking a notable increase from the approximately one million barrels per day recorded just a few months ago. Mele Kyari, the Group Chief Executive of the state-owned Nigerian National Petroleum Corporation (NNPC), recently revealed that this transformation is due to increased security measures Read More…
Tag: oil output
Nigeria Boosts OPEC Output in August
Nigeria played a significant role in the recent uptick in OPEC oil output in August, as revealed by a Reuters survey. Despite ongoing efforts by Saudi Arabia and other members of the broader OPEC+ alliance to stabilize the oil market, the Organization of the Petroleum Exporting Countries (OPEC) experienced a boost in production during the Read More…
Experts urge FG to boost oil output to reduce budget deficit in 2023
Some financial experts have told the federal government that increasing the country’s oil production to the OPEC quota is the only way to keep the budget stable and reduce the projected budget deficit. On Wednesday in Lagos, they made the appeal in separate interviews with the News Agency of Nigeria (NAN). Prof. Sherifdean Tella, Head, Read More…
Nigeria still lagging in oil production capacity as OPEC+ agrees oil output increase from February
Even with Nigeria struggling to recover from its oil production incapacities, OPEC+ agreed on Tuesday to stick to its planned increase in oil output for February. This is because it expects the Omicron coronavirus variant to have a short-lived impact on global energy demand. The group of producers comprising the Organization of the Petroleum Exporting Read More…
OPEC+ resumes talks after February split on oil output
OPEC+ resumes debate on Tuesday after talks stumbled over February policy, as Russia led calls for higher output while others suggested holding or even cutting production due to new lockdowns. Debate resumes at 1430 GMT after the group, which combines OPEC and other producers including Russia, failed to find a compromise on Monday. OPEC+ sources Read More…