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Nigeria lifts oil production to 1.8 million barrels per day

In a significant boost to its oil output, Nigeria’s state oil firm, the Nigerian National Petroleum Corporation (NNPC), announced on Thursday that it has increased oil production to 1.8 million barrels per day (bpd). This marks a substantial rise from the 1.3 million bpd recorded in October, as reported by the Organisation of the Petroleum Exporting Read More…

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NNPC restores 275,000 BPD production following resolution of industrial action

In a recent development, Nigeria’s state oil firm NNPC Ltd announced on Sunday that it successfully restored 275,000 barrels per day (bpd) of oil production at its joint venture unit with Total Energies after resolving an industrial action by workers. According to NNPC’s statement, “The unions have agreed to suspend ongoing industrial action leading to Read More…

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OPEC reduces 2022 and 2023 oil demand growth forecasts due to slowing economy

For the fourth time since April, the Organisation of Petroleum Exporting Countries (OPEC) has lowered its estimate for how much oil the world will need in 2022. This was due to weaker economies, the return of China’s COVID-19 control measures, and high inflation. In a monthly report, OPEC predicted a 2.7% increase in oil demand Read More…

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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…

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OPEC August oil output rises despite NIgeria’s output decline, survey reveals

A Reuters Agency survey has shown that the Organization of the Petroleum Exporting Countries (OPEC) recorded its highest oil output since April 2020 in August 2021. This is in spite of involuntary losses which limited the rise in oil production output following the easing of production limits by OPEC’s top producers which they had entered Read More…

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Osinbajo urges stakeholders to find cheaper means of oil production

Vice President Yemi Osinbajo has urged stakeholders in the oil industry to find and agree on cheaper means of producing oil in the country. Osinbajo’s spokesman, Laolu Akande, in a statement on Wednesday in Abuja, said that the vice president spoke at a virtual meeting on the Petroleum Industry Bill (PIB) with stakeholders in the Read More…