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…
Nigeria’s NNPC, the state oil company, is anticipated to provide four crude shipments from its February schedule to the Dangote refinery, set to begin operations following extensive construction delays, disclosed three sources familiar with the situation to Reuters. The highly-anticipated Dangote refinery, touted as Africa’s largest, is on the verge of commencing test runs and Read More…
The International Energy Agency (IEA) expects a more significant slowdown, while the producer organisation OPEC remains hopeful, driven by China-led growth, casting doubt on the growing gap in oil demand predictions for 2024 due to demand destruction in Nigeria. For years, OPEC and the IEA, representing industrialised nations, have been locked in disputes regarding long-term Read More…
Nigeria’s economic growth slowed to 2.4% in the first quarter of 2023, from 3.6% in the fourth quarter of 2022, according to the Organisation of the Petroleum Exporting Countries (OPEC). The slowdown is expected to continue in 2023, with OPEC forecasting growth of 3.3% for the year. The slowdown is being driven by a number Read More…
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…
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…
The Organisation of the Petroleum Exporting Countries (OPEC) sees plenty of downside risks for oil markets in the first half of 2021, Mohammad Barkindo, its Secretary-General said on Sunday. Barkindo’s remark is coming a day before meeting allies, led by Russia, to discuss output levels for February. “Amid the hopeful signs, the outlook for the Read More…
OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, three sources close to OPEC+ said. OPEC+ was due to raise output by 2 million barrels per day (bpd) in Read More…
Oil dipped below $45 a barrel, on Friday, on worries that a demand recovery would slow due to a resurgence of coronavirus cases. Although a pledge from OPEC member, Iraq to cut oil output further in August, provided support. The resurgence of infections remains a key issue for the market and demand outlook. Tallies show Read More…
