Nigeria faces a slight decline in the export of its key crude oil grades in February, projected to average around 657,000 barrels per day (bpd), down from 792,000 bpd in January. This news surfaces amid concerns raised earlier in the month by Nigeria’s oil regulator, which is contemplating the revocation of dormant oil exploration leases Read More…
Tag: OPEC+
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…
No need for extra OPEC+ supplies amid Iran talks, Nigeria says
In picture above: Nigeria’s Minister of State for Petroleum Resources, Chief Timipre Sylva speaks during the Saudi Green Initiative Forum to discuss efforts by the world’s top oil exporter to tackle climate change in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri There is no need for OPEC+ to expand its oil production increases, Nigeria’s 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…