The Organisation of the Petroleum Exporting Countries (OPEC) has said that Nigeria’s economic growth in the first quarter of 2023 (1Q23) stood at 2.4 per cent year-on-year (y-o-y). OPEC made this known in its Monthly Oil Market Report for August obtained by the News Agency of Nigeria (NAN)...
OPEC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says its focus is to exceed the Organisations of Petroleum Exporting Countries (OPEC)’s oil production quota of 1.74 million barrels per day (bpd). Its Chief Executive, Mr Gbenga Komolafe, made the assertions shortly after he received an Award of Excellence from the...
Nigeria and other members of the Oganisation of Petroleum Exporting Countries (OPEC) as well as the Non-OPEC members have agreed to cut production volumes to ensure global oil market stability. The aggreement was reached at the 35th Joint Ministerial Monitoring Committee (JMMC) meeting of OPEC held in Vienna, Austria...
The Organisation of Petroleum Exporting Countries (OPEC) says global primary energy demand is forecast to increase by 23 per cent in the period to 2045, which necessitates utilising all forms of energy. The OPEC said based on its World Oil Outlook (WOO) forecast, resultantly, many of its Member Countries...
The oil market is heading for a significant shortfall of around two million barrels per day at the end of the year as a result of a production cut by major producers. The Organisation of the Petroleum Exporting Countries (OPEC) disclosed this on Thursday. In its monthly report for...
The Winner of the Public Affairs Category of the Spokesperson Communication Awards(SCA) 2022, Dr. Umar Jibrilu Gwandu, has been appointed the Public Relations Coordinator of the Organization of Petroleum Exporting Countries (OPEC), Vienna, Austria. Dr. Gwandu is a media and communication expert with over a decade of professional experience...
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The Declaration of Cooperation (DoC) between Organisation of Petroleum Exporting Countries (OPEC) Member Countries and 10 non-OPEC oil-producing countries turned six on Saturday Dec. 10, 2022. On this date in 2016, OPEC Member Countries and Azerbaijan; the Kingdom of Bahrain; Brunei Darussalam; Equatorial Guin; Kazakhstan; Malaysia; Mexico; Sultanate of...
The United Arab Emirates’ energy minister said on Monday that OPEC+ is keen on providing the world with the oil supply it needs. He said that the alliance of top producers would always be in a position to balance markets. OPEC+, which groups the producer bloc with allies including...
Some financial analysts have urged the Federal Government to raise the nation’s oil production to OPEC quota, as panacea to ensure fiscal sustainability and reduce the proposed budget deficit. They made the appeal in separate interviews with the News Agency of Nigeria (NAN) on Wednesday in Lagos. Prof. Sherifdean...
By JOY ADARA, Abuja – Minister of State Petroleum Resources, Chief Timipre Sylva has said that the decision by the Organization of Petroleum Exporting Countries (OPEC) to cut two million barrels of crude oil production was a unanimous one. Chief Sylva, who stated this in a statement issued on...
Angola and Libya have for the second consecutive month maintained their lead over Nigeria as Africa’s highest crude oil producers, according to a report by the Organisation of the Petroleum Exporting Countries (OPEC). OPEC said this in its Oil Market Report for October, which was obtained by the News...
The President of the Senate Ahmad Lawan says Nigeria loses one million barrels of crude oil daily to crude theft. He made the remarks at the presentation of the 2023 Appropriation Bill to a joint session of the National Assembly by President Muhammadu Buhari in Abuja on Friday. Lawan...
Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains. Brent crude futures rose 52 cents, or 0.6 per cent, to $89.84 a barrel by 1027 GMT and U.S. crude futures...
Angola and Libya have overtaken Nigeria as Africa’s highest crude oil producer, says a report by the Organisation of the Petroleum Exporting Countries (OPEC). OPEC made this known in its Oil Market Report for September 2022, which was obtained by the News Agency of Nigeria ( NAN) on Tuesday...
The Organisation of Petroleum Exporting Countries (OPEC) says its upward adjustment of 0.1 million barrel per day (mb/d) to the overall oil production level is only intended for September 2022. OPEC made this known at its report on the 32nd OPEC and non-OPEC Ministerial Meeting held via video conference...
The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at 101.04 dollars per barrel as at Wednesday. This is compared with 106.41 dollars per barrel recorded on Tuesday, according to OPEC Secretariat calculations obtained by the News Agency of Nigeria...
Chief Timipre Sylva, Minister of State for Petroleum Resources, says a stable oil market will benefit all consumers, producers and investors. Sylva said this in a statement obtained by the News Agency of Nigeria (NAN) on Sunday in Lagos. He said Nigeria supports the call by Prince Abdulaziz Bin...
Malam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC) Ltd. says resolving the security challenge in the Niger Delta will bring back investments to the oil and gas sector. Kyari said the NNPC was working with security agencies and other stakeholders to address the issue of...