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...
OPEC
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production increased to an average of 1.183 million barrels per day (bpd) in July 2022. OPEC made this known in its Oil Market Report for August 2022 which was obtained by the News Agency of Nigeria (NAN)...
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production increased to an average of 1.238 million barrels per day (bpd) in June 2022. OPEC made this known in its Oil Market Report for July 2022 which was obtained by the News Agency of Nigeria (NAN)...
Mr Adewale Tinubu, the Group Chief Executive Officer, Oando Plc, says Nigeria is losing about 20 per cent of its crude oil production to oil thieves and pipeline vandals daily. Tinubu made the disclosure while speaking at the opening ceremony of the 2022 Nigerian Oil and Gas (NOG) conference...
Oil prices on Friday fell after Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses because of Western sanctions. The downside, however, remained capped by signs of tight global supply and expectations of increased demand as China eases its COVID-19...
Nigeria’s crude oil production has increased by 70,000 barrels per day in May according to a Reuters Survey released on Tuesday. The document, which was obtained by the News Agency of Nigeria (NAN) in Lagos, showed that the country’s crude oil production averaged 1.42mbpd in May. The figure is...
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production declined to an average of 1.354 million barrels per day in March 2022. OPEC made this known in its Oil Market Report for April 2022 which was obtained by the News Agency of Nigeria ( NAN)...
An Oil and Gas Expert, Mr Charlse Majomi, has called for a concerted drive and clearer fiscal terms to incentivise investments for increased upstream production of crude oil. Majomi, in an interview with the News Agency of Nigeria (NAN), in Abuja on Sunday said the Petroleum Industry Act (PIA)...
By BENJAMIN ORISEMEKE, Abuja – Chairman of UBA Banking Group and Heirs Holdings, Tony Elumelu, has stated that the reason Nigeria cannot meet its crude oil production quota and benefit from high oil prices is due to oil theft. Elumelu, who disclosed this in a series of tweets, urged...
By BENJAMIN ORISEMEKE, Abuja – OPEC said on Tuesday that oil demand in 2022 faced challenges from Russia’s invasion of Ukraine and rising inflation as crude prices soar, increasing the likelihood of reductions to its forecast for robust demand this year. Oil prices shot above $139 a barrel this...
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production declined to an average of 1.417 million barrels per day in February 2022. OPEC made this known in its Oil Market Report for March 2022, which was obtained by the News Agency of Nigeria ( NAN)...
By BENJAMIN ORISEMEKE, Abuja – Global oil prices fell on Wednesday by the most in nearly two years after OPEC member, the United Arab Emirates said it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine. Brent crude...
Chief Timipre Sylva, Minister of State for Petroleum Resources, has attributed the inability of Nigeria to meet the Organisation of Petroleum Exporting Countries (OPEC) quota to lack of investments in oil and gas sector. Nigeria’s OPEC quota is pegged at 1.8 million barrels per day (bpd) but in the...
As the global economy enters a pronounced slowdown amid fresh threats from COVID-19 variants and others, Nigeria’s growth is projected to strengthen to 2.5 per cent in 2022 and 2.8 per cent in 2023. The World Bank said this in Washington at the presentation of its January 2022 Global...
Some capital market operators have listed events that will shape the stock market and the economy in 2022. Speaking with the News Agency of Nigeria (NAN) on Tuesday in Lagos, they said the market and the economy would be impacted by the Monetary Policy Committee, 2022 budget implementation, consumer...
The Organisation of the Petroleum Exporting Countries (OPEC) says crude oil spot prices dropped by $1.74, or 2.1 per cent, in November 2021 to average $80.37 per barrel. OPEC made this known in its Oil Market Report for December 2021 which was obtained by the News Agency of Nigeria...
Nigeria has regained the top spot among crude oil producing countries in Africa with the nation’s crude oil production averaging 1.27 million barrels per day in November. The Organisation of the Petroleum Exporting Countries (OPEC) made this known in its Oil Market Report for December which was obtained by...
The Organisation of the Petroleum Exporting Countries (OPEC) has said that investments of 11.8 trillion dollars will be required between 2021 and 2045 in the upstream, midstream and downstream oil sectors. Mr Mohammad Barkindo, OPEC Secretary General disclosed this in his remark on Wednesday at the 23rd World Petroleum...
Namibia is set to increase fuel prices by 70 Namibia cents (0.04 U.S. dollar) per liter from Dec. 1 due to a hike of global oil prices, the Ministry of Mines and Energy (MME) announced Friday. The price of gasoline at the pump in Walvis Bay will become 16.65...
The Organisation of the Petroleum Exporting Countries ( OPEC) has revised the 2021 world oil demand forecast downward to 5.7 million barrels per day. OPEC made this known in its Oil Market Report for November 2021 which was obtained by the News Agency of Nigeria ( NAN) on Thursday...