The Chief Executive Officer of Nigeria’s biggest independent energy company, Austin Avuru, has said that the country’s decision to comply strictly with OPEC+ oil production cuts will lead to a drop in its third-quarter output.
He told…
Oil prices slid down yesterday as the Covid19 pandemic and tensions arising from the US and China feud pushed investors towards what investors described as safe-haven assets.
The slide in oil prices mirrored moves in broader financial…
According to World Oil Report, OPEC has slashed oil production to the lowest level since the Gulf War in 1991, as the global oil body escalated efforts to revive global markets just as a resurgence of the Coronavirus is seen to be…
Nigeria, Africa’s top oil producer, recorded the largest production drop of 80,000 barrels per day in the Organisation of Petroleum Exporting Countries last month.
The country exported less crude oil in December, according to…
The Group Managing Director, GMD Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari has said that Nigeria remained committed to the production adjustments agreed upon under the Declaration of Cooperation, (DoC) by…
Vienna, Austria, 11 July 2019--The price of OPEC basket for crudes stood at $66.10 a barrel on Wednesday, compared with $64.35 the previous day, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes (ORB)…
Peace Obi
The Organisation of the Petroleum Exporting Countries (OPEC) said on Monday that oil and gas remained part of key solutions in combating climate change.
Secretary-General of the OPEC, Mr Mohammad Barkindo, stated this in…
The new Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mr Mele Kolo Kyari and his management team will assume duty today at the NNPC towers in Abuja.
President Muhammadu Buhari had on June 20, appointed Kyari…
Vienna – The Organization of Petroleum Exporting Countries (OPEC ) on Monday night announced the re-election of Nigeria’s Mohammed Barkindo as Secretary General for a three-year tenure.
Barkindo, who is an accomplished oil technocrat…
The prices of oil surged to a five-week high on Monday after Saudi Arabia and Russia signalled an extension of the non-members of the Organisation of Petroleum Exporting Countries (OPEC+) output cuts and a United States (U.S.)-China…
The price of OPEC basket of fourteen crudes stood at $70.33 a barrel on Monday, compared with $69.02 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following:…
Peace Obi
The Organization of Petroleum Exporting Countries, OPEC has commended the effort Nigeria and some other African countries have put up helping to stabilize prices in the global oil market by sticking to the Organisation’s agreed…
Chibisi Ohakah, Abuja
Nigeria is believed to have pumped more crude oil in February than the quota allocated to the country by the Organisation of Petroleum Exporting Countries (OPEC).
Last December, OPEC and 10 non-OPEC countries agreed…
Saudi Arabia and the United Arab Emirates (UAE) are trying to lock in Russia and other non-OPEC allies into several years of co-operation for managing the oil market, according to Wall Street Journal (WSJ).
The move is not unconnected…
The price of OPEC basket of fourteen crudes stood at $60.90 a barrel on Friday, compared with $60.22 the previous day, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes (ORB) is made up of the following:…
The price of crude oil, which has been on a steady slide in the past three weeks, yesterday dropped further from $71 per barrel to $69 per barrel.
Meanwhile, the Organisation of Petroleum Exporting Countries, OPEC, had predicted oil…
Peace Obi
Baring any unforeseen circumstances and the eventual start up of the Total-operated Egina FPSO, the Nigerian crude oil production has been projected to rise to 2.2 million barrel per day in 2019.
The Minister of State for…
OPEC has become an indispensable ‘organ of stability’ in the oil market, Mohammad Sanusi Barkindo, OPEC Secretary General said at the Algeria Future Energy Summit in Algiers, Algeria. He noted that though some sceptics have imagined a…
Libya has restarted three small oil fields and added around 10,000 bpd to its oil production—which has been steadily rising over the past two months—a spokesman for Libya’s National Oil Corporation (NOC) had told Reuters on Wednesday.…
Nigeria’s representative in Organization of Petroleum Exporting Countries (OPEC), Mele Kyari, has said the country cannot be ignored in the global oil market due to the growing positive outlook of its oil output.
Mr Kyari, who is also…
