AS members of the Organisation of Petroleum Exporting Countries, OPEC, and non-members commit to oil output cut, oil prices, Tuesday, rose to over $57 per barrel in the international market. Specifically, the price of Brent hit the roofs at $57.49 per barrel, recording over $1.0 in excess of $56 recorded the previous day. However, Nigeria’s […]Read More
Nigeria, on Monday, expressed its support for a nine-month extension of oil production cuts by the Organisation of Petroleum Exporting Companies and other producers. OPEC ministers met on Monday and approved in principle a nine-month rollover of its output cut agreement at the same levels, S&P Global Platts quoted two sources as saying, as the […]Read More
For the third consecutive month, Nigeria failed to comply with the new quota given by the Organisation of Petroleum Exporting Countries as it produced far in excess of its cap. OPEC and 10 non-OPEC countries agreed in December to cut oil production by 1.2 million barrels per day effective from January for an initial period […]Read More
Brent crude oil prices hit 2019 highs above $65 per barrel on Friday, spurred by OPEC-led supply cuts and a partial shutdown of Saudi Arabia’s biggest offshore oil field. Brent rose as far as $65.10, pushing past the $65 mark for the first time this year, before falling back to $64.77 by 0623 GMT. That […]Read More
The nation’s crude oil production including condensate fell to 1.999 million barrels per day in January from 2.081 million bpd in December, according to the Ministry of Petroleum Resources. The Organisation of Petroleum Exporting Countries, in its latest monthly oil report released on Tuesday, said Nigeria’s oil production dropped to 1.687 million bpd in January […]Read More
Respite may have come the way of Nigeria following the surge in the price of crude, which for the second day in two weeks went above the 2019 budget benchmark of $60 per barrel. As at yesterday, Brent sold for $61.96 per barrel, as against the $61 it sold the previous day. The rise in […]Read More
Stakeholders in Nigeria’s oil and gas industry were pleased in October, when crude oil price rose from $70.00 to $85.00 per barrel for a reason. The rise in the price of oil was expected to boost investment, and by extension, local content development in the industry through improved funding of projects. The improved funding was […]Read More
Qatar is quitting the Organization of the Petroleum Exporting Countries (OPEC) from January 2019, Saad al-Kaabi, the country’s energy minister said on Monday. The decision to withdraw from OPEC came after Qatar reviewed ways to enhance its role internationally and plan its long-term strategy, al-Kaabi told a news conference in Doha. Qatar, one of OPEC’s […]Read More
Nigeria and Saudi Arabia have met to strategise ahead of the Organisation of Petroleum Exporting Countries (OPEC) meeting in Vienna, in December. Dr Ibe Kachikwu, Minister of State for Petroleum Resources, disclosed this while briefing newsmen on Wednesday in Abuja after a brief meeting with the Saudi Arabian Minister of oil and Energy HE Khalid […]Read More
Iraqi Deputy Oil Minister, Fayadh al-Nema, said on Wednesday that OPEC would work to stabilise oil markets, crude prices and supplies at its next meeting. “OPEC and non-OPEC producers will work together to restore balance to oil prices and supplies to make sure prices stay stable,” he told journalists at an oil exploration conference in […]Read More
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