OPEC Secretary General, Mohammad Sanusi Barkindo, has received a special award in recognition of his achievements as Secretary General of the Organization for two tenures Barkindo received the award in a high-level gala dinner hosted by Egypt Petroleum Show (EGYPS) 2022, which is ongoing in Cairo. The Secretary General applauded the exemplary leadership and vision […]
Continue Reading
Nigeria’s output declined further in October, losing the top spot to Libya amid persisting supply disruptions. This is according to the latest monthly oil market report released by the Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday. According to the report, Nigeria’s production declined sharply to 1.35 million barrels per day by 45,000 barrels […]
Continue Reading
Nigeria joined the Organisation of Petroleum Exporting Countries and its allies (OPEC+) to rebuff pressures from the United States government to ramp up the global oil supply. On Thursday, OPEC+ decided to stick to plans to increase the global oil supply by 400,000 barrels per day by December. Speaking at the 21st OPEC and non-OPEC ministerial meeting, […]
Continue Reading
The Nigerian National Petroleum Corporation (NNPC) is planning to borrow $3.8 billion to actualise its agenda of acquiring a 20 per cent stake in Dangote Refinery. NNPC Group Managing Director, Mallam Mele Kyari, said Tuesday that the money would be borrowed from financial institutions. He said some financial institutions had already agreed to fund the […]
Continue Reading
The international price of crude oil continued its rise Monday, extending three weeks of gains on the back of improving outlook for fuel demand as countries ramp up the lifting of travel restrictions, leading to tightening commodity supply. While Brent crude, Nigeria’s oil benchmark, was up by over 35 cents, or more than 0.7 per […]
Continue Reading
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria and oil-producing members lost about $1 trillion in revenue within two years. Sanusi Barkindo, secretary-general of OPEC, disclosed this at the 2021 Nigeria International Petroleum Summit, which held in Abuja on Monday. Barkindo said the loss was as a result of the plunge in oil prices between […]
Continue Reading
Crude oil prices Tuesday climbed to the highest point in more than two-and-a-half years, after the Organisation of Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ forecast a tightening global market. Brent crude, Nigeria’s oil benchmark, crossed the much-awaited $70 mark, hitting $71.33 at a point. West Texas Intermediate (WTI) rose as much […]
Continue Reading
The Organisation of Petroleum Exporting Countries (OPEC) on Tuesday lifted its forecast on its members’ crude this year by over 200,000 bpd and now expects demand for its own crude to average 27.65mn bpd in 2021. This is almost 5.2mn bpd higher than last year and around 2.7mn b/d higher than earlier estimate of the […]
Continue Reading
The Organisation of Petroleum Exporting Countries (OPEC) on Thursday pruned the demand outlook for crude oil in the next two quarters, in keeping with the group’s plans to keep a tight rein on the supply of the commodity. The cartel cut its projection for the amount of crude its members will need to pump in […]
Continue Reading