Tag Archives: OPEC

Looking ahead to 2045, our projections show that investments of more than $12 trillion will be needed in the upstream, midstream and downstream.

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The OPEC-Nigeria Bilateral Meeting that took place last week has sent yet another signal of the strong dialogue and cooperation between OPEC and Africa’s biggest producing country. Such a dialogue is key for compliance with the OPEC global production cuts deal of April, to which all of OPEC’s African member countries have agreed to. Nigeria’s support to global market stability …

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The fundamentals of the 2019 budget are under threat as crude oil price slumped again yesterday to flatten at $60 per barrel, the same benchmark on which the N8.8 trillion budget was predicated.

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Hope may be rising for Nigeria as price of crude oil rose to $60 on Wednesday. On 27th December 2018, oil price had dropped at the international market to $50 per barrel, showing $9 below the 2019 budget projection. The worrisome development had prompted book makers to predict a turbulent year for the economy largely dependent on oil. Nigeria’s President …

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The African Energy Chamber has urged the Organization of the Petroleum Exporting Countries (OPEC) members and other global oil producers to continue with the historic production cuts at the December 6, 2018 OPEC meeting. This is to stabilize the oil price in the global market, according to a statement on Friday. Oil prices have dropped by about 20 percent in …

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Oil prices hit its lowest point since December 2017 on Tuesday, following anticipated oversupply in the global crude oil market. Brent crude futures, the global benchmark fell by 7.34 percent to $64.97, while US West Texas Intermediate (WTI) lost $2 in less than 30 minutes to sell at $55.12 on Tuesday evening. During its last meeting, the Organisation of Petroleum Exporting …

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Crude oil prices fell yesterday with the global benchmark, Brent crude heading towards its lowest finish in about one month after a report revealed a surprise weekly climb in the United States’ domestic crude inventories. Prices had traded higher in early dealings, buoyed by reports Venezuela may not deliver some of its contracted crude oil exports on the heels of …

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OPEC pumped more oil in July as global oil supplies rose for the third straight month, the IEA said Friday, giving figures that cast further doubt on the cartel’s pledge to cut output to raise prices. In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly …

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Nigeria lost over N51.28bn worth of oil to activities of petroleum pipeline vandals in 2015, the Nigerian National Petroleum Corporation (NNPC) has said. Oil, the mainstay of Africa’s largest economy has been the bone of contention between the government and the Niger Delta militants. The contention is responsible for the loss of national revenue, which has hindered the production of 2.2 million …

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Libya and Nigeria, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon in an effort to help re-balance the market, Kuwait Oil Minister Issam Almarzooq said. OPEC and non-OPEC producers have invited the two African nations to their committee meeting in St. Petersburg, Russia, on …

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