Saudi Arabia has announced its decision to extend the voluntary cut of oil production by one million barrels per day to September. The voluntary cut that was planned for July will now also cover September, the Ministry of Energy said,…
Based on figures obtained from the Central Bank of Nigeria’s (CBN) data on the movement of external reserves, the country’s external reserves fell by US$2.96bn in H1 2023. The figures show that external reserves fell to US$34.12bn as of 30…
The Nigeria National Petroleum Company Limited (NNPCL) has said it is projecting Nigeria’s oil production to hit 1.8 million barrels per day by the fourth quarter of this year. The Executive Vice President, Upstream, NNPCL Engr. Adokiye Tombomieye attributed the projections…
By Akinyemi Precious Nigeria, OPEC’s largest producer in Africa, aims to significantly increase its oil production to up to 1.7 million barrels per day (bpd) by November 2023, hoping to win a higher quota in the OPEC+ agreement. Permanent Secretary…
Crude oil producers under OPEC and its partners, OPEC+, got into a head-on collision with governments around the world trying to tame inflation, which has been triggered by high energy prices as OPEC+ agreed to a 2 million BPD cut.…
Dynamics in global oil prices recently have brought up realities of the need to maximise the benefits with an elaborate point of view in response to the vicissitudes of the market. Recent realities have seen crude oil prices hovering above…
U.S. oil drillers are pumping more crude as international prices remain elevated amid supply uncertainty and demand strength. Per industry experts, continuing supply chain disruptions and labour shortages are being trumped by optimism about demand, and analysts are revising their…
By Uthman Salami An oil production and storage vessel exploded off the coast of Nigeria early on Wednesday with 10 crew members on board. Though it was not yet clear if there were any casualties or how much crude might…
The Organisation of Petroleum Exporting Countries, OPEC and non OPEC allies collectively known as OPEC+ have raised its output target by 400,000 barrels a day from February. The move had been broadly expected given U.S pressure to boost supply and…
Nigeria’s production disruptions as well as in two other countries have caused supply hiccups in the oil market prompting prices to extend gains on Tuesday. Brent crude traded near $80 a barrel despite the rapid spread of the Omicron coronavirus…
