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…
The South Korean Government has revealed that the country would release 3.17 million barrels of its oil reserves in the first quarter of 2022 as part of the U.S.-led global effort by major oil-consuming nations to lower prices. According to…
A new study by risk consultancy Verisk Maplecroft has shown Nigeria may have difficulty producing its huge oil and gas reserves. The study states that Africa’s number two exporter Nigeria, where reserves are concentrated around the Niger Delta river system,…
Nigeria’s oil production has rebounded in November, rising by 100,000 barrels a day bpd to 1.49 million bpd, after witnessing disruptions in October. Nigeria continued to pump below its quota, to the tune of 160,000 bpd, according to the Argus…
The Federal Government has said that it had begun implementation of measures to address insecurity and crude theft affecting oil production in the country. The Chief Executive Officer, Mr Gbenga Komolafe, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said this at the Nigerian…
