OPEC does not have the additional spare capacity to lift crude oil production much more than it is doing today, Nigeria’s Petroleum Minister Timipre Sylva said. “It is not something that you can open a tap for at this point.…
Nigeria in March recorded a sharp drop in oil output which was put at 100,000 barrels a day. This was partly attributed to force majeure declared on the Bonny and Brass River streams. Also, in March the Organisation of Petroleum…
The Organisation of Petroleum Exporting Countries (OPEC), Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC), held its 61st meeting to examine the oil market situation and relevant trends. The meeting took place via videoconference ahead of the 39th…
The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at 113.39 dollars per barrel as at Monday, March 28. This is compared with 115.99 dollars per barrel of the previous Friday,…
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production declined to an average of 1.417 million barrels per day in February 2022. OPEC made this known in its Oil Market Report for March 2022, on Tuesday…
The Organisation of Petroleum Exporting Countries (OPEC) says the oil and gas industry must leverage world’s most cutting-edge technologies and advanced innovations to promote a lower carbon future. This, according to the body, is necessary in terms of reducing emissions.…
The Organisation of the Petroleum Exporting Countries (OPEC) says the global energy demand is set to increase from 275 million barrels of oil equivalent a day (mboe/d) in 2020 to 352 mboe/d by 2045. Dr. Mohammad Barkindo, OPEC Secretary-General, made…
…Sees global energy demand rising by 28% in 2045 Bruno Jean-Richard Itoua, president of the Organization of the Petroleum Exporting Countries, has said that there is no “immediate solution” to high oil prices, The oil-producing countries’ capacity to increase crude…
Vienna, Austria, 20 January 2022—The price of OPEC basket of thirteen crudes stood at $88.50 a barrel on Wednesday, compared with $88.08 the previous day, according to OPEC Secretariat calculations (view archives). The OPEC Reference Basket of Crudes (ORB) is…
The effect of the Omicron variant on global oil demand has been weaker than expected a month ago, and the oil market is set to be well-supported throughout 2022 despite monetary tightening policies, OPEC said on Tuesday, leaving its demand…
