The Oil Ministers of the Organisation of Petroleum Exporting Countries (OPEC) and non OPEC yesterday approved addition of 0.4 million barrels per day (mbpd) to global crude oil production supply. This decision is contained in the communique of the 20th…
The Organization of Petroleum Exporting Countries (OPEC) and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. The coalition led by Saudi…
The appeal made by the United States of America to further increase output by OPEC and its allies may not materialize into a higher production over the short term. An investment bank in U.S, Goldman Sachs, revealed that the novel…
Agency Report Crude oil output from Organization of Petroleum Exporting Countries, OPEC, rose in July to its highest since April 2020. The OPEC, has pumped 26.72 million barrels per day (bpd), up 610,000 bpd from June’s revised estimate with Nigeria…
The Organisation of Petroleum Exporting Countries (OPEC) says the global energy sector requires about 12.6 trillion dollars investment cumulatively for development by 2045. The Secretary General of OPEC, Dr Mohammad Barkindo made the disclosure while presenting a keynote address at…
OPEC and its allies have set aside their differences for now, with their deal to hike crude production, but the coalition’s internal battles for market share are just getting started. After two and a half weeks of wrangling, the OPEC+…
The Organization of the Petroleum Exporting Countries (OPEC) after its 19th virtual meeting with members and non-OPEC members (ONOMM), announced a decision to adjust upward their overall production by 0.4mb/d on a monthly basis, starting August, 2021 until phasing out…
Brent, the crude against which Nigeria’s oil is priced, dropped in price on Monday morning following the agreement reached by members and allies of the Organisation of Petroleum Exporting Countries to increase oil production. Industry figures showed that Brent fell…
The Organisation of the Petroleum Exporting Countries and allies (OPEC+) have agreed to boost the oil supply from August. The OPEC+ disclosed in a statement issued on Sunday that the group will increase supply by 2 million bpd or 0.4…
The Federal Government has launched a book entitled “Nigeria and OPEC : 50 years of Partnership,” to mark the golden anniversary of its membership in the Organisation of Petroleum Exporting Countries (OPEC). The Minister of State for Petroleum Resources, Chief…
