The Organisation of the Petroleum Exporting Countries is seeking more investment in oil despite global push for renewable energy sources. OPEC said oil remains indispensable in the renewable energy transition, projecting in its recent 2023 World Oil Outlook that the…
The Organization of Petroleum Exporting Countries (OPEC) crude oil production maintained a steady production of crude oil with an average of 28.05 million bpd in December 2023 with Nigeria boosting output by an extra 50,000 bpd, a survey by Bloomberg…
The Organisation of the Petroleum Exporting Countries said its 2.2 million barrels per day expectations for economic growth in 2024 is expected to play a defining role in shaping global demand and supply in the oil market. OPEC stated this…
The Minister of State for Petroleum, Heineken Lokpobiri, has reaffirmed the nation’s commitment to the membership of the Organisation of Petroleum Exporting Countries (OPEC) after Angola, Africa’s second-largest oil producer exited the cartel. Mr. Lokpobiri disclosed this in a statement…
Angola said it would leave OPEC in a blow to the Saudi-led oil producer group that has sought in recent months to rally support for further output cuts to prop up oil prices. Angola’s Oil Minister Diamantino Azevedo said the…
Nigeria is the top African crude oil producer for November 2023. This is according to data from the monthly oil market report released earlier today, December 13, by the Organization of Petroleum Exporting Countries (OPEC). In the recent OPEC report,…
OPEC has urged its member countries to reject calls for fossil fuel phase-out at the ongoing COP28. In a recent letter addressed to its members, Haitham Al-Ghais, the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), said it…
The Organization of the Petroleum Exporting Countries (OPEC) has postponed a high-level ministerial meeting from November 26, 2023 to November 30, 2023. According to OPEC+ sources, OPEC members Angola, Congo and Nigeria are struggling to agree on output levels and…
Nigeria is Africa’s top crude oil producer for October 2023. This is according to the monthly oil market report from the Organization of Petroleum Exporting Countries (OPEC) which was released today, November 13, 2023. According to the report, oil…
THE price of OPEC basket of 13 crudes stood at $86.89 a barrel on Friday, August 25, 2023, compared with $85.71 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes, ORB, is made up of…
