The Federal Government has said that the existence of the Organisation of Petroleum Exporting Countries (OPEC) over the past 60 years saved the global oil market from perpetual chaos. The Minister of State Petroleum Resources, Chief Timipre Sylva, made this…
The Organisation of the Petroleum Exporting Countries (OPEC), yesterday, left its key forecasts for 2023 oil supply and demand unchanged for the second month running, even as it increased output, according to its latest monthly production data. The cartel also…
Nigeria could attain 2.2 million barrels crude oil production level in 2023, but for the Organisation of Petroleum Exporting Countries (OPEC) oil production quota restriction, the group chief executive officer of the Nigerian National Petroleum Company, Mele Kyari, has said.…
OPEC’s production for the month of December increased by 150,000 bpd over November figures, the Bloomberg survey showed, with Nigeria instrumental in this increase. Nigeria, which for decades has struggled with oil theft, has said it has effectively cracked down…
Increased crude oil production output from Nigeria was instrumental to the rise in the production output of the Organization of Petroleum Exporting Countries (OPEC) in December 2022. OPEC’s daily output in December was boosted by 150 barrels and Nigeria contributed…
The Declaration of Cooperation (DoC) between Organisation of Petroleum Exporting Countries (OPEC) Member Countries and 10 non-OPEC oil-producing countries turned six on Saturday Dec. 10, 2022. On this date in 2016, OPEC Member Countries and Azerbaijan; the Kingdom of Bahrain;…
By Ibiyemi Mathew Amidst rising economic challenges globally, the Organisation of the Petroleum Exporting Countries (OPEC) has trimmed the demand growth for oil in 2022, 2023 by 100,000 bpd. This is the fifth time since April the organization has trimmed…
The Organisation of Petroleum Exporting Countries (OPEC) on Monday inaugurated its 2022 World Oil Outlook (WOO). The WOO was inaugurated at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022 in the United Arab Emirates (UAE). ADIPEC is the…
By Ibiyemi Mathew The Organization of Petroleum Exporting Countries (OPEC) has predicted that the demand for oil globally will rise for another decade. The organization which is set to review its World Oil Outlook said oil will last longer than…
The Minister of State Petroleum Resources, Chief Timipre Sylva has backed the decision of the Organization of Petroleum Exporting Countries (OPEC) to cut two million barrels of crude oil production, saying that it was a unanimous one. The decision taken…
