Eight Organisation of the Petroleum Exporting Countries + (OPEC+) member countries, on Saturday, announced a sharp increase in oil production for the month of June, at the risk of driving down already very low prices. Saudi Arabia, along with Russia and six other members of the oil group, will implement a production adjustment of 411,000 barrels a day out of …

The Federal Government in 2024 disbursed a total of N32 billion to the World Bank and five other international organisations as its contributory obligations as a member-nation. According to findings by Saturday PUNCH, the disbursements, released through the Office of the Accountant General of the Federation (AGF) in July 2024 were distributed among six international bodies, including the African Union …

Nigeria’s crude oil has surpassed 1.5 million barrels per day (mbpd) for the first time in four years, surpassing its December 2024 quota set by the Organisation of Petroleum Exporting Countries (OPEC). The output, which is excluding condensates, signifies a resurgence that is crucial for Nigeria’s economy, heavily reliant on oil revenues amid ongoing reforms aimed at boosting production capacity. …

The Central Bank of Nigeria (CBN) has attributed the significant decline in oil revenue for the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies According to the apex bank’s latest economic report for the third quarter of 2024, oil revenue fell by 24.72 per cent to N1.30 trillion compared to the second quarter of 2024. This drop …

The Federal Government has declared that Nigeria’s oil production, including condensates, increased by 9.9 per cent to 1.69 million barrels per day in November 2024, up from 1.538mbpd recorded in October 2024. According to the latest data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), an agency of the Federal Government, liquid crude oil production rose by 11.42 per …

Nigerian businessman, Tony Elumelu, has said the government and security agents in Nigeria should be able to tell Nigerians who steal the country’s crude oil, especially using vessels that move through the territorial waters. Elumelu stated this in an interview published by the Financial Times on Friday. The businessman, who said he dreaded oil theft, said the menace contributed to …

Nigeria’s crude oil production rose to 1.351 million barrels per day in October 2023, up from the 1.347mbpd that was produced in the preceding month of September. Data released by the Organisation of Petroleum Exporting Countries (OPEC) showed that with the latest crude oil output, Nigeria retained its position as the largest oil producer in Africa. The country’s 1.347mbpd oil …

The Organisation of Petroleum Exporting Countries (OPEC) has projected the establishment of new modular refineries in Nigeria. In its World Oil Outlook, launched in Saudi Arabia, OPEC projected that the refineries would complement the Dangote refinery to lift crude oil sales in Africa. The report hyped the 650,000 bpd-capacity Dangote Refinery as one the major contributors to sales in Nigeria …

Oil prices were on the rise on Monday following Saudi Arabia’s announcement that it would cut its oil output by one million barrels a day in July. The price of a barrel (159 litres) of North Sea Brent for delivery in August stood at 77.03 US dollars on Monday morning, 90 cents more than on Friday. The price of a …

The Organisation of Petroleum Exporting Countries (OPEC) and its allies, popularly known as OPEC+ have slashed Nigeria’s oil output, excluding condensate by 20.7 per cent to 1.38 million barrels per day, mb/d, from 1.74 million barrels per day, mb/d in order to achieve stability in the global market. The decision expected to take effect from January 2024 was taken at …