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 …

Angola has overtaken Nigeria to emerge top African crude oil producer for the month of April 2023. This is according to direct communication data in the April 2023 monthly oil market report from the Organisation of Petroleum Exporting Countries (OPEC). In the report, Angola recorded 1.06 million barrels per day of crude production in April 2023. Meanwhile, Nigeria recorded 999,000 …

After an initial rise in oil price earlier in the week, prices inched lower yesterday as the market weighed worsening economic prospects against expectations of United States crude inventory declines and plans by OPEC+ producers to reduce output. Opec+ is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world …

Hours after being received by President Muhammadu Buhari at the State House on Tuesday, the Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Dr Muhammad Sanusi Barkindo, is dead. He died at about 11 pm on Tuesday. He was aged 63. His transition was announced in the early hours of Wednesday by the Group Managing Director of NNPC …