The Federal Government has restated its commitment to fully comply with the country’s crude oil production quota as allocated by the Organisation of Petroleum Exporting Countries (OPEC) pegged at 1.554 million barrels per day (mbpd) in June. The Minister of State, Petroleum Resources, Mr. Timipre Sylva, made the pledge at a briefing in Abuja to […]
The Organisation of Petroleum Exporting Countries (OPEC) on Monday projected brighter outlook for oil and gas demand in the next two decades with oil demand growing to 90 million barrel per day (bpd) in 2021. Secretary General of the organisation, Mohammad Barkindo, who gave these forecasts in his address at the Crescent Ideas Forum via […]
As the global oil producers convened today in Vienna, Austria for the 177th OPEC meeting to discuss about and take decisions on issues that would guide the future of the global hydrocarbon resources industry, the African Energy Chamber has urged African OPEC and non-OPEC members at the meeting to commit to the Declaration of Cooperation […]
OPEC on Tuesday reported a slash in its global oil demand forecasts for this year and next as commodity prices slump on weakening market. The decision came barely 24 hours after Saudi Arabia, the largest oil producer, announced plans to cut output as a strategic option of bolstering prices. The oil cartel, in its latest […]