The Organisation of Petroleum Exporting Countries (OPEC) has reported that Nigeria’s rig count increased by 20.8 per cent Year-on-Year (YoY), to 29 in the third quarter of this year from the 24 rigs recorded in the corresponding period of last year. Rig count is a global index for measuring activities in the upstream sector of […]
The Organisation of the Petroleum Exporting Countries (OPEC) has reported that Nigeria’s crude oil production averaged 1.451 million barrels per day in September 2021. The oil cartel in its Oil Market Report for October 2021 sourced on Wednesday indicated that the figure represented an increment of 156 barrels per day over the 1.296 million barrels […]
The Organisation of Petroleum Exporting Countries (OPEC) yesterday reported that Nigeria’s oil reserves dropped by 543 million barrels in five years as investments in the nation’s hydrocarbon resources continue to decline in recent years. The oil cartel gave this hint in its 2021 Annual Statistical Bulletin, which reflects proven oil reserves by country globally. Specifically, […]
As prospects for more crude oil demand continue to brighten as global activity picks up steam amid shortfalls in Organisation of Petroleum Exporting Countries (OPEC) member-countries subsist, Nigeria on Tuesday indicated intention to formally seek upward review of its production quota by the oil cartel. Currently indications showed that underinvestment and maintenance work had hampered […]
The Organisation of Petroleum Exporting Countries (OPEC) has predicted a sluggish international oil market with world oil demand prospects looking promising as the COVID-19 Delta variant will distort performance of the oil sector in the last quarter of this year. OPEC made this disclosure in its just published Oil Market Report for September 2021 In […]
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 […]
With the price of Brent oil peaking at $70.46 per barrel on Tuesday from $68.50 a day earlier, there are strong indications that Nigeria’s deficit financing problem may be abated if the rising oil prices in the global market are sustained for weeks or months. Industry analysts believe that at $70.46 per barrel, Nigeria could […]
The Central Bank of Nigeria, CBN, has explained why it opted for a gradual liberalization of the foreign exchange market, saying that the monetary policy step is adopted in view of the unprecedented shock suffered by the nation’s economy from the ravaging impact of the COVID-19 pandemic on international oil prices last year. Despite the […]
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 international oil market’s volatility continues unabated following the lingering COVID-19 pandemic, Nigeria and other oil producing countries in Africa have been advised to develop fiscal regimes that ensure fair treatment for the state without burdening companies with unreasonable obligations on top of their project risks, local content requirements, and the expenses associated with […]