OPEC

The Organization of Petroleum Exporting Countries (OPEC) has clarified that the ongoing rise in fuel pump prices is largely driven by government taxes, especially in major oil-consuming nations. OPEC Secretary-General Haitham Al Ghais…
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The Organization of the Petroleum Exporting Countries, in its 2024 World Oil Outlook published on Tuesday, sees demand growing for a longer period than other forecasters like BP and the International Energy Agency, which see oil use…
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Nigeria's rising fuel prices have raised public concerns, with many blaming local producers like Dangote Refinery. However, OPEC emphasizes that taxes imposed by major oil-consuming nations are primarily responsible. OPEC's…
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The Organization of Petroleum Exporting Countries, OPEC clarifies concerns in Nigeria over increased fuel prices, where local oil producers like Dangote Refinery have faced scrutiny. OPEC urges a change in perspective regarding the…
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Oil prices soared in the global commodities market as refineries throughout the world began to cut run rates. Brent crude is trading 0.3% higher at $72.93 a barrel, while WTI, the US benchmark, is up 0.5% to $70.44. Oil prices have…
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File photo OPEC and its partners from Central Asia and Russia earlier this month delayed a rollback in production cuts agreed in 2023 to stem the decline in oil prices. This means OPEC+ will produce 2.2 million fewer barrels per day…
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The common man, who has been struggling with rising fuel prices, may soon find relief as crude oil prices in the international market have fallen significantly. This notable drop in crude oil prices raises hopes for a reduction in…
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Lokpobiri The State Minister of Oil, Heineken Lokpobiri, has insisted that the country is producing 1.7 million barrels of crude oil daily including condensates. Lokpobiri made this disclosure during a keynote speech at an energy…
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Nigeria’s crude oil production in July rose to 1.307 million barrels of crude oil daily. This is according to July’s monthly oil market report released by the Organisation of Petroleum Exporting Countries, OPEC. The figure showed…
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Global oil demand growth must accelerate in the coming months to absorb the planned increase in oil supply by OPEC+ starting in October. The current economic slowdown and uncertainties, especially in the U.S. and China, pose…
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