OPEC

Nigeria has been dethroned by Angola as the top crude producer in Africa, according to the Organisation of Petroleum Exporting Countries (OPEC). In the OPEC Monthly Oil Market Report of August 2023, using direct communication,…
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By Moses Patience Chat The International Monetary Fund has suggested measures that Nigeria and other oil-producing countries need to put in place to resolve their low crude oil production challenges. This was revealed in its…
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By Moses Patience Chat Nigeria’s revenue from crude oil export increased by N337bn in the month of March, hitting N1.8 trillion. According to shipping data from Rifinitiv Eikon, the increase came as the country attained its…
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By Adaobi Rhema Oguejiofor Crude oil production from the Organization of Petroleum Exporting Countries (OPEC) was cut by 70,000 barrels per day (bpd) in the month of March when compared to what was obtained in the month of February.…
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By Moses Patience Chat Fears sprang up during the weekend as the price of Nigeria’s premium oil grade, Bonny Light, dropped to $73.87 per barrel, from $76.37, indicating a fall by 3 per cent. The Federal Government had…
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By Yange Ikyaa After oil prices started relatively steady early on Friday morning, rumors began to circulate that the UAE was considering leaving OPEC and oil prices dropped dramatically. The Wall Street Journal reported…
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*Crude oil barrels Oil prices fell on Wednesday as concerns about fuel demand were stoked by expectations minutes of the U.S. Federal Reserve’s most recent policy meeting due later in the day would indicate a need for higher interest…
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The Organization of the Petroleum Exporting Countries (OPEC), oil output fell in November, led by top exporter Saudi Arabia and other Gulf members, after the wider OPEC+ alliance pledged steep output cuts to support the market amid a…
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The oil market has shown extreme sensitivity to suggestions that OPEC+ ministers might consider increasing output targets, a recent report from Standard Chartered highlighted. “A report on 21 November that suggested so led to a…
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As investors balanced continuing demand worries against constrained global supply, Brent oil futures fell more than 2% to below $87 per barrel amid rising economic uncertainty. Market analysts noted that a deteriorating outlook for…
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