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OPEC losing grip on oil market as members exit and rivals rise
Ziggy Ojiegbe The steady thinning of membership within the Organization of the Petroleum Exporting Countries is raising a harder question for global energy markets: how much longer can a smaller, less cohesive bloc act as an effective regulator of oil…
OPEC reports sharp drop in Middle East oil output amid Iran war
The Organization of the Petroleum Exporting Countries (OPEC) has reported a significant decline in crude oil production among its member states, citing the ongoing conflict involving Iran as a major disruptor to supply across the Middle East. In its production…
OPEC scores Nigeria’s March oil production below quota as NUPRC remains upbeat
Sopuruchi Onwuka Organization of the Petroleum Exporting Countries (OPEC) has declared that Nigeria produced 1.38 million barrels per day (mbd) of oil in March, below allocated production quota. However, the country’s upstream industry regulator, the Nigerian Upstream Petroleum Regulatory Commission…
Local refining capacity set to drive Nigeria’s crude oil output
Exports hit 24.42 Mbbls in August Sopuruchi Onwuka Nigeria’s crude oil and Natural gas production is expected to follow demand lead from growing number of small scalable refineries in the country, while new propositions for multiple modular refining projects forecast…
Global oil supply now up by 2.5 mbd in 2025 __Rystad
Sopuruchi Onwuka Supply of crude oil in the global petroleum market is on the rise by 370,000 barrels per day (370kbd) significant 2.5 million barrels per day (2.5 mbd) in 2025, stoking the fears of oversupply and pull on prices…
NNPC Ltd, OPEC pledge collaboration to attract investments, grow production
The Nigerian National Petroleum Company Limited (NNPC Ltd) and the Organization of the Oil Exporting Countries (OPEC) have pledged to work closely together to achieve the nation’s aspirations to attract investments and grow production. The two organizations came to this…
Nigeria, Angola pushing back against lower OPEC+ quota
OPEC+ is no closer to resolving the deadlock over oil-output quotas for some African members that has already forced the group to delay a critical meeting amid faltering prices, according to delegates. The Saudi-led alliance hasn’t been able to reach…
OPEC projects demand resilience from 2024 economic boom
Sopuruchi Onwuka The Organization of Petroleum Exporting Countries (OPEC) is providing strong market incentives for producers and investors in the petroleum industry, pointing at demand resilience that would surpass pre-pandemic levels despite recovering production from key member states. According to…
Nigeria’s 2022 oil production flowed at 1.3 mbd
Sopuruchi Onwuka Nigeria’s average daily petroleum liquids output fell to 20-year low in 2022 when the flow of new investments in the petroleum industry also fell to record lows following disagreements over fiscal terms. According to global industry statistics compiled…
E. Guinea posts zero oil export in May
Sopuruchi Onwuka Crude oil export from Equatorial Guinea dropped to zero in the month of May in proportion to the country’s cumulative production in the same month. Market sources quoting tanker tracking Petro-Logistics checked the box for zero export from…
