Barkindo advocates deployment of technology to tackle carbon emissions

October 20, 2021 Blessing Anaro 0

The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Sanusi Barkindo, has advocated the deployment of modern technologies such as the Carbon Capture Utilisation Storage (CCUS) instead of pushing for a wholesale abandonment of fossil fuels. Speaking at the Annual Legal Workshop of the Energy CharteSecretariat (ECS) and the OPEC Fund for International Development (OFID), the OPEC Read More

Nigeria’s forex revenue soars as crude production hits 1.45mbpd September

October 14, 2021 Blessing Anaro 0

Nigeria’s Foreign Reserves get another boost days after the Eurobond funds hits the treasury, with additional 155,000 barrels of crude oil added to the nation’s daily production in September, report by the Organisation of Petroleum Exporting Countries (OPEC) said. With this addition, average daily production for the mont rose to 1.451 million barrel per day (mbpd). It stood at 1.296mbpd Read More

OPEC sees soaring gas prices as panacea for declining oil demand

October 14, 2021 Blessing Anaro 0

In the face of declining demand for crude oil globally, the Organisation of Petroleum Exporting Countries (OPEC) is taking solace in the fact that soaring gas prices could mitigate impact of global demand for oil products as end users switch. Further more the Organization has trimmed down its world oil demand growth forecast for 2021 while maintaining its 2022 view, Read More

Crude oil: Nigeria struggles to produce enough to sell

October 5, 2021 Blueprint 0

For the first time in three years, oil prices jumped to above $80 on Monday as the Organisation of Petroleum Exporting Countries (OPEC) and its allies announced that it would maintain its steady output increase by 400,000 barrels per day in November. Data from Bloomberg shows, that the price of the Brent rose by 2.5 percent or $2.00 to sell Read More

Global oil demand to hit 6 mb/d

October 5, 2021 Benjamin Umuteme 0

Organisation of Petroleum Exporting Countries (OPEC) estimates that world oil demand for 2021 is expected to increase by 6.0 million barrel per day. In its Monthly Oil Market Report (MOMR) stated that its projection was revised upward due to positive mobility indicators for OECD countries in third quarter of 2021 was offset by a downward revision to Q4 2021, given Read More

Nigeria imports $71.29bn of petroleum products in 2020 – OPEC

October 4, 2021 Blessing Anaro 0

The amount of money spent on the importation of petroleum products into Nigeria in 2020 is $43.46 billion higher than the revenue which the country earned from the export of petroleum products in the same year. In its 2021 report on the latest values of petroleum exports and imports of member nations of the Organisation of Petroleum Exporting Countries (OPEC) Read More

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Global oil production fall 6.15mb/d in 2020

September 30, 2021 Benjamin Umuteme 0

Total world crude oil production declined by 6.15 million barrels per day (mb/d), or 8.2 per cent in 2020, a new report by the Organisation of Petroleum Exporting Countries (OPEC) has stated. According to the oil cartel in its 2021 Annual Statistical Bulletin released Wednesday, the figure as compared to 2019, averaged 69.09 mb/d, marking a historical year-on-year drop notably Read More

Brent crude close to $80/b on supply concern

September 27, 2021 Blessing Anaro 0

Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns, occasioned by rising gas prices as parts of the world sees demand pick up with the easing of pandemic conditions. Brent crude was up $1.14 or 1.5 per cent at $79.23 a barrel having risen a third consecutive week through Friday. U.S. Read More

Nigeria to increase crude production to 1.88mbpd in 2022

September 27, 2021 Blessing Anaro 0

After months of stalling because of Covid restrictions and Organisation of Petroleum Exporting Countries (OPEC) cuts, as well as significant international criticism over misplaced funds, Nigeria appears to be optimistic about the future of its faltering oil industry in a time when few others are. The Nigerian government announced weekend that it expects the country to produce 1.88 million barrels Read More

Brent crude oil price rises to $73.45pb

September 14, 2021 Blueprint 0

Crude oil prices rose to near six-week highs on Monday as U.S. output remains slow to return two weeks after Hurricane Ida slammed into the Gulf Coast and worries another storm could affect output in Texas this week. This gives hope to Nigeria as its bulk of revenue comes from crude oil sales. Those gains came even though the Organization Read More

OPEC dreams supply boost as prices bounce back

September 1, 2021 Blueprint 0

The Organisation of Petroleum Exporting Countries (OPEC) is thinking of increasing supply of crude oil when they meet next week. This is on the back of the fact that, the resurgent pandemic has been reasonably curtailed and crude oil prices bounce back from its August slump. The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount Read More

OPEC dreams supply boost as resurgence pandemic slows, prices bounce back

The Organization of Petroleum Exporting Countries (OPEC) is thinking of increasing supply of crude oil when they meet next week. This is on the back of the fact that, the resurgent pandemic has been reasonably curtailed and crude oil prices bounce back from its August slump. The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount Read More