Repositioning NSCDC to deliver on core-mandates

September 8, 2022 Blueprint 0

The Nigeria Security and Civil Defence Corps (NSCDC) has been in the news lately. BODE OLAGOKE reports that everything is being done to reposition the agency towards addressing its core mandates. It is no longer news that Nigeria is losing about 108,000 barrels of crude theft daily from state-linked production. In fact, the Organisation of Petroleum Exporting Countries (OPEC), according Read More

Oil slides as demand fears return after OPEC-led rally

September 6, 2022 Blueprint 0

Oil fell on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes, trumping support from OPEC+’s first output target cut since 2020. New COVID-19 lockdowns in China have added to worries that high inflation and rate hikes will hit demand. The European Central Bank is widely expected to lift rates Read More

Oil jumps $3/b to $99 on possible OPEC+ tightening as Iran deal looms

August 24, 2022 Blueprint 0

Oil prices jumped about $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices in the case of returning Iranian crude and with the prospect of a drop in U.S. inventories. The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said Read More

OPEC’ll struggle to balance supply, demand in 2023 – Report

July 19, 2022 Blueprint 0

OPEC producers will need to pump crude at the fastest pace in five years in 2023 if they are to balance oil supply and demand. Capacity constraints suggest they may struggle. The latest forecasts from the International Energy Agency, the US Energy Information Administration and the Organisation of Petroleum Exporting Countries (OPEC) all show global oil demand rising strongly again Read More

Pictures: Moment OPEC secretary-general, Barkindo, met Buhari hours before he died

July 6, 2022 Solomon Arowolo 0

Late Secretary-General of the Organisation of Petroleum Exporting Countries, Mohammed Sanusi Barkindo, on Tuesday, met President Muhammadu Buhari, who was reported to have showered praises on him. At the meeting in the presidential villa, Buhari told Barkindo, “You have indeed been a worthy ambassador of our country. We are proud of your achievements before and during your appointment at OPEC Read More

Breaking: Scheduled to end second term July 31, OPEC secretary-general, Barkindo, is dead

July 6, 2022 Editor 0

The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo, has been confirmed dead. His second term at OPEC was scheduled to end on July 31, 2022, just President Muhammadu Buhari on Tuesday July 5 commended him for making Nigeria proud throughout his stay at OPEC. However, the Group Managing Director of the Nigerian National Petroleum Company Read More

Nigeria to meet OPEC+ quota by August

Minister of State for Petroleum Resources, Timipre Sylva has said that the country would be able to meet its OPEC production quota by the end of August. Sylva, hinged his optimism on the plans by the country to boost security in its oil industry. Nigeria is OPEC’s largest production laggard, consistently underperforming its production quotas—by a longshot—since the production cut Read More

Oil prices spike as OPEC reveals production loss for May

June 15, 2022 Blessing Anaro, Lagos 0

Not only did OPEC not lift its production as agreed for the month of May, its production actually decreased, according to the Organisation of Petroleum Exporting Countries (OPEC)’s latest Monthly Oil Market Report released on yesterday. Meanwhile, the group stressed that oil demand could be stymied by Russia’s invasion of Ukraine. That point, however, did little to assuage the market’s Read More

OPEC oil output in April barely rises as African outages weigh – Survey

May 3, 2022 Blueprint 0

The increase in OPEC’s oil output in April undershot the rise planned under a deal with allies, a Reuters’ survey found, as declines in Libya and Nigeria offset supply increases by Saudi Arabia and other top producers. The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.58 million barrels per day (bpd) in April, the survey found, up 40,000 bpd Read More

OPEC+ misses March output quota by 1.45mbpd

April 20, 2022 Blueprint 0

The gap between target levels and actual production of the OPEC+ group further widened in March to over 1.4 million barrels per day (bpd) as Russian crude output started to feel the sting of the sanctions and self-sanctioning of buyers. Last month, the producers in the OPEC+ alliance saw their combined crude oil production lag behind the quota by 1.45 Read More

OPEC foresees challenges to oil demand from Ukraine war, inflation

OPEC said on Tuesday that oil demand in 2022 faced challenges from Russia’s invasion of Ukraine and rising inflation as crude prices soar, increasing the likelihood of reductions to its forecast for robust demand this year. Oil prices shot above $139 a barrel this month, hitting peaks not seen since 2008, as Western sanctions tightened on Moscow over its invasion Read More

OPEC approves 1.72m for Nigeria, Angola 1.4m b/pd

February 3, 2022 Blessing Anaro 0

The Organisation of Petroleum Exporting Countries (OPEC) has approved 1,718,000 barrels per day for Nigeria. The alliance of OPEC members led by Saudi Arabia and non-members led by Russia agreed Wednesday to add 400,000 barrels per day in March. That is in line with plans by the OPEC+ group to add that amount of oil every month and gradually restore Read More

Nigeria’s rejuvenated oil production supports OPEC output

Increased oil Production in Nigeria, which resulted from shipments from Forcados crude after a force majeure has lifted supply of the Organization of Petroleum Exporting Countries (OPEC). However, output is still in long-term decline and Nigerian compliance, at 253 per cent is among the largest in OPEC, Reuters survey found. Nigeria’s crude oil production grew by 50,000 barrels per during Read More

Nigeria, others bring OPEC production down, below expected target

January 18, 2022 Blessing Anaro 0

The inability of Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC) to pump enough crude oil has resulted in the overall failure of the group to meet its target production for December 2021, according to a survey. The 13-member countries of OPEC and its allies led by Russia pumped some 620,000 barrels of oil per day Read More

OPEC pegs 2021 global oil demand at 96.5 mb/d, 100.6 mb/d in 2022

January 12, 2022 Benjamin Umuteme 0

The Organisation of the Petroleum Exporting Countries (OPEC) says World total oil demand in 2021 is pegged at 96.5 million barrel per day (mb/d( and at 100.6 mb/d in 2022, surpassing pre-pandemic levels. OPEC Secretary General, Mr Mohammad Barkindo, disclosed this on Monday at the 58th virtual Meeting of the Joint Technical Committee − its first meeting of 2022. The Read More

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