OPEC

Fresh Fuel Scarcity Looms As PENGASSAN Issues Fresh Threats

September 8, 2022 3:13 am

A fresh round of fuel scarcity is looming in Nigeria as members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday threatened to pull out its entire workforce from oil and gas installations nationwide if the increasing oil theft and vandalism are not holistically.

The President of PENGASSAN, Festus Osifo made disclosed the intentions of the association at a press conference held in Abuja on Wednesday. He lamented that crude oil theft had crumbled the nation’s economy.

He, however, pointed out that oil workers are ready to down tools if the government pays lip service to …

How Nigeria Loses Over N100bn Worth Of Oil - OPEC

How Nigeria Loses Over ₦100bn Worth Of Oil – OPEC

August 12, 2022 6:03 am

Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June, data from the Organisation of Petroleum Exporting Countries (OPEC) showed on Thursday.

Africa Daily News, New York reports that in its Monthly Oil Market Report which was released for August 2022, OPEC revealed that crude oil production figures based on direct communication indicated that Nigeria’s output dropped by an average of 74,000 barrels per day in July.

This implies that for the 31 days in July, the country lost about 2.3 million barrels of crude …

Nigeria Is Unable To Meet OPEC Crude Oil Production – Hostcom

July 4, 2022 4:48 pm

Prince Mike Emuh who is the National Chairman of Oil and Gas Host Communities, has openly lamented about the country’s under-performance of crude oil production of 2.3 million barrels per day which falls below the quota given by the organisation of the Oil Producing Exporting Countries (OPEC).

Emuh had also narrated that the current under production of Nigeria’s oil and gas industry, which currently fluctuates between 1.3 million barrels per day, was grossly inadequate according to OPEC for a country luke Nigeria as well as it’s complete effect on the nation’s revenue generation given that Nigeria thrives on monolithic economy.…

OPEC+ Production Hike Causes Dip In Oil Prices

June 4, 2022 9:05 am

It was a sinking day for Oil prices as they fell on Friday after Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses because of Western sanctions.

The downside, however, remained capped by signs of tight global supply and expectations of increased demand as China eases its COVID-19 restrictions.

Benchmark Brent crude futures dropped by 0.7 per cent to 116.75 dollars a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down by 0.8 per cent at 115.92 dollars.

The oil exporters’ cartel said it would increase supply by 648,000 …

Ukraine Conflict Causing Huge Volatility For Energy Market – OPEC

May 4, 2022 11:40 am

The Organisation of the Petroleum Exporting Countries (OPEC) says the ongoing war by Russia in Ukraine is causing huge volatility in the global energy market.

Mr Mohammad Barkindo, OPEC Secretary-General, made the assertion while speaking at the virtual 62nd Meeting of the Joint Technical Committee (JTC) on Wednesday.

Read Also: The G20 Expresses Its Opposition To Russia’s War In Ukraine

Barkindo noted that there were implications and possible far-reaching consequences of the ongoing conflict in Ukraine.

He said: “As highlighted at our last meeting, the conflict has compounded the uncertainties related to the pandemic.

“It has heralded in further economic

…

Buhari, Prince Salman Discuss OPEC+ Deal On Phone

June 30, 2020 4:28 am

President Muhammadu Buhari in a phone chat with Saudi Crown Prince Mohammed bin Salman, have reviewed the current progress made on the OPEC+ deal.

According to SPA, the Saudi news agency, both leaders spoke on Monday.

Buhari and Salman also reviewed aspects of cooperation to enhance stability of oil markets, SPA added.

Under the deal, Nigeria’s production quota has been pegged at 1.4m bpd.

Read Also: OPEC Committee Recommends Fresh 600,000bpd Oil Output Cut

The country has promised to keep to the quota by the end of June, though it supplements its oil exports with over 350,000 bpd of condensates.…

Trouble Brews As Russia Fallout Causes Oil Price Crash

Trouble Brews As Russian Fallout Causes Oil Price Crash

March 6, 2020 11:55 am

Nigeria’s 2020 budget based on a $57 oil price will be further put under strain after oil prices crashed below $50 on Friday, following the collapse of output cuts between OPEC and OPEC+ led by Russia.

Russia balked at supporting the move initiated by OPEC in response to weak demands in the season of coronavirus that has pummelled global economy.

Oil prices were in free fall after the talks for a 1.5m barrels cut collapsed. Brent dropped almost 8 percent at $46.16 a barrel and West Texas Intermediate fell 7.8% at $42.33.

Failure to secure a deal between OPEC, Russia …

Dangote Refinery, Others Threaten Existing Plants – OPEC

OPEC Committee Recommends Fresh 600,000bpd Oil Output Cut

February 7, 2020 5:58 am

With crude oil prices shedding over $11 per barrel this year to $55, thus alarming the producers, a panel set up by the Organisation of Petroleum Exporting Countries (OPEC) and its allies have recommended a provisional cut of 600,000 barrels per day in oil supply to the international market, in response to the Coronavirus outbreak, which has reduced the demand.

Reuters reported that Thursday’s recommendation of the technical panel of the cartel and its allies, better known as OPEC+, to stabilise the oil market, will however await Russia’s final approval.

The Joint Technical Committee (JTC) is not a decision-making body …