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OPEC
News and stories about OPEC
In the report, it was stated that of the top four producers in Africa, Nigeria produced 1, 249 million barrels of crude oil per day, and Libya produced 1,186 million barrels of crude oil per day.
A review of crude oil prices by Nairametrics on Wednesday, July 12 revealed that the Brent crude benchmark crossed $80 a barrel for the first time since May 2023.
The International Energy Agency (IEA) has said that between now and 2030, Nigeria needs up to $1.5 billion to reduce methane emissions in oil and gas operations.
Gabriel Tanimu Aduda, Nigeria’s Permanent Secretary at the Ministry of Petroleum Resources has said that by November 2023, Nigeria would be producing up to 1.7 million barrels per day of crude oil.
Nigeria's oil production in June 2023 experienced an increase, providing a cushion for OPEC producers, as reported by Reuters.
Nigerian consumers should prepare for an impending increase in fuel pump prices as privately-run depots are now charging independent oil marketers as high as N505 per liter, up from N490 per liter in the previous week.
Nigeria has reclaimed its position as the top African crude oil producer for May 2023, producing 1.184 million barrels per day according to OPEC data.
Nigeria can reflate its economy after the oil production quota cap at 1.38 million barrels per day, an analyst suggests various measures that could be taken.
President Bola Ahmed Tinubu has promised Nigerians continuous access to fuel at the lowest possible prices.
Saudi Arabia and the United Arab Emirates (UAE) have resolved their rift within OPEC+ by agreeing to allow additional oil supplies from Saudi Arabia to the UAE next year.
OPEC+ Leaders have agreed to cut oil production by 3.6 million bpd starting from July, with Saudi Arabia spearheading plans to cut its output.
OPEC Secretary General, Haitham Al Ghais, has said that the world needs more oil to enable economic prosperity.