Tag
OPEC
News and stories about OPEC
Key OPEC+ nations added less oil to the market last month than the headline figure of its output plan, as the organisation’s leadership pushed members to atone for earlier overproduction.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+), the world’s largest group of oil producers, has announced a 411,000 barrels per day production increase for July 2025, reinforcing its strategy to manage supply dynamics and safeguard market share.
Nigeria is staring down the barrel of twin macroeconomic shocks as Brent crude prices plunge below $60 per barrel.
OPEC+ is set to accelerate its oil production increases and could return up to 2.2 million barrels per day (bpd) to the market by November if erring members fail to comply with output quotas, Reuters reports.
Nigerian crude fell below the Federal Government’s benchmark, selling for $65 per barrel, as OPEC increased production despite heightened geopolitical uncertainty.
Data from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) show that Nigeria’s daily average crude oil production in February declined by about five percent from what was produced in January.
Nigeria’s oil production surged in February, exceeding its OPEC quota of 1.5 million barrels per day by 70,000 bpd, and contributing to the cartel’s increased output in February, a Reuters survey has found.
Crude oil prices dipped on Tuesday after the U.S. government implemented fresh tariffs, raising concerns about global trade tensions and their potential impact on fuel demand.
The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, has urged African countries...
The Chairman of the Organisation of Petroleum Exporting Countries (OPEC) Board of Governors, Adewale Adeyemo-Bero, has explained why Nigeria’s crude oil production should not be below 2 million barrels per day (bpd).
The Chairman of Heirs Holdings, Mr Tony Elumelu, has emphasised the need for increased oil production to fund...
The latest Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries (OPEC) has shown that Nigeria’s crude oil production rose a little above 1.5 million barrels per day in January, meeting the quota set for it by the oil cartel.