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OPEC
News and stories about OPEC
Nigeria’s crude oil and condensate productions have increased to 1.53 million barrels per day in the month of July, this is according to data from Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Oil Minister disputes OPEC data, insists Nigeria’s crude oil production is 1.7 million barrels daily
The State Minister of Oil, Heineken Lokpobiri, has insisted that the country is producing 1.7 million barrels of crude oil daily including condensates.
The Federal Government has issued a strong warning to firms and individuals with oil block licenses who have failed to secure investment or undertake exploration activities, stating that their licenses will be revoked if they do not comply.
Nigeria’s crude oil production in the month of July rose to 1.307 million barrels of crude oil daily according to the monthly oil market report of the Organisation of Petroleum Exporting Countries (OPEC).
Nigeria’s Chief of Naval Staff, Emmanuel Ikechukwu Ogalla, stated that crude oil production has risen to between 1.6 million and 1.7 million barrels per day due to improved security measures designed to curb crude oil theft.
Nigerian crude grades fall below $90 a barrel as China's weak economic data and potential U.S. interest rate cuts influence market.
The Chief Executive Officer (CEO) and founder of the mega Dangote Refinery, Aliko Dangote, said that his company will source crude oil from other African oil-producing nations following recent imports from the United States and Brazil.
Nigeria’s average daily crude oil production in the month of June rose marginally to 1.276 million barrels.
Nigeria’s average crude oil production in May fell to 1.25 million barrels daily in May from 1.28 million bpd recorded in April 2024.
Nigeria’s Brass River, Bonny Light, and Qua Iboe are trading above $81.55 a barrel, about two dollars higher than the active Brent contract.
The federal government’s target revenue for 2024 is projected to decline by N3.89 trillion due to crude oil production not meeting the set target in the 2024 budget.
A Reuters survey on crude oil production in May has revealed that Nigeria’s average crude oil production increased by 50 thousand barrels.