Tag
OPEC
News and stories about OPEC
The Central Bank of Nigeria (CBN) was criticized for running multiple exchange rate regimes, but the reasons are more obvious and straightforward than the discourse suggests.
Brent crude futures dropped by 49 cents, or 0.63%, to $77.87 per barrel. This marked the first time Brent closed below $80 since February 7th, following a Monday decline of over 3%.
Nigeria and Nigerians have been relying on subsidies since immediately after the civil war.
The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) has pegged Nigeria’s crude oil production quota for 2024 at 1.5 million barrels daily.
Oil prices steadied on Monday as renewed geopolitical risks in Russia and the Middle East came into sharp focus following a series of weekend attacks.
Dangote refinery in Lagos reportedly plans to purchase at least 24 million barrels of US crude oil over the next year as it increases its processing capabilities.
Nigeria’s average crude oil production for the month of April marginally rose to 1.281 million barrels daily according to the Organization of Petroleum Exporting Countries (OPEC) monthly oil market report for April.
Nigerian crude moderately decreased but maintained its premium status as industry data showed a buildup in both crude and fuel inventost economyries in the world's large.
After losing Angola and other key players, the Organization of Petroleum Exporting Countries (OPEC) has set its eyes on Namibia for possible membership after a significant amount of oil was discovered within its shores.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said on Monday that the country’s oil and gas reserves were at 37.50 billion barrels as of January 1, 2024, up from 37.046 billion barrels in May 2022.
The price of crude oil is expected to rise further on Monday, above the $90 benchmark, after Iran’s attack on Israel over the weekend, analysts said on Sunday.
The Nigerian military have confirmed the recovery of about 700,000 liters of stolen crude oil in a week-long operation in the Niger Delta region as part of efforts to eliminate oil theft.