THE Minister of State for Petroleum Resources, Gas Chief Ekperikpo Ekpo on Wednesday urged oil and gas stakeholders to collaborate to meet the quota approved by the Organisation of Petroleum Exporting Countries (OPEC). Ekpo, who was represented by the Permanent Secretary, Mr Emeka Obi made the call while speaking at the ongoing 2025 Nigeria … Read more
INDIA’s crude oil import patterns have witnessed a notable shift in the financial year 2024–25, with the share of oil purchased from OPEC nations falling to an all-time low. This change comes as Indian refiners continue to rely heavily on discounted oil from Russia, which retained its position as India’s top supplier for the third … Read more
OPEC+ will likely stick to its plan to raise oil output for a second consecutive month in May, four sources told Reuters, amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction. OPEC+ is a group that includes OPEC and allied producers led by Russia, and pumps … Read more
THE Organisation of the Petroleum Exporting Countries (OPEC) has appointed Mr Ademola Adeyemi-Bero, Nigeria’s Governor for OPEC, as Chairman of the OPEC Board of Governors for 2025. Adeyemi-Bero’s appointment was confirmed at the 189th (Ordinary) virtual meeting of the OPEC Conference convened on Tuesday. Prior to his appointment as the Chairman of the OPEC Board … Read more
Nigeria’s average crude oil production in May dropped to 1.25 million barrels per day (bpd) from 1.28 million bpd recorded in April 2024, according to direct communication from the Organization of Petroleum Exporting Countries (OPEC). This represents a decline of 2.34 percent compared to the 1.28 million bpd recorded in the previous month of April. … Read more
A financial expert, Mr Okechukwu Unegbu, has advised the Federal Government to consider pricing the country’s crude oil, in Naira in order to strengthen the local currency. Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), said this in an interview with the News Agency of Nigeria (NAN) on Sunday in … Read more
IN a bid to bolster its ranks amidst recent departures, the OPEC+ oil producers group is actively considering Namibia for potential membership, aiming to harness the country’s burgeoning oil potential, according to sources within the African energy industry. Recent discoveries estimated at a staggering 2.6 billion barrels by major players like TotalEnergies and Shell have positioned Namibia as a … Read more
NIGERIA’s oil production in the month of December 2022 grew by 4.2 per cent month-on-month to 1.23 million barrels per day but remained significantly short of the 1.8 million barrels per day allocated to the country by the Organisation of Petroleum Exporting Countries, OPEC. Latest oil production data released by Nigerian Upstream Petroleum Regulatory Commission, … Read more