OPEC

Nigeria’s crude oil production rose in February, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown. Oil production from the 12 members of the organisation, OPEC, averaged 26.57 million barrels per day (mb/d) in February 2024, higher by 203 thousand barrels per day (tb/d) month-on-month, OPEC said in its Monthly Oil Market Report released Tuesday. “According to secondary sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February 2024, 203 tb/d higher, month-on-month.…

The Nigerian National Petroleum Company Limited (NNPC Ltd) and the Organization of the Oil Exporting Countries (OPEC) have pledged to work closely together to achieve the nation’s aspirations to attract investments and boost production. Olufemi Soneye, the chief corporate communications officer of NNPC Ltd, disclosed this in a statement on Wednesday. Mr Soneye said Mr Soneye said the two organizations came to this accord when the Secretary General of OPEC, Haitham Al-Ghais, paid a courtesy visit to the Group…

The Central Bank of Nigeria (CBN) has scheduled its first Monetary Policy Committee (MPC) meeting with Yemi Cardoso as Governor for Monday and Tuesday.Some economic experts have projected that the benchmark interest rate known as the Monetary Policy Rate (MPR) would most likely be tightened to rein in inflation and check further depreciation of the Naira. . The News Agency of Nigeria (NAN) reports that the last meeting of the MPC was held in July 2023, and was presided over by the then-acting CBN governor,…

Nigeria’s crude oil production dropped in January, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown. Oil production from the 12 members of the organisation averaged 26.34 mb/d in January 2024, lower by 350,000 barrels per day (tb/d), month-on-month, OPEC said in its Monthly Oil Market Report released Tuesday. The report also noted that crude oil output increased mainly in the UAE, Saudi Arabia and Venezuela, while production in Libya, Kuwait, Iraq and Algeria decreased. Nigeria’s crude…

OPEC left its expectations for global oil-demand growth unchanged, but raised its economic forecast amid easing inflation and anticipated interest-rate cuts. OPEC left its expectations for global oil-demand growth unchanged, but raised its economic forecast amid easing inflation and anticipated interest-rate cuts. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source…

Nigeria’s Minister for State, Petroleum Resources (Oil), Heineken Lokpobiri, says the government has strengthened collaboration with traditional rulers in Bayelsa State in a bid to address persistent challenges in the country’s oil sector. Nneamaka Okafor, the special adviser on media and communication to the minister, disclosed this in a statement on Saturday. “The Minister for State Petroleum Resources (Oil), Senator Heineken Lokpobiri PhD, has embarked on a series of insightful and collaborative courtesy…

Nigeria’s crude oil production dropped in November, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown. Oil production from the 13 members of the organisation averaged 27.84 million barrels per day (mb/d) in November 2023, lower by 57 thousand barrels per day (tb/d), month-on-month, OPEC said in its Monthly Oil Market Report released Wednesday. The report also noted that crude oil output increased mainly in Venezuela, Libya and Kuwait, while production in Iraq, Angola and Nigeria…

As delegates at the 2023 COP28 UN Climate Change Conference work to identify global climate actions by the Dec. 12 deadline, the head of the OPEC oil cartel urged the group’s members to block any deal aimed at phasing out fossil fuels. In a letter dated Dec. 6, first reported by Reuters, Haitham Al-Ghais, secretary general of the Organization of the Petroleum Exporting Countries, insisted producers “proactively reject any text or formula that targets energy i.e. fossil fuels rather than emissions.” “It seems…

The head of OPEC wrote a letter to its members and urged them to reject any COP28 deal that targets fossil fuels, as seen by Reuters today. Reuters says that three sources confirmed the letter’s authenticity. OPEC – the Organization of the Petroleum Exporting Countries – said to Reuters that it doesn’t comment on official communication with member countries but advises them and its partners. The letter, which was dated October 6 and written by OPEC secretary general Haitham Al Ghais, said:…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says its focus is to exceed the Organisation of Petroleum Exporting Countries (OPEC)’s oil production quota of 1.74 million barrels per day (bpd). Its Chief Executive, Gbenga Komolafe, made the assertions shortly after he received an Award of Excellence from the Federal University of Petroleum Resources (FUPRE), Effurun in Delta State on Thursday evening. Mr Komolafe, addressing journalists, said that the country’s current crude oil production capacity…