According to the Organisation of Petroleum Exporting Countries, OPEC, Nigeria’s oil output dropped Year-on-Year by 23.8 percent to 1.024 million barrels per day, mbpd, in May 2022. This is a drop from 1.344 mbpd recorded in the corresponding period of 2021. In its June 2022 Monthly Oil Market Report, OPEC stated that the figure, excluding […]Read More
The Nigerian National Petroleum Corporation has said that it made N1.7 trillion as revenue from crude oil sales in one year. The corporation’s latest monthly and financial report for August said the sum was earned from March 2020 to March 2021. This came after the corporation lifted a total of 108 million barrels of crude […]Read More
Figures from the Foreign Trade Report of the National Bureau of Statistics had said that Nigeria’s crude oil exports jumped to N5.6 trillion in the first quarter of 2022. This reflects nearly 200 percent increase when compared to the same period in 2021. NBS said that Nigeria’s total merchandise trade stood at N13 trillion in […]Read More
OPEC+ has agreed to increase the quantity of its oil-supply output by about 50% after months of pressure from major consumers including the US. On Thursday, authorities entreated the group to add 648,000 barrels a day of oil to the market in July and August, up from 432,000 barrels a day in recent months, a […]Read More
Following Russia’s invasion of Ukraine and the torrent of sanctions by world powers, countries like Italy have begun pushing to cut their reliance on Russian hydrocarbon supplies. Italian energy giant Eni and Algeria’s state-owned Sonatrach recently reached an agreement to boost both gas exploration and the development of green hydrogen in the North African nation, with hopes […]Read More
Figures by the National Bureau of Statistics have revealed that real growth of the oil sector was –26.04% (year-on-year) in the first quarter of 2022. This indicates a decrease of 23.83 percent points relative to the rate recorded in the corresponding quarter of 2021. In a report titled “Nigeria Gross Domestic Product Q1 2022,” the […]Read More
The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil output at 1.3 million barrels per day, bpd, in April 2022. This is a decrease of 13.3 percent compared to 1.5 million bpd recorded in the corresponding period of 2021. According to the May 2022 Monthly Oil Market Report, MOMR, of OPEC, Nigeria remains […]Read More
Months after discovering large amounts of light oil and associated gas off the coast of Namibia, the southern African country has joined Africa’s league of oil-producing nations to launch a sovereign wealth fund. At the launch of the state-owned investment fund, President Hage Geingob said an initial deposit of 262 million Namibian dollars ($16.3m) would […]Read More
Figures released by the Nigerian Upstream Petroleum Regulatory Commission, have shown that the country’s oil reserves increased by 0.136 billion barrels to 37.046 billion barrels as of January 31, 2022. Nigeria’s gas reserves also grew by 2.09 trillion cubic feet to 208.62TCF as of January 31, 2022, according to data released by the NUPRC. Announcing […]Read More
Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency, the World Bank has said, adding that Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy. The Washington-based bank said this in a new report titled ‘Migration […]Read More
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