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Crude Oil Exports Jump by 194%
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…
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OPEC+ To Increase Oil Output By 50% As Energy Prices Skyrockets
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…
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Here Is What To Know About Algeria’s New Energy Deal With Italy
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…
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Oil Sector Growth Dropped By 26% In Q1
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…
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Nigeria’s oil output drops 13.3% to 1.3 mbpd
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…
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What Is Namibia Doing With Its Newly Discovered Oil Reservoir?
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…
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Nigeria’s Oil, Gas Reserves Spike
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…
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Nigeria’s Oil Production Falls Over Poor Maintenance
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…
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How Much Is Libya Losing In Oil Field Shutdowns By Armed Groups?
Following mounting sanctions against Russia’s oil, the West has struggled with little success to contain a likely oil supply crisis, despite the surge in Brent crude price to over $109 a barrel. At the moment, the West is reliant on the boost in crude production and supply from OPEC and their allies as agreed in…
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How Africa’s Low Production Output Is Affecting OPEC’s Crude Supply Deal
Member states of the Organization of Petroleum Exporting Countries (OPEC) are struggling to meet up with the rising global demand following the de facto embargo on Russian supplies by many refiners. Last year, OPEC agreed to boost global oil production by 400,000 barrels per day, after cutting production by a record 10 million barrels per day…