Tags : OPEC

Nigeria Ranks Seventh On OPEC Production List

According to the a Monthly Oil Market Report for November, Nigeria now ranks seventh on Organisation of the Petroleum Exporting Countries’ crude oil production list. Nigeria’s output was a mere 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria. While Nigeria’s production was 1. […]Read More

Angola Becomes Africa’s Top Crude Oil Producer

A new report by the Organisation of the Petroleum Exporting Countries (OPEC) shared that Angola has taken first place in crude oil production after displacing Nigeria in the month of August. The report revealed that Nigeria’s crude oil production for August averaged 1.100 million barrels per day while Angola’s production averaged 1.187mb/d. In July, Angola […]Read More

Explainer: How Low Is Nigeria’s Crude Exports In 2022?

Nigeria is currently facing a crude theft crisis, leading to one of the worst production turnout in recent years. According to regulators, the country’s pipelines have faced large-scale  theft of crude that is forcing many oil companies to shut down production, further crippling the country’s fiscal stability. Data obtained from… You must be registered to […]Read More

Nigeria Loses N101bn Worth Of Oil In July

Data from the Organisation of Petroleum Exporting Countries has showed Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June 2021. In its latest Monthly Oil Market Report for August 2022, OPEC stated that crude oil production figures based on […]Read More

Nigeria’s Oil Output Drops 23.8% 

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

How Much Is Libya Losing In Oil Field Shutdowns By

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 […]Read More

How Nigeria’s Oil Revenue Dropped In 2021

According to the Organization of the Petroleum Exporting Countries, Nigeria produced an average of 1.19 million barrels per day in December 2021, down from 1.26 million bpd in November 2021, based on direct communication This drop triggered a loss of about N74.51bn in oil earnings. According to OPEC data, an average daily loss of 78,000 […]Read More

Libya Partners With Total Energies To Build Solar Plants

Libya has initiated plans to construct a solar plant with the help of French multinational company Total Energies. Libya’s Minister for Oil and Gas, Mohamed Oun, announced the launch of the Libya Energy and Economy Summit in Tripoli. “We seek to encourage the investment of oil wealth, its good exploitation and development, and the increase […]Read More

Nigeria Crude Oil Production Averaged 1.451 mb/d In September

The Organisation of the Petroleum Exporting Countries has said that Nigeria’s crude oil production averaged 1.451 million barrels per day in September 2021. OPEC made this known in its Oil Market Report for October 2021s saying that it is an increment of 156 barrels per day when compared to the 1.296 million barrels per day […]Read More