-
OPEC: Nigeria, Others Reduce Oil Production By 2.6 Billion Barrels
In the Declaration of Corporation by member and non-member nations of the Organisation of Petroleum Exporting Countries, Nigeria and other participating countries have so far reduced crude oil production by 2.6 billion barrels. OPEC announced that, in order to balance the global oil market, the participating countries contributed in cutting down this volume of oil…
-
COVID: Nigeria May Miss N2trn Oil Revenue Target
There are indications that the Federal Government may not meet the N2.01 trillion oil and gas revenue target as captured in the 2021 budget. An expert, Mr Jimi Ogbobine, Head, Agusto Consulting, who spoke at a conference convened by First Bank of Nigeria said this is due to the low energy consumption occasioned by the…
-
OPEC Predicts 6 mb/d Global Demand of Oil In 2021
The Organisation of Petroleum Exporting Countries has predicted that the global demand will increase by six million barrels per day, mb/d in 2021 despite the prolonged impact of the Covid-19 pandemic. OPEC noted that oil demand contracted by a very significant 9.5 mb/d in 2020 and it is forecasted to grow by around 6 mb/d…