Home Topics Petroleum Exporting Countries

Petroleum Exporting Countries

FILE PHOTO - Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS-Brendan McDermid

Oil price exceeds $73 on improving demand outlook

The international price of crude oil continued its rise yesterday, extending three weeks of gains on the back of improving outlook for fuel demand as countries ramp up the lifting of travel restrictions, leading to tightening commodity supply.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

OPEC: Nigeria’s crude oil production hits record low in May

Nigeria’s crude oil production output hit record low levels in May, the June Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC), has shown.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

OPEC: $1 trillion oil revenue lost by members in two years

The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria and oil-producing members lost about $1 trillion in revenue within two years.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

OPEC commits to stable global oil market

The Organisation of Petroleum Exporting Countries and non-OPEC ministerial meeting has reaffirmed its commitment to a stable global market in the mutual interest of producing countries.

Nigerians react as governors mulls N408 per litre fuel price

Nigerians have expressed anger over the proposal of the Nigerian Governors Forum (NGF) committee on fuel subsidy, to push for the full deregulation of the downstream petroleum sector that will leave petrol price at N408.5 per litre.
Nigeria Governors Forum (NGF)

Nigerian governors recommend N380 petrol pump price

A committee of the Nigeria Governors Forum has recommended a petrol price of between N408.5 per litre and N380 per litre.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Report: OPEC’s compliance with oil production cuts deal 122 percent in April

The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day.
Nigerian National Petroleum Corporation (NNPC)

Subsidy: NNPC faces more pressure as Bonny Light rises by 150 percent

There are indications that the Federal Government through the Nigerian National Petroleum Corporation, NNPC would be under more pressure to fund Nigeria’s petrol under-recovery or subsidy as the price of Bonny Light rises to $65 per barrel in May 2021.
Nigerian National Petroleum Corporation (NNPC)

Rising oil price puts more pressure on NNPC’s finances

Crude oil extended its gains at the weekend after closing at a six-week high with signs of strengthening demand in key markets, thereby piling more pressure on the ability of the Nigerian National Petroleum Corporation (NNPC) to contribute to the Federation Account.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

Crude oil price hits $65.85 per barrel after OPEC+ meeting

Barely 24 hours after the Organisation of Petroleum Exporting Countries, OPEC, and Non-OPEC meeting, Tuesday, the price of Nigeria’s Bonny Light has risen to $65.85 from $63.50 per barrel in the global market.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC+ keeps oil demand forecast, but worried by coronavirus surge

The OPEC+ joint technical committee (JTC) has kept its forecast for growth in global oil demand this year, but is concerned about surging COVID-19 cases in India and elsewhere, three sources from the producer group told Reuters.
Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS-Thomas White-Illustration

Oil slips below $62 as India virus cases rise

Oil prices have fallen more than 1 percent on fears that surging COVID-19 cases in India will dent fuel demand in the world’s third-biggest oil importer and as investors prepared for a planned increase in crude output from the world’s top producers in May.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

OPEC+ may downgrade ministers’ meeting, leave output unchanged

The Organisation of Petroleum Exporting Countries (OPEC) and its allies are discussing downgrading next week’s the full-scale ministerial meeting, delegates said, a signal the coalition may stick with plans to gradually revive oil production.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

OPEC raises oil demand growth on stronger economic recovery

The Organisation of Petroleum Exporting Countries (OPEC) has raised its forecast for crude oil demand growth this year on the back of an expected stronger economic recovery.
FILE PHOTO - Pope Francis listens to Philippine Cardinal Luis Antonio Tagle (not pictured) during a mass to mark 500 years of Christianity in the Philippines, in St. Peter's Basilica at the Vatican, March 14, 2021. Tiziana Fabi-Pool via REUTERS

Pope urges IMF, World Bank to cut poor nations’ debts

Pope Francis yesterday urged the International Monetary Fund (IMF) and the World Bank to cut the debt burden of poor countries hit by the economic impact of the COVID-19 pandemic and give their governments a greater say in global-decision-making.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Proposed OPEC meeting pushes oil prices downward

Oil prices fell slightly yesterday as shipping traffic resumed through the Suez Canal after days on hold and attention now switched to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns.
FILE PHOTO - Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS-Brendan McDermid

Bonny Light price dips to $62.05 on reopening of Suez Canal

The price of Nigeria’s Bonny Light, Tuesday, dropped to $62.05 per barrel from $64.50 in the international market on the heels of the reopening of the Suez Canal for business.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has said that more private and public sector collaboration will be encouraged as Nigeria steps up effort to realise its target of boosting domestic gas utilisation.

President Buhari, Timi Sylva, Sanusi Barkindo tip gas as economic growth driver

President Muhammadu Buhari; Minister of State, Petroleum Resources, Chief Timipre Sylva; and the Secretary-General, Organisation of Petroleum Exporting Countries (OPEC), Dr. Sanusi Barkindo, yesterday underscored the need to drive the country’s economic development by tapping Nigeria’s enormous gas resources.
“I am sure each and every one of us can recall the dire situation the industry was in, which was most dramatically illustrated on 20 April 2020 when the price of WTI went negative. It was a visceral day, and one often described as ‘Black Monday.’” Mohammed Barkindo said, speaking at the S&P Global Platts Americas Petroleum and Energy Conference.

OPEC: Gas is vital to Nigeria’s future

The Organisation of Petroleum Exporting Countries (OPEC) says gas remains vital to Nigeria’s future in the global oil and gas sector.
President Muhammadu Buhari says Nigeria Liquified Natural Gas (NLNG) has generated $114 billion in revenues over the years, $9 billion in taxes, $18 billion in dividends to the Federal Government and $15 billion in feed gas purchase.

President Buhari: Nigeria to leverage 600 trillion cubic feet of gas to diversify economy

President Muhammadu Buhari has assured that his administration will leverage on Nigeria’s robust gas resources, currently standing at 600 trillion cubic feet, to urgently industrialize the country and ultimately diversify it away from petroleum, which is gradually being discarded for cleaner energy sources that gas provides.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

India turns to Nigeria, others to meet energy needs

Nigeria and other African nations could play a central role in efforts by India to diversify its sources of oil and gas, India’s Oil Minister, Mr. Dharmendra Pradhan, said yesterday, as the nation strives to reduce its energy reliance on the Middle East.
The Senate President, Ahmad Lawan, has said that for appreciable development to take place in the country, more women must be regarded and enlisted to take up more spaces in governance.

Senate queries finance ministry over failure to account for N2.8 billion released from service...

The Senate Committee on Public Accounts, led by Senator Matthew Urhoghide, PDP, Edo South, which raised the alarm, said of the said amount, payment vouchers were raised for the sum of N113,558,372.85, leaving the sum of N2,772,214,120.42 unaccounted for.

Recent Stories

Manchester United have identified Alexander Isak as an alternative target to Borussia Dortmund striker Erling Haaland this summer, The Star reports.

Manchester United identify Alexander Isak as Erling Braut Haaland alternative

Manchester United have identified Alexander Isak as an alternative target to Borussia Dortmund striker Erling Haaland this summer, The Star reports.
The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar.

Naira appreciates at N493 to dollar in parallel market

The naira, on Thursday, appreciated by 1.8 percent to N493 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) increased forex supplies to banks.
U.S. President Joe Biden gestures while speaking to the media before boarding Air Force One at Geneva airport, as he leaves Geneva after the U.S.-Russia summit, Switzerland, June 16, 2021. REUTERS-Kevin Lamarque

White House considering talks between Joe Biden and China’s Xi Jinping

The White House will consider arranging talks between President Joe Biden and his Chinese counterpart, Xi Jinping, as the two countries spar over issues including human rights, a top U.S. official said on Thursday.
President Muhammadu Buhari Thursday in Maiduguri, Borno State, assured citizens of the federal government’s presence in fighting terrorism to the end, and ensuring that Internally Displaced Persons (IDPs) are fully returned to continue normal lives, commending Governor Babagana Zulum for resilience and relentless efforts in rebuilding the state.

President Buhar: We won’t rest until peace is fully restored in Borno

President Muhammadu Buhari Thursday in Maiduguri, Borno State, assured citizens of the federal government’s presence in fighting terrorism to the end, and ensuring that Internally Displaced Persons (IDPs) are fully returned to continue normal lives, commending Governor Babagana Zulum for resilience and relentless efforts in rebuilding the state.
Lagos State Attorney General, Moyo Onigbanjo (SAN)

Lagos begins plea bargain session for Kirikiri inmates

In an effort to decongest correctional centres, the Lagos State Ministry of Justice on Thursday held a plea bargain session for some inmates at...

Most Popular

Unknown writers threaten Delta with mayhem for banning open grazing

A group of unidentified persons on Sunday threatened to attack Asaba and Agbor in Delta State should Governor Ifeanyi Okowa fail to withdraw his support for the ban on open grazing within 72 hours.
Tochukwu Oluehi has revealed Nigeria are raring to bounce back from their defeat to Jamaica when they take on Portugal.

Nigeria goalie blames herself for defeat vs Jamaica, looks forward to Portugal clash

Tochukwu Oluehi has revealed Nigeria are raring to bounce back from their defeat to Jamaica when they take on Portugal.
Zambia's President Edgar Lungu has ordered a reshuffle of the southern African country's top police brass to facilitate a probe into the killing of two protesters last week, his spokesperson said on Tuesday.

Zambian court throws out second challenge to president’s re-election bid

Zambia’s Constitutional Court ruled on Friday that President Edgar Lungu can stand for re-election in August, throwing out a second opposition challenge to his eligibility on the basis of the constitutional two-term limit.
Gov. David Umahi of Ebonyi has pledged to abide by the peace pact he made with political opponents in the Peoples Democratic Party (PDP).

Ebonyi governor congratulates COAS, urges support for Nigerian Army

Ebonyi State Governor David Umahi has congratulated the Chief of Army Staff (COAS), Major General Farouk Yahaya, on his appointment as the 22nd COAS in the history of Nigerian Army.
During his church service at The Synagogue, Church Of All Nations (SCOAN) on Sunday 5th January 2020, Prophet TB Joshua released his much-anticipated prophetic message for the year 2020.

Ondo monarchs insist TB Joshua’s funeral must hold in hometown

The monarchs in the four local government areas in Akokoland of Ondo State have restated their call that the remains of the founder of the Synagogue Church of All Nations, Pastor Temitope Joshua, be buried in his hometown, Arigidi Akoko.