Oil Price Increases As OPEC Projects Slow Growth In 2022   The price of Brent, the crude against which Nigeria’s oil is priced, increased marginally on Monday as the Organisation of Petroleum Exporting Countries projected a slow growth momentum in terms of economic recovery this year. Also,...

Gas Crises May Worsen - OPEC     The Organisation of Petroleum Exporting Countries (OPEC) Secretary-General, Mohammad Sanusi Barkindo, yesterday warned that the tight supply of gas could worsen owing to limited investment in the industry. He emphasised that “the tightness we are seeing in the gas market...

OPEC Predicts $1.5trn Downstream Investment   The Organisation of Petroleum Exporting Countries (OPEC) on Monday forecast $1.5 trillion downstream investment for between 2021 and 2045. OPEC also predicted that of the amount, $450billion would be invested in new refinery projects and extension of existing ones. The organisation foresaw...

Crude Oil Price Drops to $74.18     Brent, the oil against which Nigeria’s crude is priced, dropped marginally on Tuesday, shedding 32 cents to close at $74.18 per barrel as of 4pm Nigerian time. Industry figures showed that the commodity dipped in price by 0.43 per cent...

OPEC Retains Oil Cuts Over Demand Concerns           Members of the Organisation of the Petroleum Exporting Countries (OPEC) and allied producers under OPEC+, yesterday, agreed to cap crude production at current levels in February. The decision was taken at the Joint Ministerial Monitoring Committee (JMMC) meeting. In...