COVID-19, Power Failure, Others Stall N88.76bn Oil Production - NNPC       COVID-19 outbreak, Power failure and production shut-in at various crude oil terminals prevented the production of 3.31 million barrels of oil valued at about N88.76bn in one month. Updates on key setbacks that affected oil production...

NNPC Sells N267bn Crude Oil, Maintains 1.42m bpd Output       The Nigerian National Petroleum Corporation (NNPC) sold crude oil worth N267.59 billion in February, while its total daily production stood at 1.42 million barrels per day in the first quarter of 2021, a document presented to...

OPEC’s January Crude Oil Production Rises         The Organisation of Petroleum Exporting Countries (OPEC’s) crude oil production increased by 160,000 barrels per day (bpd) in January as the non-member countries called OPEC+ alliance is easing the output cuts in the first month of the year, it...

Oil Demand Risks Decline In Q1, 2021       The production policies of the non-member countries of the Organisation of Petroleum Exporting Countries (OPEC+) and pandemic’s path will continue to drive global oil prices in the year and result in global oil demand declining marginally in the...

Nigeria’s Daily Oil Production Dips to 1.17m Barrels         Crude oil production in Nigeria tumbled by 155,000 barrels to a record low in December amid the production cuts by the Organisation of the Petroleum Exporting Countries and its allies. OPEC disclosed this on Thursday in its report...

OPEC, Russia Deal Raises Hope For Crude Oil         A fresh hope for oil producing countries such as Nigeria, and Algeria was raised at the weekend as oil prices hit the highest level since early March after major producers agreed to a cautious increase in output...