Nigeria’s Oil Production Falls To 1.37m Barrels     Daily crude oil production in Nigeria dropped by 38,000 barrels in July to 1.37 million barrels, a new report by the Organisation of Petroleum Exporting Countries showed on Wednesday. The oil cartel, in its Monthly Oil Report for August,...

UBA Boosts Nigeria’s Oil Production With $200m Facility     The United Bank for Africa Plc (UBA) has announced a $200 million facility support to boost Nigeria’s crude oil production capacity. The facility is part of a $1.5 billion Pre-Export Finance Facility provided by consortium of Nigerian commercial...

Debt Servicing May Limit Nigeria’s Productivity – OPEC     The servicing of debts by Nigeria may limit the Federal Government’s ability to increase economic productivity, the Organisation of Petroleum Exporting Countries said on Tuesday. OPEC, also disclosed that based on direct communication with Nigeria, the country’s crude...

OPEC Oil Production Hits 20-year Low Amid Cuts     The Organisation of Petroleum Exporting Countries saw its oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a survey by Reuters found. The group compliance in...

Oil Production Threatened By Non-compliance To COVID-19 Protocols     Nigeria’s ability to meet its monthly oil production quota and revenue target may become hampered if rising cases of coronavirus in offshore oil fields are not addressed. With the country suffering huge revenue losses from decline in oil...

Senate Queries NNPC For High Cost Of Oil Production     Members of the Senate Committee on Finance on Monday queried the Nigerian National Petroleum Corporation (NNPC) over what they described as “very high cost of oil production in Nigeria”. The Senators made this known while hosting the...