Global Oil Production Declining, Not Meeting Fuel Demand - OPEC The Secretary General of the Organisation of Petroleum Exporting Countries, Haitham Al Ghais, has warned that global oil production capacity was dropping. Speaking during a recent interview with S&P Global Commodity Insights, he stated the refinery...

Global Oil Demand To Rise By 2.33m bpd In 2023 – OPEC   For the third month running, the Organisation of Petroleum Exporting Countries (OPEC )has barely changed its forecast of global oil demand, predicting growth of 2.33 million barrels per day, or 2.3 per cent...

Angola Emerges Top African Crude Oil Producer, Overtakes Nigeria Angola has emerged the topmost crude oil producer in Africa, upstaging Nigeria as the latter’s output level hits a new low. The direct communication data in the April 2023 monthly oil market report (MOMR) of the Organization...

Nigeria’s Average Crude Oil Production Rises By 15% In 2023   Despite its perennial underproduction in the last two years, Nigeria has been able to ramp up its crude oil output compared to its budget benchmark from an average of about 60 per cent to 75...

W’Bank Warns Incoming Govt, Projects Weak Economic Growth, Others The World Bank has said that the incoming administration in Nigeria will face weak economic growth and policy challenges this year. In its latest Africa’s Pulse report for April 2023, published on Wednesday, the bank predicted...

Global Oil Price Rises as OPEC+ Cuts Production Brent, the global benchmark for crude oil, jumped in price on Monday, following the voluntary production cuts by member nations of the Organisation of Petroleum Exporting Countries, as well as OPEC allies, jointly referred to as OPEC+. Oil...