Oil Prices Rebound, Now $107.91/Barrel   Oil prices rebounded on Wednesday as a drop in U.S. oil inventories and concerns over tighter supplies from Russia and Libya drove a recovery from the previous session’s sharp losses. Brent crude LCOc1 futures rose 65 cents, or 0.6%, to $107.90...

Cut In Russian Output Widens OPEC+ Supply Gap In March   The Organisation of Petroleum Exporting (OPEC+) produced 1.45 million barrels per day (bpd) below its production targets in March, a Reuters report has shown. The reduction in output was mostly on the back of Russian output...

'Nigeria’s Oil Production Crashed By 744,000 Barrels In March'   Nigeria’s crude oil production crashed by 744,000 barrels in March 2021 when compared to what the country produced in the preceding month of April, figures released on Tuesday by the Organisation of Petroleum Exporting Countries (OPEC)...

Kyari: Nigeria's Economy No Longer Dependent On Oil Revenues The Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari, says the Nigerian economy has become less dependent on oil revenues, unlike what was obtained in the past. Speaking at the Atlantic...

Nigeria Oil Production Fails to meet OPEC Quota Nigeria oil production has failed to meet the 1.8 million barrels per day oil quota set by Organisation of Petroleum Exporting Countries (OPEC) in the month of February 2022. OPEC released its Monthly Oil Market Report on...

NNPC Vows To Increase Production As Brent Crosses $105/barrel   Brent, the crude against which Nigeria’s oil is priced, crossed the $105/barrel price on Tuesday, as it rose to the highest price ever recorded since about 14 years following the ongoing war in Ukraine after it...