OPEC: Nigeria Loses N1.22tn To Deficit Oil Production The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria lost about 22.658 million barrels of crude oil valued at N1.22tn in the first quarter of 2022. Economic Confidential reports that OPEC made this known in a series of...

Oil Producers Incapable To Replace Russian Supply - OPEC The Organisation of Petroleum Exporting Countries has revised the demand for crude oil in 2022 downward due to the concerns around global economic growth. OPEC’s Secretary-General, Sanusi Barkindo, revealed this at the 62nd Meeting of the Joint...

OPEC: Nigeria's Crude Production Dropped By 1.2 Million Barrels in April The Organization of Petroleum Exporting Countries says Nigeria and other OPEC members have been unable to pump the volumes of crude oil that they had approved because of insufficient investment in the oil sector. OPEC...

NNPC To Deduct N672bn As Subsidy Hits N1.35tn In Four Months The Nigerian National Petroleum Company Limited latest report has revealed tht the subsidy on Premium Motor Spirit, called petrol, has risen to N675.93bn between January and March 2022. The NNPC group has informed the Federation...

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...