Oil Revenue Plunges As Nigeria Misses OPEC Output Target Nigeria missed its crude oil output target for January 2022, pumping 1.46 million barrels per day against a target of 1.683 million bpd as approved by the Organisation of Petroleum Exporting Countries. Officials of the Federal Ministry...

Nigeria’s Daily Oil Production Falls Below 1.2m Barrels   Crude oil production in Nigeria fell below 1.2 million barrels per day in December 2021 from 1.28 million bpd in the previous month, according to the Organization of the Petroleum Exporting Countries. The country produced 1.197 million bpd...

Oil Price Soars To Seven-year High   Oil prices traded within striking distance of its seven-year high at $86.71 per barrel yesterday on continuing supply constraints and waning fears among heavy fuel users of another pandemic-induced slowdown. In the last two weeks, Brent, Nigeria’s benchmark, has climbed...

Oil Hits $80 As OPEC+ Okays Another Production Boost     The international oil benchmark, Brent crude, rose to the $80 per barrel mark on Tuesday after the Organisation of the Petroleum Exporting Countries and its Russia-led partners approved another 400,000-barrels-per-day hike in production quotas. Brent, against which...

Oil Price Increases As OPEC Projects Slow Growth In 2022   The price of Brent, the crude against which Nigeria’s oil is priced, increased marginally on Monday as the Organisation of Petroleum Exporting Countries projected a slow growth momentum in terms of economic recovery this year. Also,...

Nigeria’s Oil Production Increases By 2.55m Barrels – OPEC   Crude oil production in Nigeria increased by about 2.55 million barrels in the month of November 2021, the Organisation of Petroleum Exporting Countries announced on Tuesday. According to OPEC, the country’s crude oil production rose by 85,000...