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...

November Oil Production Increases To 1.44m Daily – Report     In a related development, Nigeria, Africa’s largest oil producer, produced 1.44 million barrels per day in November, a rise of 70,000 bpd from the previous month, as output from Bonny Light and Erha fields rebounded, according...

Nigeria Revenue May Crash Further As OPEC Forecasts Supply Glut     Nigeria’s revenue from crude oil sale may drop further in the first and second quarters of 2022 going by the latest projection of surplus oil supply in the period under review by the Organisation of...

Nigeria’s Rig Count Drops As OPEC Lowers 2021 Oil Demand Outlook     Confirming reports of low production and inability of the country to meet its crude oil quota, the latest monthly report of the Organisation of Petroleum Exporting Countries (OPEC) has shown that Nigeria’s rig count...