Gas Crises May Worsen - OPEC     The Organisation of Petroleum Exporting Countries (OPEC) Secretary-General, Mohammad Sanusi Barkindo, yesterday warned that the tight supply of gas could worsen owing to limited investment in the industry. He emphasised that “the tightness we are seeing in the gas market...

Nigeria’s Oil Output Lower Than OPEC Quota Nigeria saw its crude oil production increase slightly last month to about 1.25 million barrels per day, which is 360,000 bpd lower than the quota given to it by the Organisation of Petroleum Exporting Countries. The country told OPEC...

OPEC Predicts $1.5trn Downstream Investment   The Organisation of Petroleum Exporting Countries (OPEC) on Monday forecast $1.5 trillion downstream investment for between 2021 and 2045. OPEC also predicted that of the amount, $450billion would be invested in new refinery projects and extension of existing ones. The organisation foresaw...

Brent Crude Hits $83.99/barrel   Brent Crude at 12:50pm on Monday hit $84.50 per barrel, according to the Nigerian National Petroleum Corporation (NNPC). Its data indicated that the black gold gained $2.11 per barrel to rise at 2.56%. The surge followed a rise in demand for energy that...

OPEC+ Sticks To Output Deal As Oil Hits $81           Oil prices crossed the $80 mark following the decision by the Organization of the Petroleum Exporting Countries (OPEC) yesterday, confirming it would increase monthly overall production of oil by 400,000 barrels per day (bpd) for the...

Nigeria’s Oil Reserves Dropped By 543m Barrels – OPEC           The 2021 Annual Statistical Bulletin of the Organisation of Petroleum Exporting Countries released on Wednesday showed a drop of 543 million barrels in the crude oil reserves of Nigeria. Figures on world proven oil reserves by country...