$450bn Refinery Investments Coming To Nigeria, Others – OPEC     The Organisation of Petroleum Exporting Countries on Tuesday said about $450bn worth of new refinery projects and expansion of existing units would be invested in Nigeria and other developing nations. It said the investments were part of...

Nigeria’s October Oil Output Fell To 1.37m bpd     Nigeria’s crude oil production dropped to 1.37 million barrels per day last month from 1.39 million bpd, a survey by Platts showed on Monday. The country’s oil production in October was 261,000 bpd below the quota given to...

Oil Price Reaches $83.37/Barrel As OPEC Meets Today   Oil price in the Organization of the Petroleum Exporting Countries (OPEC) daily basket price stood at $83.37 a barrel on Tuesday, ahead of the 22nd OPEC and non-OPEC Ministerial Meeting, scheduled for Thursday. In a statement, the organization...

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...