OPEC+ Maintains 400,000bpd Monthly Oil Output Increase       The Organisation of the Petroleum Exporting Countries and its allies, on Wednesday, agreed to stick to their existing plan for gradual monthly oil production increases. OPEC and non-OPEC ministers ratified the 400,000 barrel-per-day supply hike scheduled for October after...

OPEC, Others Meet To Decide On Crude Oil Production Increase       The Organisation of the Petroleum Exporting Countries and its allies will meet on Wednesday (today) to decide whether to press on with plans to increase crude oil production by 400,000 barrels per day every month. The...

Poor Oil Investments’ll Have Adverse Impact On Nigeria, OPEC Warns       Investing poorly in the oil and gas industry will have a heavy adverse impact on Nigeria and other oil-producing developing nations, the Organisation of Petroleum Exporting Countries warned on Wednesday. OPEC observed that investment in the...

Crude Oil Price Drops to $74.18     Brent, the oil against which Nigeria’s crude is priced, dropped marginally on Tuesday, shedding 32 cents to close at $74.18 per barrel as of 4pm Nigerian time. Industry figures showed that the commodity dipped in price by 0.43 per cent...

OPEC+ Crude Oil Production Raise Begins August       The Organisation of Petroleum Exporting Countries and its allies known as OPEC+ have upwardly adjusted their overall production by 0.4 million barrels per day (mbd). The decision was taken at the end of the 19th OPEC and non-OPEC Ministerial...

Oil Price Plunges To $74 Amid OPEC+ Crisis       The international oil benchmark, Brent crude, pared some of its recent gains on Tuesday, after the Organisation of the Petroleum Exporting Countries and its allies cancelled a meeting due to clashes over plan to increase supply to...