OPEC+ To Lower Oil Demand Forecast Amid COVID-19 Uncertainty       The Organisation of Petroleum Exporting Countries and its allies have agreed to lower the forecast that oil demand would grow by 5.9 million barrels per day this year. A panel of OPEC+ technical experts agreed to revise...

Oil Price Rises To $64 As Ship Blocks Suez Canal       The international oil benchmark, Brent crude, reversed its recent losses on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost...

Nigeria’s Daily Oil Production Rises To 1.42m Barrels       Nigeria increased its crude oil production to 1.42 million barrels per day in February, the latest monthly report of the Organisation of the Petroleum Exporting Countries has shown. The country recorded the biggest increase in crude oil production...

Nigeria’s Oil Exploration Declines By Over 70%       There are indications that oil exploration dropped in Nigeria by 70 per cent in February 2021, according to the Organisation of Petroleum Exporting Countries, OPEC. In its March 2021 report the organization put the nation’s rig count, a major...

Oil Drops After Hitting $70, OPEC+ Output Plunges       The international oil benchmark, Brent crude, dropped on Monday after climbing above the $70 per barrel mark for the first time in over 14 months. Brent, against which Nigeria’s oil priced, fell by $1.30 to $68.06 per barrel...

Global Growth Estimate Of 4.8% Will Increase Oil Demand, Market Stability In 2021— OPEC         The Organisation of Petroleum Exporting Countries, OPEC, has stressed that the estimated 4.8 per cent global growth will culminate in oil market stability this year. This is even as the price of...