Nigeria’s Oil Rig Count Down 29% To 135 In 2020       There are indications that limited investment has taken a toll on exploration, as Nigeria’s rig count dropped year-on-year by 27.8 per cent to 135 in the year 2020, from 187 in 2019. The oil rig count,...

Nigeria’s Daily Oil Production Dips to 1.17m Barrels         Crude oil production in Nigeria tumbled by 155,000 barrels to a record low in December amid the production cuts by the Organisation of the Petroleum Exporting Countries and its allies. OPEC disclosed this on Thursday in its report...

Oil Price Rises To 10-month High Of $54         Oil prices extended gains on Wednesday, rising to their highest since last February, after Saudi Arabia announced a big voluntary production cut, and as US crude inventories declined in the latest week. Brent crude was up 79 cents,...

‘Nigeria, Others Reduced Oil Supply By 1.9bn Barrels’         Nigeria and other member and non-member nations of the Organisation of Petroleum Exporting Countries reduced global crude oil supply by 1.9 billion barrels between May and November last year, OPEC stated on Tuesday. It made this known after...

Oil Rises Above $53, OPEC+ Agrees On Output Rollover         The international oil benchmark, Brent crude, surged above $53 per barrel on Tuesday as the Organisation of the Exporting Countries and its allies agreed to hold production steady in the face of new coronavirus lockdowns. Brent, against...

Oil Tumbles After Hitting $53, OPEC+ Delays Decision         The international oil benchmark, Brent crude, tumbled on Monday after hitting a record high of $53 ahead of the meeting of the Organisation of the Petroleum Exporting Countries and its allies. OPEC and its allies, a group known...