Nigeria's Oil Production Surges Past 1.5mbpd, Exceeds OPEC Quota   According to a recent report by the Nigerian Upstream Petroleum Regulatory Commission, Nigeria has successfully achieved its oil production quota as stipulated by the Organisation of the Petroleum Exporting Countries (OPEC). In January, Nigeria made real its focus...

FG Aims 2.7mbpd Crude Oil Production as OPEC Pledges to Monitor Quotas Nigeria has set a target of boosting daily production to 2.7 million barrels of crude and condensate by 2027. This was disclosed by President Bola Tinubu’s Special Adviser on Energy, Olu Verheijen, according to...

Report Reveals Nigeria’s 2mbpd Oil Plan May Cause Showdown With OPEC   A recent report by Bloomberg suggests that Nigeria's ambitious plan to boost crude oil production to 2.062 million barrels per day may put it at odds with the Organization of the Petroleum Exporting Countries (OPEC)....

Dangote Refinery: Oil Import Declines in European markets – OPEC The Organisation of the Petroleum Exporting Countries says the Dangote Petroleum Refinery and its efforts to ramp up Premium Motor Spirit (petrol) production are impacting the PMS market in Europe. The 650,000-capacity Dangote refinery, which began...

Brent Oil Price Nears 3-Month High, Reaches $76   Global oil prices held steady near a three-month peak yesterday, driven by strong demand from Asian refineries, which in turn boosted the value of certain Middle Eastern oil grades. Brent traded near $76 a barrel after earlier Monday...

CBN Reveals Reasons Behind Oil Revenue Crash The Central Bank of Nigeria (CBN) has attributed the significant decline in oil revenue for the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies. According to the apex bank’s latest economic report for the third quarter...