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OPEC Secretary-General, Barkindo Dies At 63

Dr Mohammed Barkindo, the Secretary-General, Organisation of the Petroleum Exporting Countries (OPEC), is dead. Mr Mele Kyari, the Group Managing Director, Nigerian National Petroleum Company (NNPC), confirmed the development in a statement posted on his official Twitter page on Wednesday.

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OPEC Maintains Cautious Strategy Despite Ukraine War

Teddy Nwanunobi Despite the ongoing war in Ukraine, the Organization of Petroleum Exporting Countries alliance, OPEC+, yesterday, is turning on the oil tap only moderately by sticking to the production increase of the past months. Rising from an online ministerial meeting,

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China’s Oil Sale Is A Clear Message To OPEC+

China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg called “an unprecedented intervention.” Indeed, this was the first time

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4.8% Growth Will Increase Oil Demand, Market Stability In 2021 – OPEC

Cyril Ogar 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 Bonny Light, Nigeria’s premium oil grade,

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Nigeria’s Oil Output Decline To 1.17m Barrels, Amid Deteriorating Rigs – OPEC Report

Charles Ebi Nigeria’s crude oil production capacity dropped from 1.329 million barrels per day in November 2020 to about 1.174 million barrels per day in December 2020, output data based on direct communication information published in the January 2021 edition

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UAE may withdraw from OPEC+ over tensions with Saudi Arabia, Russia

With tensions running high between the United Arab Emirates and its petroleum allies, Saudi Arabia and Russia, Abu Dhabi considers the idea of leaving OPEC+, media reported. The Bloomberg news agency reported this on Thursday, citing its sources. This step

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Nigeria’s Oil Production Falls To 1.37m Barrels

Charles Ebi  Daily crude oil production in Nigeria has dropped by 38,000 barrels in July to 1.37 million barrels, a new report by the Organisation of Petroleum Exporting Countries (OPEC) has shown. The oil cartel, in its monthly oil report

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Nigeria Loses N160bn To OPEC Production Cut

By Cyril Ogar  Nigeria is projected to have lost over N160 billion in deferred revenue to a cut in the daily crude oil production by members of the Organisation of Petroleum Exporting Countries (OPEC) in May. However, the impact on

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417,000bpd Oil Cut’ll Deepen Nigeria’s Recession – Fitch

By Charles Ebi A global credit ratings agency, Fitch Ratings, has said Nigeria’s compliance with the oil production cut deal led by the Organisation of Petroleum Exporting Countries will lead to deeper economic contraction and fiscal deficits. It also said

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Nigeria Joins OPEC To Cut Crude Oil Production

By Cyril Ogar  The Federal Government on Friday said crude oil price would rebound by at least $15 per barrel in the short term following the latest intervention of the Organisation of Petroleum Exporting Countries and its allies, jointly referred

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