United Arab Emirates (UAE) has revealed plans to withdraw from OPEC and OPEC+, citing a shift toward prioritising its national economic and energy interests. The decision, confirmed in an official statement on Tuesday, is set to take effect on Friday and comes at a time of heightened geopolitical tension...
OPEC
The long-awaited corruption trial of former Nigerian Petroleum Minister and first female OPEC president, Diezani Alison-Madueke, is set to commence in London on Monday. The 65-year-old faces five charges of accepting bribes and one count of conspiracy to commit bribery, all allegedly tied to her tenure as Nigeria’s Minister...
Chude Jideonwo, director of the widely anticipated documentary ‘Is It Your Money?’, has released the four-part documentary series centered on the former Minister of Petroleum Resources, Diezani Alison-Madueke. In the series, Diezani speaks directly to the allegations that have followed her for years, insisting, “I did not steal any...
Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, has agreed to boost oil production by 137,000 barrels per day (bpd) starting in October, according to a statement released on the OPEC website following a virtual meeting. The decision, involving key members such as Saudi...
By MBAFAN ADE, Abuja- Nigeria has exceeded its OPEC crude oil production quota of 1.5 million barrels per day (bpd) for the second time in 2025. According to OPEC’s Monthly Oil Market Report (MOMR) for July 2025, Nigeria recorded a crude oil production of 1,505,000 bpd in June 2025....
OPEC+ alliance, led by Saudi Arabia and Russia, has announced a further increase in oil output to 548,000 barrels per day in August, exceeding market expectations. Analysts had predicted a hike of 411,000 bpd, but the group’s decision to boost production sends a clear message of its shift towards...
Organisation of Petroleum Exporting Countries (OPEC) has warned that a staggering $17.4 trillion in global upstream investment is required by 2030 to avoid a massive oil market deficit of 23 million barrels per day (bpd). OPEC Secretary-General, Haitham Al Ghais, made this disclosure at the 24th Nigeria Oil and...
Nigeria’s losses due to crude oil theft are more significant than those of some other OPEC members. The Chairman, Senate Ad hoc Committee on Crude Oil Theft, Sen. Ned Nwoko, made this known in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja. Nwoko emphasised...
The Organization of the Petroleum Exporting Countries (OPEC) on Monday slightly cut its forecast for oil demand growth, citing the impact of US tariffs on the world economy. In its Monthly Oil Market Report (MOMR) for April, the Secretariat now sees demand grow by 1.3 million barrels per day...
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the recent drop in global crude oil prices has sparked hopes of a corresponding reduction in petrol prices in Nigeria National President, PETROAN, Dr Billy Gillis-Harry, while reacting to recent development in the oil and gas sector...
The Organisation of Petroleum Exporting Countries (OPEC), has said Nigeria’s average daily crude oil production has increased significantly to 1.539 million Barrels Per Day (bpd) in January. The country for the first time, met the OPEC production quota of 1.5 million bpd since it was set for the 2024...
The Organisation of the Petroleum Exporting Countries (OPEC) has appointed Mr Ademola Adeyemi-Bero, Nigeria’s Governor for OPEC, as Chairman of the OPEC Board of Governors for 2025. Adeyemi-Bero’s appointment was confirmed at the 189th (Ordinary) virtual meeting of the OPEC Conference convened on Tuesday. Prior to his appointment as...
Nigeria’s crude oil production made a record decline to 1.25 million barrels per day in May 2024, according to the Organisation of Petroleum Exporting Countries. The OPEC monthly oil market report for June seen by Channels Television, puts the country’s average daily output 1.25 million barrels per day...
The Federal Government has said measures are being put in place to restore oil production in view of recent concerns regarding shortfall in oil production in Nigeria in the first quarter of 2024. Minster of State for Petroleum Resource (Oil), Sen. Heineken Lokpobiri, said this in a statement...
The Organisation of Petroleum Exporting Countries (OPEC) has said crude oil output increased mainly in Nigeria and Libya, while production in Iran and Iraq decreased. OPEC said based on secondary data sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February with 203 tb/d higher, month-on-month (m-o-m)....
The Federal Government said on Tuesday that none of the International Oil Companies (IOCs) doing business in Nigeria has left as against insinuations. Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, gave the clarifications during the inauguration of the ongoing Nigeria International Energy Summit (NIES 2024), at...
Angola said it would leave OPEC in a blow to the Saudi-led oil producer group that has sought in recent months to rally support for further output cuts to prop up oil prices. Angola’s Oil Minister Diamantino Azevedo said the Organization of the Petroleum Exporting Countries no longer served...
Six months after the World Health Organization (WHO) declared COVID-19 is no longer a health emergency, it’s still difficult to fully grasp the far-reaching damage the pandemic has inflicted, from the tremendous toll on lives to economic devastation. The chaos certainly was felt in the oil industry, which saw...
The president of the Senate, Dr Godswill Akpabio, says with careful planning and execution, Nigeria can meet the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.8 million barrels per day. Akpabio spoke at the National Assembly Capacity Building Workshop organised by the Independent Petroleum Producers Group (IPPG)...
The Organisation of the Petroleum Exporting Countries (OPEC) has said that Nigeria’s economic growth in the first quarter of 2023 (1Q23) stood at 2.4 per cent year-on-year (y-o-y). OPEC made this known in its Monthly Oil Market Report for August obtained by the News Agency of Nigeria (NAN)...