Oil and Gas

Vienna, June 5, 2023 – OPEC+ leaders have agreed to cut oil production by 3.6 million bpd starting from July. Saudi Arabia spearheaded the move with plans to cut its output by one million bpd from July. The Arab oil superpower produces around 10 million bpd and it’s the only country in the OPEC+ zone with the capacity to store excess supply.   Prince Abdulaziz, Saudi’s energy minister described the decision as a “Saudi lollipop”. In his words:“We wanted to ice the cake. We always want to add suspense. We don’t want people …

Vienna, June 4, 2023 – Nigeria’s prospect for high crude oil production improved on Sunday has OPEC and non-OPEC members have agreed to allow Nigeria to continue producing maximally to meet its OPEC quota in 2023. This concession was granted to two other African countries, Congo and Angola, at the 35th Joint Ministerial Monitoring Committee Meeting of OPEC held in Vienna, Austria, on Sunday. The concession granted to the three African countries was in spite of the general agreement by the member countries to cut production volumes in order to maintain ensure …

Lagos, June 1, 2023 – The policies of the current administration in the Nigerian Maritime Administration and Safety Agency (NIMASA) are tailored to complement efforts of the Nigerian Content Development and Monitoring Board (NCDMB) to grow the Nigerian economy through the oil and gas sector. Dr Bashir Jamoh, NIMASA Director-General, said this at the just concluded 2023 Nigerian Oil and Gas Opportunity Fair (NOGOF) held in Yenagoa, Bayelsa State. He was represented by the Agency’s Director of Cabotage Services, Mrs. Rita Uruakpa. Jamoh advised stakeholders to consider a change of …

Abuja, May 31, 2023 – The NNPCL on Wednesday confirmed that it has adjusted pump prices of petrol across their retail outlets in line with current market realities. The corporation said this in a press statement signed by the Chief Corporate Communications Officer, Garba Deen Muhammad, and shared on Twitter. “NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets in line with current market realities. “As we strive to provide you with the quality service for which we …

By Tsvetana Paraskova for Oilprice.com Lagos, May 31, 2023 -Oil prices slumped by another 3 percent early on Wednesday, extending the 4 percent losses from Tuesday after manufacturing data from China disappointed and the U.S. dollar strengthened. As of 7:27 a.m. EDT on Wednesday, the U.S. benchmark, WTI crude, had plunged below $68 per barrel, at $67.48, down by 2.89%. WTI crude oil futures sank below $70 a barrel on Tuesday amid concerns about opposition to the U.S debt ceiling deal. The international benchmark, Brent crude, was down by 2.64 percent early …