OPEC
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economy
We see energy demand rising by 23% by 2045 – OPEC
The Organisation of the Petroleum Exporting Countries (OPEC) says energy demand will rise by an estimated 23 per cent by 2025. OPEC says the rise will be fueled by a world economy that is expected to double in size, growing from $138 trillion dollars in 2023 to $270 trillion dollars in 2045. The OPEC Secretary-General, Haitham Al Ghais, made this…
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General News
OPEC woos Namibia as African nation prepares to produce from 2030
The OPEC+ oil producers group is eyeing Namibia for possible membership as it sets up what could be Africa’s fourth-largest output by the next decade. An African industry official and sources told Reuters on Tuesday. TotalEnergies (TTEF.PA), opens new tab and Shell (SHEL.L), opens new tab in recent years have made discoveries estimated at 2.6 billion barrels in recent years, setting the stage…
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economy
Stakeholders raise concern as Nigeria’s inflation rate rises to 31.70%
The challenge of spiraling inflation and how to stem the tide has been central to stakeholder engagements in recent times. According to analysts at CardinalStone Finance, an investment house, the rising inflation pressure indicates that Nigeria remains within the top 10 countries with the highest inflation reading in Africa. The analysts said that a material jump in prices of food…
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OIL&GAS
Nigeria has made positive contributions to OPEC – Secretary-General
The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said Nigeria had made positive contributions to the organisation since becoming a member in 1971. Al-Ghais said this in an interview with newsmen on the sidelines of the ongoing 7th Nigeria International Energy Summit (NIES 2024) on Thursday in Abuja. He described Nigeria as a critical…
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OIL&GAS
NNPC Ltd and OPEC Pledge Collaboration to Boost Nigerian Oil Industry
ABUJA – The Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Organisation of the Oil Exporting Countries (OPEC) have vowed to collaborate closely to realise the nation’s goals of attracting investments and enhancing production. The agreement was reached during a courtesy visit by OPEC Secretary General Haitham al-Ghais to Mr. Mele Kyari, the Group Chief Executive Officer of NNPC…
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economy
Crude Oil: OPEC daily basket price now $90.46 per barrel
The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at $90.46 per barrel as at Tuesday, Feb. 1. This is compared with $90.89 per barrel of the previous Monday, according to OPEC Secretariat calculations obtained by the News Agency of Nigeria (NAN), Abuja, as released by OPEC on Wednesday. The OPEC…
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economy
Omicron variant: OPEC says crude oil spot prices dropped by $1.74 in November
The Organization of the Petroleum Exporting Countries (OPEC) says crude oil spot prices dropped by $1.74, or 2.1 per cent, in November 2021 to average $80.37 per barrel. OPEC made this known in its Oil Market Report for December 2021 which was obtained by the News Agency of Nigeria ( NAN) on Monday in Lagos. “Crude oil spot prices declined…
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economy
Nigeria regains top crude oil production spot in Africa – OPEC report
Nigeria has regained the top spot among crude oil producing countries in Africa with the nation’s crude oil production averaging 1.27 million barrels per day in November. The Organization of the Petroleum Exporting Countries (OPEC) made this known in its Oil Market Report for December which was obtained by the News Agency of Nigeria (NAN) on Monday in Lagos. The…
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economy
$11.8trn investments required between 2021-2045 in oil sector- OPEC
The Organisation of the Petroleum Exporting Countries (OPEC) says that investments of 11.8 trillion dollars will be required between 2021 and 2045 in the upstream, midstream and downstream oil sectors. Mr. Mohammad Barkindo, OPEC Secretary General disclosed this in his remark on Wednesday at the 23rd World Petroleum Congress (WPC) being held in Houston, U. S. Barkindo spoke…
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Energy & Environment
African Energy Chamber Calls for Extension, compliance with production cuts ahead of next OPEC meetings
The African Energy Chamber has called on African producers to extend production cuts and remain compliant with their obligations as the OPEC prepares to host its 179th conference and 11th OPEC and non-OPEC Ministerial Meeting via videoconference next week. The historic deal reached by OPEC and OPEC+ last April, which took effect a month ago, is slowly starting to take effect.…
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News
2020: Oil prices rise on OPEC deficit forecast
Oil prices rose on Thursday, recouping some of the previous session’s losses after OPEC forecast a supply deficit next year and the U.S. Federal Reserve said the economic outlook was favourable. Prices had fallen on Wednesday after a report showed an unexpected increase in U.S. crude inventories. The market picked up on Thursday, although the International Energy Agency (IEA) and…
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