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21 hours ago · The last time OPEC did this was in 2014-2015, when it raised output to squeeze U.S. shale firms. OPEC+'s oil output is equal to 48% of world supply, the lowest since it was formed in 2016 with a ...
- OPEC oil output rises in May, led by Nigeria, Iraq, survey ...
OPEC oil output rose in May, a Reuters survey found on...
- OPEC oil output rises in May, led by Nigeria, Iraq, survey ...
- Nigeria, Others
- Experts
- Market Response
- Forecast
The output of other countries, including OPEC and non-OPEC, would also witness a significant increase during the period.
However, in a telephone interview with Energy Vanguard, Prof. Omowumi Iledare, Ghana National Petroleum Corporation (GNPC) Professorial Chair in Oil and Gas Economics and Management, Institute for Oil and Gas Studies, University of Cape Coast, Ghana, said: “Nigeria has always has enjoyed the goodwill of OPEC. For years, the production quota allocat...
Meanwhile, the price of Bonny Light, Nigeria’s premium oil grade, which had previously risen to over $75, hovered at $74.16 per barrel on July 19, 2021. This showed over $34 in excess of the $40 per barrel benchmark of Nigeria’s 2021 budget, which was also benchmarked on 1.8 mb/d, including condensate.
Nevertheless, in its July 2021 Monthly Oil Market Report, obtained by Energy Vanguard, OPEC expects the market to remain stable in the coming months. Specifically, the organization, stated: “The 1Q21 was revised lower, amid slower than anticipated demand in the Organisation for Economic Co-operation and Development, OECD, consuming countries. “This...
Nov 12, 2024 · Nigeria’s daily crude oil production increased from 1.39 million barrels per day (bpd) to 1.43 million bpd in October 2024. This is according to the November 2024 monthly oil market report from the Organization of Petroleum Exporting Countries (OPEC), which reflects supply data for the previous month.
Nov 13, 2023 · In its latest monthly report on Monday, the oil cartel said Nigeria’s oil output increased in October 2023 to 1.351 million barrels per day (bpd) – from 1.347 million bpd in the previous...
Nov 13, 2024 · Crude oil output increased mainly in Libya, Nigeria and Congo, while production in IR Iran, Iraq, and Kuwait decreased,” the oil cartel said. “At the same time, total non-OPEC DoC crude oil ...
Jul 3, 2023 · Last month, Nigeria regained its position as the top crude oil producer in Africa for May 2023, based on data from OPEC. According to OPEC, Nigeria produced 1.184 million barrels of crude oil per day during the month, according to OPEC.
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Jun 4, 2024 · OPEC oil output rose in May, a Reuters survey found on Tuesday, as higher exports from Nigeria and Iraq offset the impact of ongoing voluntary supply cuts by some members agreed with the wider...
