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08024545197Nigeria has met its OPEC crude production quota for a third consecutive month, but the modest increase in output is yet to deliver the fiscal boost the government needs, with analysts saying production must rise substantially above 2 million barrels per day to create a meaningful oil windfall.
Global oil prices held relatively firm on Friday despite a sharp rebound in OPEC crude production, as investors balanced increased supply against lingering geopolitical risks in the Middle East and continued uncertainty surrounding exports through the Strait of Hormuz.
Nigeria sits at the heart of Africa's refining story in 2026. With the Dangote Petroleum Refinery now firmly established as the continent's largest single-train facility at 650,000 barrels per day, and the Nigerian National Petroleum Company Limited overseeing rehabilitation efforts at the Port Harcourt and Kaduna refineries, the country commands more downstream influence than any other nation on the continent.
The Organisation of Petroleum Exporting Countries and its allies (OPEC+) have agreed to increase oil production by 188,000 barrels per day (bpd) starting July 2026, in a calibrated move aimed at supporting global market stability amid shifting supply-demand dynamics.
Nigeria's active oil rig count dropped to 12 in April 2026 from 17 in March, representing a 41.7 per cent month on month decline driven by weakening upstream investment and persistent operational challenges, the Organisation of the Petroleum Exporting Countries has said.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) have approved a fresh crude oil production increase for eight member countries while Nigeria remains excluded from the latest adjustment as the group works to stabilise the global oil market
Nigeria’s crude oil production slipped in February, raising fresh concerns about the country’s ability to fully capitalise on rising global oil prices at a time when petroleum revenues remain critical to the nation’s economy.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) is considering a sharper increase in crude oil production for November, with discussions focusing on a potential rise of 411,000 barrels per day (bpd), according to sources familiar with the deliberations. The proposal, which will be discussed at the coalition’s online meeting on October
Oil prices fell on Wednesday as traders turned attention to the upcoming OPEC+ meeting, where producers may decide to further raise output from October. By mid-morning ET, West Texas Intermediate (WTI) was down 2% at $64.34 per barrel, while Brent crude dropped 1.76% to $68.02. OPEC+ Meeting in Focus The OPEC+ alliance is set to
Global investment bank Morgan Stanley says the oil production increase pledged by OPEC+ for May has failed to materialize, despite a formal agreement to boost output by 411,000 barrels per day. The shortfall raises questions about the coalition’s capacity—or willingness—to ramp up supply as promised. In a note released on Saturday, analysts led by Martijn
OPEC+ has started internal talks to update production baselines for 2027, even as the group prepares for another output hike in July. The expected increase, set at 411,000 barrels per day (bpd), could soften global oil prices if demand doesn’t rise in step. According to delegates quoted by Reuters, OPEC+ may soon ask its secretariat
Global oil prices slipped on Monday, weighed down by renewed concerns over the economic health of the United States and China, just days after Goldman Sachs revised its global oil demand forecast upward while maintaining a bearish long-term price outlook. Brent crude futures fell by 34 cents (0.5%) to $65.07 a barrel in early trading,
Oil prices kicked off the week with a strong rally, as Brent crude rose by 3.69% on Monday to trade at $66.27 per barrel at 11:00 AM (GMT), reflecting renewed optimism in the energy market. The price jump followed growing investor confidence in global fuel demand, with analysts pointing to tightening supplies, geopolitical risks, and
Nigeria has exceeded its OPEC production quota by 70,000 barrels per day (bpd), according to a recent Reuters survey. This comes as OPEC’s overall oil output rose in February, driven by strong export gains from Iran and Nigeria. The findings highlight ongoing challenges within the oil cartel as it balances market stability with member compliance.
OPEC+ an alliance of major oil producers led by Saudi Arabia and Russia is navigating an uncertain future. The group had planned to increase oil production cuts in January 2025 but delayed this decision to April. This delay, combined with Trump’s approach to global trade and energy, adds to the market’s unpredictability Key concerns include:
Strategic Importance of Syria Syria, situated at the crossroads of the Middle East, plays a significant role in global oil trade due to its geographic proximity to major oil-producing nations and trade routes. Though it lacks substantial oil reserves compared to Gulf nations, its location near key infrastructure like the Kirkuk-Baniyas pipeline and its adjacency
Oil theft has emerged as a significant challenge for Nigeria, severely affecting its production capabilities and compliance with its OPEC (Organisation of the Petroleum Exporting Countries) quota. The implications of these illicit activities not only disrupt the nation’s economy but also have wider repercussions for the global oil market. Understanding the Scale of Oil Theft
The Federal Government has announced ambitious plans to boost Nigeria’s oil production to 4 million barrels per day (bpd) and gas output to 10 billion cubic feet (bcf) per day by 2030. The government’s strategy follows the introduction of new offshore oil and gas incentives by President Bola Tinubu. In a statement released on Tuesday,
Nigeria has begun to see a significant increase in oil revenues as global crude prices continue to rise in response to escalating tensions between Israel and Iran. Brent crude futures surged by more than 3 per cent yesterday, with prices rising by $2.26, or 3.07 per cent, to settle at $75.82 per barrel. Simultaneously, U.S.
The Organisation of Petroleum Exporting Countries (OPEC) has reaffirmed its projection that global oil demand will increase by 17.9 million barrels per day (MMbpd), or roughly 18%, to 120.1 MMbpd by 2050. This forecast, outlined in OPEC’s annual long-term outlook, underscores the organisation’s confidence in the continued growth of global oil consumption. The predicted increase
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