Tag: OPEC

  • OPEC not expecting oil market conditions to ease into 2023

    OPEC not expecting oil market conditions to ease into 2023

    OPEC expects conditions in the oil market to remain tight into the coming year, with demand rising faster than supply, according to a report from the cartel’s research department released in Vienna on Tuesday. It said in its initial report on the oil market for 2023 that growth in demand would exceed growth in supply…

  • OPEC increases Nigeria’s production quota to 1.799mbpd for July

    OPEC increases Nigeria’s production quota to 1.799mbpd for July

    The Organisation of the Petroleum Exporting Countries (OPEC) has raised Nigeria’s oil production quota from the 1.772 million barrels per day (mbpd) target approved in June to a new target of 1.799mbpd for July. A statement issued on Thursday by OPEC said the decision was taken at its 29th OPEC and non-OPEC Ministerial Meeting. The…

  • Nigeria’s crude oil production increases by 70,000bpd – Reuters Survey

    Nigeria’s crude oil production increases by 70,000bpd – Reuters Survey

    Nigeria’s crude oil production increased by 70,000 barrels per day in May according to a Reuters Survey released on Tuesday. The document, which was obtained by the News Agency of Nigeria (NAN) in Lagos, showed that the country’s crude oil production averaged 1.42mbpd in May. The figure is 70,000bpd higher than the average crude oil…