Tag: Venezuela

Nigeria, Six Others Suffer Oil Production Decline – OPEC

Abibat Babalola

Angela’s oil production climbs to 1.17m bopd in May The Organisation of the Petroleum Exporting Countries has released a fresh report on crude oil production of its member countries, indicating that six countries increased their crude oil output while seven countries declined in production. The information was contained in OPEC’s Monthly Oil Market Report for May 2022, obtained by the News Agency of Nigeria. The report showed that crude oil output increased in Saudi Arabia, United Arab Emirates, Kuwait, Angola, Algeria and Congo, while production in Libya, Nigeria, Iraq, Gabon,…

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Nigeria Undermines OPEC Projections, Fails To Meet Quota In April

Abibat Babalola

Nigeria, Libya and a handful of African countries again hobbled the projected oil production plan by the Organisation of Petroleum Exporting Countries (OPEC) in April, failing to meet the quota allocated to them by the oil producers’ group. Crude oil theft and lack of investment made Nigeria lose on the average between 350,000 to 400,000 barrels per day during the period under review according to the minister of state for Petroleum Resources, Timipre Sylva He said the country has, however, begun to ramp up its production level and very soon…

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