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Tag: OPEC

  • Nigeria’s crude oil production rises above OPEC quota

    Nigeria’s crude oil production rises above OPEC quota

    Nigeria exceeded its OPEC crude oil production quota of 1.5 million barrels per day (bpd) in June, marking the second time it has surpassed the allocation in 2025.

    OPEC’s Monthly Oil Market Report (MOMR) for July, 2025, obtained by the News Agency of Agency of Nigeria (NAN) revealed that Nigeria recorded 1,505mbpd crude oil production in June 2025.

    Nigeria for the second time exceeded the OPEC quota, first was in January and second in June.

    The Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) remarks on June production showed that Nigeria’s average daily crude production was 1.505,474 bpd, representing 100.4 per cent of the OPEC quota.

    According to the NUPRC, the lowest and peak combined crude oil and condensate production in June are 1.61 million bpd and 1.82 million bpd, respectively.

    It revealed that the daily average production in June was 1.697,045 bopd comprising of both crude oil (1.505, 474 bopd) and condensate (191.572 bopd)

    The report showed that in May, crude output both crude and condensate were 1.65mbpd, while production was as low as 1.60mobp in March.

    Oil production, including crude and condensate, was approximately 1.7mbpd. This was an improvement in crude production when compared to the previous months.

    OPEC crude oil production for June, as reported by OPEC Member Countries, based on direct communication, also revealed that Saudi Arabia output hit 9.360mbpd, Irag 3.627mbpd and United Arab Emirate recorded 3.033mbpd.

    The report also showed that Kuwait recorded 2.420mbpd, Libya recorded 1.367mbpd while Venezuela recorded 1.069mbpd in the month under review.

  • OPEC downgrades 2025 forecast for U.S. oil

    OPEC downgrades 2025 forecast for U.S. oil

    OPEC has downgraded the forecast for the U.S. oil and condensate production in 2025 by 50,000 barrels per day.

    Now it expects an increase of 240,000 barrels per day to 13.47 million barrels per day, according to its new report released on Wednesday.

    According to the table for the report, the figure in 2024 averaged 13.23 million barrels per day, 290,000 barrels per day more than a year earlier.

    At the same time, in 2026, according to OPEC’s forecast, oil and condensate production in the U.S. would grow by 170,000 barrels per day in annual terms.

    An average of 13.64 million barrels per day is expected.

  • Nigeria’s OPEC Governor appointed Chairman of OPEC Board of Governors

    Nigeria’s OPEC Governor appointed Chairman of OPEC Board of Governors

    The Organisation of the Petroleum Exporting Countries (OPEC) has appointed Mr Ademola Adeyemi-Bero, Nigeria’s Governor for OPEC, as Chairman of the OPEC Board of Governors for 2025.

    Adeyemi-Bero’s appointment was confirmed at the 189th (Ordinary) virtual meeting of the OPEC Conference convened on Tuesday.

    Prior to his appointment as the Chairman of the OPEC Board of Governors, he was confirmed as Nigeria’s OPEC Governor for the year 2025.

    Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil) in a statement said the prestigious role highlighted Nigeria’s influence within the OPEC. He said it underscored Nigeria’s commitment to shaping global energy policies.

    Lokpobiri hailed Adeyemi-Bero’s elevation as a testament to the country’s active contributions to the global oil industry. According to him, Nigeria has reaffirmed its leadership in the global energy sector with his appointment.

    He emphasised that the appointment provided Nigeria with a vital platform to advocate for balanced energy policies that benefit oil producers, consumers, and the global economy.

    The Minister also expressed gratitude to Amb. Gabriel Aduda, the outgoing Nigerian OPEC Governor, for his exemplary service. He acknowledged Aduda’s instrumental role in advancing Nigeria’s interests within OPEC and ensuring the country’s influential presence in global energy discussions.

    In addition, OPEC appointed Mr Adeeb Al-Aama, Governor of Saudi Arabia for OPEC, as the Alternate Chairman of the Board of Governors for 2025.

    The Conference also extended the tenure of Haitham Al Ghais as OPEC Secretary-General for another three years, effective Aug. 1, 2025.

    The Member nations commended his exceptional leadership and the Secretariat’s unwavering commitment to the organisation’s objectives.

    The conference brought together representatives from member countries to address significant issues, including reports from the Secretary-General and the Economic Commission Board (ECB), and to deliberate on critical internal matters.

  • Why Nigerians experience high fuel prices — OPEC

    Why Nigerians experience high fuel prices — OPEC

    Following the fuel price hike that sparked widespread concerns, with many pointing fingers at the Dangote Refinery,. the Organisation of Petroleum Exporting Countries (OPEC) has said  taxes imposed by major oil-consuming countries are the primary driver of increased fuel costs.

    OPEC chief has debunked many Nigerians’ assumptions on the rising of oil prices directly benefiting oil producers at the expense of consumers; he declared the assumption seems to be a total misconception.

    OPEC also declared that multiple taxation is the major driver of rising fuel costs — not crude oil price

    The high cost of fuel at the pump is not merely a reflection of crude oil prices or refinery margins. Instead, a significant portion of what consumers pay is directed towards government taxes.

    “It is important to recognise that the price paid by consumers at the pump is determined by multiple factors, including crude oil prices, refining, transportation, and, notably, taxes,” Al Ghais pointed out.

     

  • Nigerian crude oil production sees significant Increase, aiming for 2 Million BPD by Year-End

    Nigerian crude oil production sees significant Increase, aiming for 2 Million BPD by Year-End

    Nigeria’s crude oil production in July rose to 1.307 million barrels per day, according to the monthly oil market report from the Organisation of Petroleum Exporting Countries (OPEC).

    This represents an increase of 30,000 barrels per day compared to June 2024’s production of 1.276 million barrels daily, based on direct communication with Nigerian authorities.

    In contrast, secondary sources reported Nigeria’s average daily crude oil production in June at 1.386 million barrels per day, up by 16,000 barrels from May’s figure of 1.369 million barrels per day.

    Despite this growth, Nigeria remains Africa’s largest oil producer, followed by Libya, which produced 1.175 million barrels per day in July. However, Nigeria’s production still falls short of the 1.5 million barrels per day quota set by OPEC.

    The Nigerian government, through the Nigerian National Petroleum Company Limited (NNPCL), aims to increase production to two million barrels per day by the end of December 2024.

  • Why Dangote refinery will disrupt Europe’s Oil & Gas industry – OPEC

    Why Dangote refinery will disrupt Europe’s Oil & Gas industry – OPEC

    The Organisation of Petroleum Exporting Countries (OPEC) has highlighted the significant impact that the $20 billion Dangote Refinery is expected to have on Europe’s oil and gas market.

    In its June 2024 Oil Market Report, OPEC listed the Dangote Refinery as one of the key suppliers of diesel and jet fuel that could disrupt Europe’s energy industry, particularly the Northwest Europe (NWE) gasoil sector. This development, OPEC said, will boost the Nigerian economy.

    The Dangote Refinery, owned by Africa’s richest man, Aliko Dan­gote, has been recognised as the world’s largest single-train refinery. It began operations in January and has already started influencing global crude flows. Experts predict that as the refinery ramps up to full capacity, it will continue to pressure NWE gasoil performance, especially with additional supplies coming from the Middle East and Mexico’s Olmeca refinery.

    The OPEC report revealed that “upside potential for higher production levels from Nigeria’s Dangote refinery, coupled with strong flows from the Middle East and new supplies from the Mexican Olmeca refinery, will likely exert pressure on NWE gasoil performance in the mid-term”.

    It stated further, “Europe is one of the world’s largest purchas­ers of refined petroleum products and relied on imports from Asia and the US after the European Union banned the use of Russian diesel in the bloc.”

    Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, revealed that the refinery has already exported its first jet fuel cargo to Europe and has exported 90% of its 3.5 billion litres of jet fuel and diesel production.

    “It is good to note that from the start of production, more than 3.5 billion litres, which represents 90 percent of our production, have been exported,” Edwin said.

    BP has already begun transporting jet fuel from Dangote to Rotterdam, following a successful tender in May. OPEC noted that while the jet/kerosene crack spread in Rotterdam showed a slight decline in June due to supply-side dynamics, demand from the aviation sector is expected to rise, potentially increasing pressure on the European market.

    In its initial months of operation, the Dangote Refinery scaled up to 400,000 bpd, delivering a range of products including diesel, jet fuel, naphtha, and fuel oil to both domestic and international markets. The refinery is also set to begin gasoline production, Nigeria’s primary fuel type, by mid-August.

    OPEC stated that “in June, the jet/kerosene crack spread in Rotterdam against Brent showed a slight decline, influenced by sup­ply-side dynamics. Despite signs of improving air travel activities, subdued jet fuel demand from the aviation sector weighed on the product market.

    “Going forward, European jet/kerosene demand is expected to see upward pressure as con­sumption levels from the aviation sector continue to pick up in the coming months.”

    Aliko Dangote, President of Dangote Group, emphasised the refinery’s goal to process Nigerian crude and add value within Nigeria. However, he noted that the facility remains open to sourcing feedstock from other countries, including Libya, Angola, and Brazil, to enhance its operations.

     

  • Energy demand to rise 23% by 2045 – OPEC

    Energy demand to rise 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 known on Tuesday at the ongoing 23rd Nigerian Oil and Gas (NOG) Energy Week Conference and Exhibition, holding in Abuja.

    The conference, which holds from June 30 to July 4, has its theme as “Showcasing Opportunities, Driving Investment, Meeting Energy Demand”.

    Addressing the Strategic Conference via teleconference, Al Ghais explained that it forecasted a rapidly expanding world population that would surpass 9.5 billion people.

    “Why are we optimistic? Let us consider these statistics, which are based on OPEC’s World Oil Outlook.

    “Urbanisation alone will account for over half a billion people moving to cities around the world by 2030.

    “This data tells us that the world will require all forms of energy to meet long-term energy needs.

    “Oil and gas will remain the predominant fuels in the energy mix.

    “In fact, oil alone will retain its share at almost 30 per cent in 2045 as world demand for oil soars to an estimated 116 million barrels per day (mb/d) by that time,” he said.

    To meet this rapid and robust growth in energy consumption, he said the industry would need to boost investment levels significantly in the years to come.

    He said according to its research, cumulative oil-related investment requirements from 2024 until 2045 would amount to $14 trillion dollars or around $610 billion dollars on average per year.

    “Securing this vital funding is essential to maintaining security of supply and avoiding unwanted volatility.

    “In spite of these facts, I am certain you are aware of some recent predictions for peak demand by 2030 and calls for a discontinuation of investment in hydrocarbons,” he said.

    Al Ghais further emphasised that indeed, the rush to adopt “Net-Zero” strategies was misguided and simply not realistic.

    The OPEC Secretary General said that developing countries would continue to balance priorities between developing their national economies and addressing climate change.

    In this regard, he pledged that OPEC and its member countries would continue to advocate for a fair process for adaptation, mitigation and means of implementation, with regard to climate finance and technology.

    He decried the fact that there were an estimated 675 million people with no access to basic forms of energy and 2.3 billion without access to clean cooking fuels.

    He tasked World leaders to unite and advocate for the necessary support and resources to make a difference in addressing this important matter.

    “Looking ahead, OPEC will continue to enhance dialogue and cooperation with all of its energy partners, including in Africa,” Al Ghais said.

    The Secretary-General, while commending President Bola Tinubu, appreciated Nigeria’s staunch commitment to OPEC and to the Declaration of Cooperation.

  • Namibia set to crash price of fuel after OPEC announcement

    Namibia set to crash price of fuel after OPEC announcement

    Namibia says it will decrease the price of petrol by 80 Namibian cents per liter (about 0.044 U.S. dollars).

    Similarly, diesel 50ppm will be leased by 60 Namibian cents per liter, and diesel 10ppm by 70 Namibian cents per liter, effective from July 3.

    The Ministry of Mines and Energy (MME) announced this on Tuesday.

    In a statement, MME said that the pump price of petrol in Walvis Bay will be 22.20 Namibian dollars per liter, while diesel 50ppm will be priced at 21.57 Namibian dollars, and diesel 10ppm will cost 21.67 Namibian dollars per liter.

    Fuel prices across the rest of the country will be adjusted accordingly, the ministry added.

    “Oil prices recently dropped to a four-month low following the announcement by the Organisation of the Petroleum Exporting Countries and its allies that they would maintain overall production levels steady until the end of 2025,” the ministry said.

    Furthermore, the ministry noted that the exchange rate for June 1 to June 25, 2024, showed a moderate 0.1 per cent depreciation of the Namibian dollar against the U.S. dollar, which had a negligible impact on the overall drop in oil prices.

  • Crude oil production in Nigeria has dropped to 1.25mbpd – OPEC

    Crude oil production in Nigeria has dropped to 1.25mbpd – OPEC

    The Organization of Petroleum Exporting Countries (OPEC) has said that Nigeria’s crude oil production made a record decline to 1.25 million barrels per day in May 2024.

    According to OPEC monthly oil market report for June, Nigeria’s average daily output 1.25 million barrels per day (bpd) in May, representing 2.34 per cent fall from 1.28 million bpd recorded in April.

    OPEC stated that the production data was based on direct communication with Nigerian authorities. OPEC receives data on crude oil production from two sources: direct communication — which is from member countries; as well as secondary communication, such as energy intelligence platforms.

    Moreso, further analysis of the report, showed that production was at 1.3mb/d as of the fourth quarter of 2023 and the first quarter of this year.

    The production decline comes despite reported improvement in the fight against crude oil theft and pipeline vandalism by the Nigerian National Petroleum Company Limited (NNPCL).

    Despite the decline, OPEC said the country retained its position as the largest oil producer in Africa, followed by Libya, which produced 901,000 bpd in the reviewed month.

    Algeria was listed as the third-largest oil producer with 264,00 bpd in May.

    On the flip, the OPEC report noted that secondary sources reported Nigeria’s crude production to have increased by five per cent to 1.41 million bpd from 1.35 million bpd reported in April.

    Both figures fell below Nigeria’s 2024 OPEC production quota of 1.5 million bpd.

    The OPEC report stated: “According to secondary sources, total OPEC-12 crude oil production averaged 26.63 mb/d in May 2024, 29 mb/d higher Month-on-Month.

    “Crude oil output increased mainly in Nigeria, Gabon and Equatorial Guinea, while production in Saudi Arabia, Kuwait, Libya and Congo decreased.

    “At the same time, total non-OPEC DoC crude oil production averaged 14.29 mb/d in May 2024, 152 tb/d lower, m-o-m

    “Crude oil output increased mainly in Mexico, while production in Russia and Kazakhstan decreased.”

  • President Tinubu providing leadership without making noise – Bwala

    President Tinubu providing leadership without making noise – Bwala

    A former spokesman of the defunct Atiku-Okowa Presidential Campaign council, Daniel Bwala has reacted to reports by the Organization of Petroleum Exporting Countries, OPEC, that Nigeria’s average daily crude oil production rose to 1.28 million barrels per day.

    Bwala hailed President Bola Ahmed Tinubu for providing leadership without making noise.

    Reacting, Bwala posted on X: “OPEC in its April statement, reports that Nigeria’s average daily crude production rose to 1.28 million barrels per day (bpd) which signifies 4.07 percent increase from the 1.23 million barrels per day (bpd) in March 2024

    “Please note that OPEC states that its report is based on primary and secondary data. The primary meaning is direct communication with OPEC member states (Nigeria) and the secondary meaning, communication from energy intelligence platforms. (Fact-checkers)

    “Leadership is key. Thank you @officialABAT for providing leadership without making noise.”