Division and dissent within OPEC+ over deeper production cuts led to an unconvincing announcement last week which pushed prices lower.
Africa’s oil production is set for a gradual decline in 2024, the African Energy Chamber said in a new report on the industry this weekend.
First half production from the country’s three main oilfields has declined by 13.2 per cent to 22.45 million barrels (bbls) from 25.86 bbls in the same period last year.
The federal government has met with a team from Seplat Energy, to resolve the stalemate arising from the proposed $1.3 billion ExxonMobil’s oil asset sale which has now been held up for close to two years.
It wasn’t clear what the details of the meeting which took place in Abuja were, but the Minister of State, Petroleum (Oil), Senator Heineken Lokpobiri, hinted that it bordered on ways to resolve the prolonged altercation.
Oil production in Nigeria slumped by 15.5% in July from June, marking the third month-on-month decline since April, according to data from the local upstream regulator.
Nigeria lost about N249bn crude oil revenue in July following a plunge in the country’s oil output by over four million barrels in the same month, latest oil production data seen on Sunday showed
Iraq’s parliamentary oil and gas committee plans to increase the country’s oil production to more than five million barrels per day, according to the release of committee minutes last week
Nigeria’s crude oil production has dropped below 1 million barrels per day, according to an Organisation of the Petroleum Exporting Countries report.
NIGERIA’s oil production, including Condensate, dropped month-on-month, MoM, by 17.7 per cent to 1.25 million barrels per day, bpd in April 2023, from 1.52 million bpd recorded in the preceding month of March 2023.