From now until 2050, the Organization of the Petroleum Exporting Countries (OPEC) forecasts an increase in global primary energy demand from the current 312 million-barrels-of-oil-equivalent-per-day (mboe/d) to nearly 383 mboe/d in 2050 – an increase of around 23% over the 25-year period, with growth almost entirely coming from developing countries, including Africa. In its 20th […]
Nigeria’s crude oil and condensate production rose marginally by 6,887 barrels per day (bpd) in August 2026, reaching 1,677,777 bpd, according to the latest data from the Nigerian Upstream Regulatory Commission (NUPRC). The August output represented a 0.4 per cent increase over the 1,670,890 bpd recorded in July, with the commission attributing the improvement largely […]
Major OPEC+ nations stuck with their plan to keep oil production quotas unchanged, while the Iran war continues to shutter vast swathes of output in the Middle East.
Iraq wants to more than double its oil production within six years. First, it needs OPEC to let it.
Baghdad is targeting output of between 8 million and 10 million barrels per day, up from roughly 4 million bpd before the Iran war, Prime Minister Ali al-Zaidi said Friday.
Despite the ongoing stalemate in the U.S.-Iran talks and persistent risks to shipping in the Middle East, oil prices fell in Asian trading on Thursday, weighed down by cuts to 2026 oil demand forecasts from both OPEC and the International Energy Agency.
Kuwait produced 1.971 million barrels of crude oil daily in July, Reuters has reported, citing unnamed sources. That was up from 1.65 million barrels daily in June, the report noted, which in turn was up from just 580,000 barrels daily in May.
Iraq stepped up its push for bigger OPEC production quotas as it seeks to recoup oil sales that were lost because of the Iran war, even raising the prospect that it could consider an exit in the future.
The United Arab Emirates’ plan to ditch the oil producers’ group Opec and strike out alone is being viewed as a huge blow for the organisation, with one analyst describing it as “the beginning of the end of Opec”.
Nigeria should market its crude oil to new buyers as the UAE’s decision to leave OPEC is dislocating the balance that the cartel and the OPEC+ group have been seeking for years, according to Wole Ogunsanya, chairman of the Petroleum Technology Association of Nigeria (PETAN). The official urged Nigeria’s state oil and gas firm NNPC […]
Nigeria recorded its strongest oil production performance so far in 2026, as total liquid output rose to 1.66 million bpd in April from 1.54 million bpd in March, although crude output fell short of the 1.5 million bpd quota allocated to the country by the Organisation of Petroleum Exporting Countries (OPEC).