Nigeria's crude oil production dropped in January, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown. Oil production from the 12 members of the organisation averaged 26.34mn barrels per day (bpd) in January 2024, lower by 350,000 bpd, month-on-month, OPEC said in...
thereby enhancing the prospect of exceeding Nigeria's adjusted budget estimate that is currently rebased at 30 U.S. dollars per barrel and crude oil production of 1.7 million barrels per day, the minister said.
"Based on reference production of Nigeria of October 2018 of 1.829 million barrels per day of dry crude oil, Nigeria will now be producing 1.412 million barrels per day, 1.495 million barrels per day and 1.579 million barrels per day respectively for the corresponding periods in the agreement,"...
Nigeria is the world's largest crude oil production at the 8 state, but it is one of the poorest countries in the world. It is estimated that the total population, 70% of the population were living below the poverty line. In the past 50 years, Nigeria's Niger Delta region on 3 minin...
Nigeria Crude Oil: Production was reported at 1,324.000 Barrel/Day th in Sep 2024. This records a decrease from the previous number of 1,352.000 Barrel/Day th for Aug 2024.
In a related development, oil prices dropped by three per cent on Tuesday on signs of the spread of an economic slowdown in China, stoking concerns about global growth and fuel demand. United States Crude Oil News
In recent years, crude oil production in Nigeria declined due to a lack of investments in the oil and gas sector. In 2020, Nigeria produced 1,798 thousand barrels per day (BPD) of crude oil. However, due to increasing developments in the offshore industry, oil and gas production is expec...
LAGOS, May 2 (Xinhua) -- Nigeria has recorded 2 million barrels of crude oil production, following the peace and stability being enjoyed in the nation's oil and gas sector, a top official said on Tuesday. Maikati Baru, Group Managing Director of the Nigeria National Petroleum Corporation (...
President Muhammadu Buhari said last month that the country could consider a reduction in crude oil production in support of efforts to shore up the price of the commodity. He said, “As a responsible member of the Organisation of Petroleum Exporting Countries, Nigeria was willing to go along ...
(ii) Petrochemical industry:We can’t underestimate the big contribution of petroleum to chemical and petrochemical industries. These important industries feed on petroleum to be up and going, and they also need crude oil’s by-products for production. ...