Browsing: OPEC

Nigerian presidential contenders must confront persistent insecurity, chronic unemployment, and a deteriorating economic outlook. Bola Tinubu outlined his vision before the Nigeria elections in 2023 in an 80-page paper released by President Muhammadu Buhari at a lavish ceremony on October 21, 2022.…

Further, the Organisation of Petroleum Exporting Countries (OPEC) revealed that India’s demand might jump by 8.2 per cent in 2022, to hit 5.15 million barrels per day. This would be on the back of continued recovery against the COVID-19 pandemic.

The country’s demand for the commodity increased by 5.61 per cent from 4.51 million barrels per day in 2020 to 4.76 million BPD in 2021.

OPEC further noted that oil demand would recover in 2022, amid the expected containment of the Omicron variant of COVID-19 and economic growth of 7.2 per cent this year.…

As a gigantic energy superpower, Russia’s foreign direct investment (FDI) accounts for less than 1 per cent of Africa’s total FDI.

However, African Business argued that, with Russia being a small trading partner to Africa compared to the United States and China, the impact on trade would be marginal—yet few Africa developing economies such as Uganda will be more exposed.

Further, United Nations Conference on Trade and Development (UNCTAD) data show that Russia accounts for 2 to 3 per cent of Africa’s trade with the world—most of it is exports.

“Russia also accounts for 2 per cent of the world’s exports to Africa, and only 0.5 per cent imports from the continent” African Business.…

The latest data from Organization of Petroleum Exporting Countries has showed that Crude oil production in Nigeria has fallen by 6.32 percent to 1.344 million barrels per day in May, 2021 as compared to 1.429 million barrels per day recorded in April 2021.

This report also shows that Nigeria’s average daily oil production in the first quarter of 2021 was 1.404mbpd compared to average daily oil production of 1.301mbpd recorded in the fourth quarter of 2020.

The production volumes are exclusive of condensate oil which is not part of OPEC reporting requirement.

According to a new report by the Nigerian Extractive Industries Transparency Initiative, NEITI, the total oil production in 2019 was 735.244mmbbls,which represented an increase of 4.87 percent over the 701.101mmbbls recorded in 2018.

The report showed that Production sharing contracts, PSCs, contributed the highest volumes of 312.042mmbbls followed by Joint Venture (JV) and Sole Risk, SR, which recorded …

Nigeria’s oil production has fallen by 30 per cent in the last four years to 1.423 million barrels per day, mb/d in 2020 from 2.041 million barrels per day, mb/d in 2017.

This is according to a recent investigative study by the Organization of Petroleum Exporting Countries OPEC, which includes pipeline vandalism and oil theft in the Niger-Delta.

The figure excludes 2020 condensate production, according to the data obtained by Vanguard Energy from OPEC’s monthly market reports between 2017 and 2020.

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The nation’s output declined by 19.3 per cent to 1.648 mb/d in 2018 from 2.041 mb/d in 2017 Year-on-year, YoY.

The production level, however, rose by 6.6 per cent to 1.765 mb/d in 2019 from 2018 figure before declining again by 19 per cent to 1.423 mb/d in 2020.

THE IMPACT

The gradual drop in output is a …

Angola, one of the top oil-producing countries in Africa is now betting on reviving its oil industry and jumpstarting its oil-dependent economy, which has been in recession for five consecutive years.

According to multiple reports, the government plans to sell as much as 30% of Sonangol, the economic engine of Angola’s oil-dependent economy.

According to Baltazar Miguel, a member of Sonangol’s board, the stake is worth about $6.4 billion, which will be sold after restructuring the company to create more transparency and root out corruption.

Angola was Africa’s top oil producer six years ago when oil prices crashed in 2015-2016, slashing oil-producing countries’ revenues and forcing international oil companies to reconsider their exorbitant spending plans made at $100 oil.

After the price crash that began in 2014, Angola is now the third-biggest oil producer in Africa, behind Nigeria and even behind conflict-ridden Libya.

Nunes Junior, who’s in charge of reviving …

Oil prices have plummeted heralding a tough time ahead- at least in the foreseeable near future- for oil exporters in Africa.

The chaos started when Saudi Arabia and Russia disagreed over production cuts leading to the oil price war which has led to the huge oil price drops the last of which were witnessed the 1991 Gulf War.

This tiff came after Russia refused to cut production as requested by the Organisation of the Petroleum Exporting Countries (OPEC) due to the reduced oil demand occasioned by the Covid-19 coronavirus pandemic. With Saudi Arabia retaliating, the world is now experiencing the biggest drop in oil prices to around $30 per barrel.

Africa’s most affected sectors, hope for survival

While this is happening miles away from Africa, oil exporters on the continent have not been spared. Nigeria and Angola are particularly affected with their economies registering the negative effects of the slump …

The price for crude oil is down 60 percent since the year started and it is only tumbling further, global oil news reports.

On the one hand, analysts blame the ongoing coronavirus pandemic and on the other the price war between Saudi Arabia and Russia is said to have contributed to the sharp drop.

Even the movers and shakers are feeling the pinch, oil in the US plummeted 34%, crude oil falling by 26%, and brent oil falling 24%. Associated Press reports that prices this week dropped to an 18 year all time low of under USD20 a barrel for the US.

Speculators say it is the best time to invest, pessimists would have you shy away from taking the risk.

The idea is a simple business law, buy when prices are low and sell when prices peak, so technically, the advice to buy into the oil business now is …