Business

Oil Production Rises 26.57m Bpd In February — OPEC

Published

2 years ago

March 13, 2024

The Organisation of Petroleum Exporting Countries said crude oil production increased by 203,000 barrels per day ( bpd) in February to an average of 26.57 million barrels per day.

According to OPEC’s monthly oil market report obtained by Punch Online on Wednesday, the Organisation left the crude oil demand forecast unchanged.

“Crude oil output increased mainly in Libya and Nigeria, while production in Iran and Iraq decreased. Libya’s production climbed by around 144,000 bpd, the largest growth seen last month, while output rose in Nigeria and Saudi Arabia by 47,000 bpd and 18,000 bpd, respectively.”

Released on Tuesday, the monthly oil market report indicated that the production in Iran and Iraq declined by 15,000 bpd and 14,000 bpd, respectively.

“Demand for OPEC crude is projected to stand at about 28.5 million bpd in 2024, 1.1 million bpd higher than in 2023, while demand for OPEC crude in 2025 is expected to reach about 28.8 million bpd.”

Meanwhile, “the non-OPEC output forecast for 2024 has been revised downward. OPEC natural gas liquids and non-conventional liquids production is expected to increase by around 60,000 bpd to average 5.5 million bpd this year, and additional growth of 110,000 bpd is forecast for 2025 to an average 5.6 million bpd.”

Non-OPEC liquids output is forecast to grow by 1.1 million bpd to average 70.5 million bpd in 2024. “This reflects a 120,000 bpd downward revision, compared with the previous month’s assessment, due to the extension of additional voluntary adjustments in 2Q24 by some countries,” it said in OPEC’s report.

In 2025, “non-OPEC liquids production is expected to reach 71.9 million bpd, with a growth rate of 1.4 million bpd. The main drivers for liquid supply growth are projected to be the US, Brazil, Canada, Russia, Kazakhstan, and Norway, while production is forecast to see a major decline in Mexico and Angola.

“The global oil demand growth forecast for 2024 remains unchanged from last month’s assessment at 2.2 million bpd, year-on-year.

“Total world oil demand is projected to reach 104.5 million bpd this year, ‘supported by strong air travel demand and increased road mobility, including on-road diesel and trucking, as well as healthy industrial, construction, and agricultural activities, particularly in non-OECD countries,” OPEC said.

Oil demand in the OECD is forecast to grow by around 300,000 bpd year over year, led by OECD Americas and further supported by a minor uptick from OECD Europe and Asia Pacific.

In the non-OECD, OPEC said in its latest report that oil demand is expected to grow by 2 million bpd year over year, driven by China and supported by the Middle East, other Asia, India and Latin America.

In 2025, global oil demand is expected to see a robust year-over-year growth of 1.8 million bpd. “The OECD is expected to grow by 100,000 bpd on an annual basis, while demand in the non-OECD is forecast to increase by 1.7 million bpd”, OPEC’s monthly oil market report stated.

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

1 day ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

2 days ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.