Business

Oil Production Rises 26.57m Bpd In February — OPEC

Published

1 year ago

March 13, 2024

Editor

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 Appreciates At Official Market

Published

4 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

1 month ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.