By Joke Kujenya OIL PRODUCING alliance OPEC+ has agreed to increase its oil production target by 188,000 barrels per day from August, adding more crude to the global market as prices continue to decline. JKNewsMedia.com reports that the decision was reached during an online meeting, with the alliance extending the same production increase imp...
Kofoworola Fakeye, JKNewsMedia Reporter OIL PRODUCTION climbed to an 11-month high in May 2026 in Nigeria, with output surpassing its Organisation of the Petroleum Exporting Countries (OPEC) production quota. JKNewsMedia.com reports that the country recorded an average crude oil production of 1,530,354 barrels per day (bpd) and 170,446bpd of ...
By Joke Kujenya CEUDE OIL prices rose above $111 per barrel on Tuesday following the decision by the United Arab Emirates (UAE) to exit the Organization of the Petroleum Exporting Countries (OPEC). JKNewsMedia.com reports that the UAE said the move will take effect from May 1, 2026, and stated that the decision was based on […]
By Jemimah Wellington, JKNewsMedia Correspondent EXIT FROM the Organisation of Petroleum Exporting Countries (OPEC) and the wider Organization of the Petroleum Exporting Countries Plus (OPEC+) alliance will take effect on May 1, the United Arab Emirates (UAE) announced on Tuesday. JKNewsMedia.com reports that the decision was disclosed throug...
By Ajibola Olaide, JKNewsMedia Reporter GLOBAL OIL demand is expected to remain steady through 2026, with the Organisation of the Petroleum Exporting Countries (OPEC) reaffirming its growth projections in its latest monthly oil market report. The group said it anticipates a 2.9percent increase in 2025 and 3.1 per cent in 2026, with both years...
By Joke Kujenya NIGERIA’s DAILY crude oil production climbed to 1.3 million barrels per day (bpd) in July, according to the Organisation of Petroleum Exporting Countries (OPEC). This increase, reported in OPEC’s monthly oil market update on Monday, reflects data provided directly by Nigerian officials. The report highlighted a 2.36 perce...
