Nigeria’s 2025 budget is facing significant challenges as the Federal Government aims to rely heavily on oil revenue, but OPEC’s production quotas and global market fluctuations cast a shadow over…
oil production
Oil production involves extracting crude oil from underground reservoirs through drilling. After extraction, the oil is refined into various products like gasoline and diesel. It’s a critical process for global energy supply and economy.
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Global and U.S. oil production are expected to reach slightly higher record levels than previously predicted this year, according to the U.S. Energy Information Administration (EIA). Despite this surge in…
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Mid-month data from the Central Energy Fund (CEF) suggests that South African motorists could see a mixed bag of fuel price changes as December approaches, with petrol set for a…
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The OPEC+ alliance, already grappling with supply management issues, faces a turbulent end to 2024, exacerbated by unexpected weaknesses in global oil demand and political uncertainties from the United States.…
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A significant portion of U.S. oil production capacity in the Gulf of Mexico remains offline following Hurricane Rafael’s weakening into a tropical storm. According to the U.S. National Hurricane Center,…
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As Tropical Storm Rafael approaches the Gulf of Mexico, oil companies are taking precautionary measures to protect personnel and minimize production disruptions. Major energy operators, including BP, Chevron, Equinor, and…
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Russia is allegedly violating its agreements with OPEC+ by hiding the true scale of its oil production and sales, according to a new report from the Ukrainian Centre for Defence…
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The North Sea, a significant hub for crude oil production in Europe, primarily driven by the UK and Norway, is facing a terminal decline. In 2022, the region produced just…
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The House of Representatives has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to develop a regulatory framework that incorporates artisanal refiners into the formal crude oil production value chain.…
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Oil prices experienced a rebound on Wednesday following a report suggesting that the Organization of the Petroleum Exporting Countries (OPEC) and its allies may postpone a planned increase in production…