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Nigeria's crude oil production decreased to 1.25 million barrels per day in May 2024, down from 1.28 million barrels per day in April 2024. [57] This represents a decline of 30,000 barrels per day and is the second-lowest production level in 2024. Despite this, Nigeria remains the largest crude oil producer in Africa.
OPEC+ faces a major oil oversupply in 2025, challenging production increases. The coalition has tried to boost oil prices by holding back output. Instead, members are ceding control to non-OPEC ...
The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend production cuts announced last year into 2025.
Top 5 oil-producing countries 1980–2022 World oil production. This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.
The world’s major oil producers are pushing back against downbeat sentiment in the crude markets. OPEC’s latest monthly oil report says “oil market fundamentals remain strong despite ...
The announcement comes amidst growing non-OPEC oil production and weak oil prices. (DJ) November 22: OPEC states that it will roll over its current oil production quota of 25.42 million barrels per day (4,041,000 m 3 /d). The roll-over was widely anticipated because of slack world oil demand, rising non-OPEC production, and weak prices. (DJ, PON)
The US and other oil-producing nations will account for the bulk of crude supply growth in 2025, Bank of America said. The US and other crude producers will take more oil market share from OPEC in ...
Negative U.S. jobs news cancelled out a promise by OPEC and others to postpone production increases, and lower U.S. stockpiles. [70] Gas was $3.25 on September 11. [71] However, on the same day, despite an increase in crude inventories, oil jumped due to the chance Hurricane Francine would interrupt production. Brent finished at $70.61 and WTI ...