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Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said Nigeria currently has the capacity to produce more than two million barrels of crude oil per day and would seek an upward review of the country’s production quota at the next meeting of the Organisation of Petroleum Exporting Countries (OPEC) in November. Currently, Nigeria’s …

Oil prices rebounded on Monday, climbing more than $1 after last week’s losses, as OPEC+ announced a modest production increase amid concerns over potential new sanctions on Russian crude. The group, which includes OPEC members plus Russia and allies, plans to raise output by 137,000 barrels per day from October, a figure far below earlier …

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