Oil & Energy
OPEC+Commits To Monitoring Oil Production Adjustment

The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC Countries have reaffirmed commitments to monitor production adjustment aimed at maintaining stability in the global oil market.
This was the resolution of the OPEC+ in its 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC), held via Video Conference, at the Weekend.
It said it would continue to monitor adherence to the production adjustments agreed upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on December 5, 2024 as well as the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on February 1, 2024.
The OPEC+ restated its commitment to the DoC which extended to the end of 2026 as decided at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) on December 5, 2024.
The meeting reviewed the crude oil production data for November and December 2025 highlighting the overall conformity for OPEC and non-OPEC countries involved in the Declaration of Cooperation (DoC).
“The improved conformity further reaffirms the DoC countries’ shared objectives of unity and cohesion.
“The meeting lauded the improved conformity of the Republics of Kazakhstan and Iraq, including the additional voluntary production adjustments”, it said.
The meeting also welcomed renewed pledges by the overproducing countries to achieve full conformity with production targets.
It further urged the countries to resubmit their updated compensation schedules to the OPEC Secretariat for the overproduced volumes by the end of this month, covering overproduced volume since January 2024.
While stressing the need for the achievement of full conformity and compensation, OPEC+ pedged to continue to track additional voluntary production cuts announced by participating OPEC and non-OPEC nations, in line with the decisions made during the 52nd JMMC meeting on February 1, 2024.
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Digital Technology Key To Nigeria’s Oil, Gas Future

Experts in the oil and gas industry have said that the adoption of digital technologies would tackle inefficiencies and drive sustainable growth in the energy sector.
With the theme of the symposium as ‘Transforming Energy: The Digital Evolution of Oil and Gas’, he gathering drew top industry players, media leaders, traditional rulers, students, and security officials for a wide-ranging dialogue on the future of Nigeria’s most vital industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, highlighted the role of digital solutions across exploration, drilling, production, and other oil services.
Represented by the Vice Chairman, Obi Uzu, Ogunsanya noted that Nigeria’s oil production had risen to about 1.7 million barrels per day and was expected to reach two million barrels soon.
Ogunsanya emphasised that increased production would strengthen the naira and fund key infrastructure projects, such as railway networks connecting Lagos to northern, eastern, and southern Nigeria, without excessive borrowing.
He stressed the importance of using oil revenue to sustain national development rather than relying heavily on loans, which undermine financial independence.
Comparing Nigeria to Norway, Ogunsanya explained how the Nordic country had prudently saved and invested oil earnings into education, infrastructure, and long-term development, in contrast to the nation’s monthly revenue distribution system.
Chief Executive Officer (CEO) and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Using, represented by the Secretary of the Association, Ms Ogechi Nkwoji, highlighted the urgent need for stakeholders and regulators in the sector to embrace digital technologies.
According to him, digital evolution can boost operational efficiency, reduce costs, enhance safety, and align with sustainability goals.
Isong pointed out that the downstream energy sector forms the backbone of Nigeria’s economy saying “When the downstream system functions well, commerce thrives, hospitals operate, and markets stay open. When it fails, chaos and hardship follow immediately,” he said.
He identified challenges such as price volatility, equipment failures, fuel losses, fraud, and environmental risks, linking them to aging infrastructure, poor record-keeping, and skill gaps.
According to Isong, the solution lies in integrated digital tools such as sensors, automation, analytics, and secure transaction systems to monitor refining, storage, distribution, and retail activities.
He highlighted key technologies including IoT forecourt automation for real-time pump activity and sales tracking, remote pricing and reconciliation systems at retail fuel stations, AI-powered pipeline leak detection, terminal automation for depot operations, digital tank gauging, and predictive maintenance.
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