The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at 104.85 U.S dollars per barrel as at Monday, Aug. 29. This is compared with 103.89 U.S. dollars per barrel of the previous Friday, according to OPEC Secretariat calculations obtained by...
Crude oil
Dr Abiodun Adedipe, Chief Consultant B. Adedipe Associates Ltd., has called for a deliberate alignment of policies across fiscal, monetary, commercial and industrial planks, to stop the country’s dependence on crude oil. Adedipe made the call at the 33rd Seminar organised by the Central Bank of Nigeria (CBN) for...
President Muhammadu Buhari has said that security would be increased across the country to try to stamp out widespread oil theft, a week after a supertanker was detained off the coast of Equatorial Guinea. “We will not allow a few criminals to have unfettered access to the nation’s crude...
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production increased to an average of 1.183 million barrels per day (bpd) in July 2022. OPEC made this known in its Oil Market Report for August 2022 which was obtained by the News Agency of Nigeria (NAN)...
As the price of crude oil in the International market continues to rise in recent times, Nigeria has not been able to reap appreciable economic benefits. The News Agency of Nigeria (NAN) reports that price of crude oil, the country’s main revenue generating resource, had been on the increase...
The Nigerian Export Promotion Council (NEPC) on Monday in Abuja reiterated the need to promote non-oil exports for Nigeria to meet its national and global economic demands. Dr Ezra Yakusak, Executive Director/CEO of NEPC said this at a five-day export promotion capacity building programme. The programme designed to train...
It is regrettable that Nigeria’s petroleum refineries are not working and the possibility of introducing subsidies on Automotive Gas Oil, also known as diesel, is unlikely, the Federal Government has said. The Chief Executive Officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, who made this...
A Former Director of the Central Bank of Nigeria (CBN), Dr Titus Okunrounmu, has called on the Federal Government to redoubt its efforts towards building new refineries in order to meet domestic demands for petroleum products. Okunrounmu made the call in an interview with the News Agency of Nigeria...
The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at 123.21 dollars per barrel Thursday. This is compared to 121.54 dollars per barrel recorded on Wednesday. This is according to the OPEC Secretariat calculations obtained by the News Agency of...
Oil prices on Friday fell after Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses because of Western sanctions. The downside, however, remained capped by signs of tight global supply and expectations of increased demand as China eases its COVID-19...
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari “over his failure to probe allegations that over N1.48 trillion reportedly spent on maintaining the country’s four refineries between 2015 and 2020 may have been stolen, mismanaged or diverted into private pockets.” The government reportedly...
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production declined to an average of 1.354 million barrels per day in March 2022. OPEC made this known in its Oil Market Report for April 2022 which was obtained by the News Agency of Nigeria ( NAN)...
The Federal Government says while oil prices are on the rise, Nigeria is not reaping the full benefits of the current windfall because of years of neglect of the oil industry. The Minister of Information and Culture, Alhaji Lai Mohammed, gave the explanation at a media briefing on Monday...
By BENJAMIN ORISEMEKE, Abuja – Italian oil company, Eni has announced the resumption of crude and gas exports after it lifted the force majeure it placed on its operations last week. The explosion and a spill on March 14 cut exports of 25,000 barrels per day (bpd) of crude...
By BENJAMIN ORISEMEKE, Abuja – OPEC said on Tuesday that oil demand in 2022 faced challenges from Russia’s invasion of Ukraine and rising inflation as crude prices soar, increasing the likelihood of reductions to its forecast for robust demand this year. Oil prices shot above $139 a barrel this...
By BENJAMIN ORISEMEKE, Abuja – Crude oil supply trouble got worse with Shell and Eni both declared force majeure on key oil flows from Nigeria, threatening to disrupt supplies in a market that is already being impacted by Russia’s invasion of Ukraine. Force majeure is a foreseeable circumstance that...
By BENJAMIN ORISEMEKE, Abuja – Global oil prices fell on Wednesday by the most in nearly two years after OPEC member, the United Arab Emirates said it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine. Brent crude...
By JOY ADARA, Abuja – The Nigerian National Petroleum Company (NNPC) Limited posted a total of $224.29million receipt from crude oil and gas export in August 2021 as against $191.26million in July 2021. A breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report...
Military troops of Operation Delta Safe have immobilised 145 illegal refining sites in the Niger Delta region between May 2021 and Jan. 6. Acting Director, Defence Media Operations, Maj.-Gen. Bernard Onyeuko, said this on Thursday in Abuja while giving an update on military operations in the region. Maj. Gen...
Former President Olusegun Obasanjo, on Tuesday denied allegation by Chief Edwin Clark, that he (Obasanjo) bore resentment against the people of the Niger Delta region. Obasanjo, in a letter addressed to Clark, a copy of which was made available to newsmen in Abeokuta, insisted that he had been an...