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...
Crude oil
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...
By JOY ADARA, Abuja – The Nigerian National Petroleum Company (NNPC) Ltd. says the Petroleum Products Marketing Company (PPMC), its downstream subsidiary made a sum of ₦203.73 billion on the sale of white products in July 2021. This is contained in the July 2021 figures of the NNPC Monthly...
The Organisation of the Petroleum Exporting Countries (OPEC) has said that investments of 11.8 trillion dollars will be required between 2021 and 2045 in the upstream, midstream and downstream oil sectors. Mr Mohammad Barkindo, OPEC Secretary General disclosed this in his remark on Wednesday at the 23rd World Petroleum...
Nigeria’s total merchandise trade rose to N13.3 trillion in Quarter Three of 2021, representing 10.43 per cent increase over N12.02 trillion recorded in Quarter Two, Mr Simon Harry, the Statistician-General of the Federation, has said. Harry announced this on Monday in Abuja during a media conference on the “Foreign...
The Export-Import Bank (AfreximBank) has signed a $US1.04 billion facility with the Nigerian National Petroleum Corporation (NNPC) to finance the exploration of petroleum. The agreement was concluded on Tuesday in Durban during the second Intra-Africa Trade Fair (IATF2021), which opened on Nov.15 and runs until Nov. 21, 2021, a...
The Organisation of the Petroleum Exporting Countries ( OPEC) has revised the 2021 world oil demand forecast downward to 5.7 million barrels per day. OPEC made this known in its Oil Market Report for November 2021 which was obtained by the News Agency of Nigeria ( NAN) on Thursday...