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...
Crude oil
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...
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...