By JOY ADARA, Abuja – Minister of State Petroleum Resources, Chief Timipre Sylva has said that the decision by the Organization of Petroleum Exporting Countries (OPEC) to cut two million barrels of crude oil production was a unanimous one. Chief Sylva, who stated this in a statement issued on...
Crude oil
Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains. Brent crude futures rose 52 cents, or 0.6 per cent, to $89.84 a barrel by 1027 GMT and U.S. crude futures...
The Port Harcourt Refining Company (PHRC) is soon to commence rehabilitation of its pipelines in readiness for resumption of production. Mr Sheik Mohammed, the Executive Director, Project, PHRC, made the disclosure on Wednesday during the inauguration of Ekerekana 140 Market Stalls in Okrika Community, constructed by the company. Mohammed,...
The Minister of State for Petroleum Resources, Timipre Sylva, has assured Nigerians that rehabilitation of the Port Harcourt refinery would soon be completed and that the plant would refine 60,000 barrels of crude by early 2023. Sylva gave the assurance while speaking with newsmen in New York at the...
The Organisation of Petroleum Exporting Countries (OPEC) says its upward adjustment of 0.1 million barrel per day (mb/d) to the overall oil production level is only intended for September 2022. OPEC made this known at its report on the 32nd OPEC and non-OPEC Ministerial Meeting held via video conference...
The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at 101.04 dollars per barrel as at Wednesday. This is compared with 106.41 dollars per barrel recorded on Tuesday, according to OPEC Secretariat calculations obtained by the News Agency of Nigeria...
The Nigerian National Petroleum Company (NNPC) Limited, has accused government officials, religious leaders, security agencies and even some staff of the nation’s crude oil theft. Speaking during the 49th session of the weekly ministerial briefly at the State House in Abuja, NNPC Group Chief Executive Officer, Mele Kyari maintained...
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...
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...