Oil prices rise above $95 as US-Iran tensions fuel supply concerns
Brent crude, the global benchmark for oil prices, rose 5.38 per cent to $95.36 per barrel on Tuesday as renewed tensions between the United States and Iran heightened fears of supply disruptions from the Middle East.
Nigeria’s oil output rises by 4% to 1.737m bpd
This indicates that Nigeria was able to meet the Organisation of Petroleum Exporting Countries (OPEC) target of 1.5 million but was unable to meet the 2.06 million bpd, which was also based on $75 per barrel.
FG bans export of crude oil allocated to domestic refineries
Oil prices, including Nigeria’s Bonny Light, rose on Monday after U.S. President Donald Trump imposed tariffs
Low crude oil supply hinders Naira-for-Crude Scheme
There is a raging concern that the Naira-for-Crude initiative, which ensures local refineries receive crude oil in Naira and sells refined products to marketers in the local currency, may be threatened as a result of inadequate crude supply to domestic refineries, findings have shown.
Prices of imported petroleum products drop by 8% on oil market volatility
Crude oil prices dropped by 8 per cent to $78.17 per barrel, from more than $85 per barrel, weekend, causing imported petroleum products prices to crash in the domestic market.
Dangote, Port Harcourt, 7 other refineries need 770,500bpd
The crude oil would come from some International Oil Companies, IoCs and independents, including Shell, Chevron and Seplat Energy.
