Oil eases after Iran says US contacts continue through mediators
Oil scaled back gains after hitting its highest price in a month on Monday as Iran said diplomatic exchanges with the United States were ongoing via mediators despite renewed conflict in the Middle East.
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.
Nigeria’s crude production to increase by 30,000bpd
Nigeria’s Oriental Energy Resources Limited has unveiled a $315 million Floating Production, Storage and Offloading (FPSO) vessel to boost Nigeria’s oil production capacity.
Port Harcourt Refinery begins crude oil processing
Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State…
NNPC hits gas production target of 7.4 bscfd, records 1.8mbpd crude production
“We achieved this because of the clear mandate by President Bola Tinubu to ramp up crude oil production in the country”
Budget: Fresh concerns as oil price drops 7% to $72 per barrel
“When the price goes up the beneficiaries are the government and operators. This does not necessarily trickle down to the common man”
Shell not leaving Nigeria, investing more in deepwater — Osagie
“Shell is not leaving Nigeria. We are not going anywhere and we will be together for a long time. Our onshore assets shares are being divested to a consortium of four companies which had gone through rigorous selection process”
Crude oil price falls to $73 per barrel as Middle East tensions ease
Crude oil prices fell more than 4 percent on Tuesday after a report that Israel was willing to spare Iranian oil targets, easing concerns over supply disruption.
Dangote: Naira crude sale commences Oct 1 — Edun
The sale of crude oil to Dangote Refinery and other Nigerian refineries in Naira will start on October 1, this year.
Gold hits record high, oil prices slide
Gold rose to a record high of $2,500.16 an ounce as investors snapped up the haven investment in the face of an increasingly likely US interest rate cut in September
FG sets up committee on Naira crude oil sale
The Federal Government has inaugurated the Technical Sub-Committee tasked with developing the framework for the sale of crude oil to local refineries in Naira.
Global oil demand growth slowing – IEA
The IEA expects global consumption to come in at 103.06 mbd in 2024, up from 102.09 mbd last year and 100.6 mbd in 2019.
Nigeria’s crude oil production increased to 1.3m barrels in July – OPEC
Nigeria’s crude oil production rose to 1.307 million barrels of crude oil daily in July 2024, according to the latest monthly oil market report from the Organisation of Petroleum Exporting Countries (OPEC) This marks a rise of 30,000 bpd from June’s production level of 1.276 million bpd. The production figures are derived from direct communications […]
