No one knows for certain how much crude oil Nigeria produces – NEITI
…Seeks media support for reforms By Obas Esiedesa THE Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, NEITI, Dr. Orji Ogbonnaya Orji has stated that no Nigerian knows the exact volume of crude oil produced in Nigeria especially at deep offshore fields. Dr. Orji explained that the absence of meters at wellheads and the […]
Total suffers first quarterly loss since 2015
Total suffered its first net loss in five years in the second quarter due to the plunge in crude prices triggered by the coronavirus pandemic, the French oil company said Thursday. The $8.4 billion loss included $8.1 in writedowns in asset values due to the drop in oil prices, in particular for its oil sands […]
Nigeria: Democracy, economy and crude-oil
By Timi Olubiyi THE fact that there has been political stability and democratic governance since 1999 is a laudable development for the country and it makes Nigeria a desired investment destination. A stable democracy for 21 years gives a good perception of the country despite the many challenges. Although, where there is economic growth, there […]
Grow local refining capacity, FG tasks NCDMB
By Michael Eboh THE Federal Government, Tuesday, called on the new members of the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to develop policies and programmes that would ensure the domestication of crude oil refining and growth in the capacity of indigenous operators. Speaking in Abuja, during the inauguration of members […]
Mexico refuses to extend oil output cut agreed by OPEC, allies
Mexico on Saturday refused to extend a cut in oil production (output) to the end of July which was agreed by OPEC members and other key producers. The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Saturday to extend through July the historic output cuts for May and June. But during […]
Theft, vandalism, others, responsible for high crude oil production cost – NNPC
Chief Operating Officer (COO), Ventures and Business Development of the NNPC, Mr. Roland Ewubare, Friday, disclosed that pipeline vandalism, crude oil theft, among others, were the major contributors to the high cost of crude oil production in Nigeria.
SPECIAL REPORT: Inflationary trend erratic over external, internal shocks
INFLATION has been erratic in the last five years driven by some external and internal factors, including the precipitous fall in crude oil prices in 2016 that saw the country slip into recession coupled with major fiscal moves by the government like the shut-down in land borders in 2019.
50 unsold cargoes of Nigeria’s oil await buyers
The global oil market remains dull as 50 unsold cargoes of Nigeria’s Bonny Light await buyers, indicating that the volatile market is still flooded with unsold stocks.
Fifty unsold cargoes of Nigeria’s crude oil await buyers in global market
By Udeme Akpan with Agency Report The global oil market remains dull as 50 unsold cargoes of Nigeria’s Bonny Light await buyers, indicating that the volatile market is still flooded with unsold stocks. Reuters, which confirmed the situation, disclosed that despite the coronavirus pandemic, India purchased a bulk of the nation’s crude yesterday. It stated: […]
Oil rises above $31 as lockdown easing counter supply glut
Oil rose above $31 a barrel on Wednesday as hopes for a recovery in demand as some countries ease coronavirus lockdowns offset a report showing a higher-than-expected rise in U.S. inventories. Brent crude has almost doubled since hitting a 21-year low reached on April 22, supported by expectations demand will recover and by a record […]
Again, oil price rises as traders weigh virus progress
Oil prices on Wednesday built on the previous day’s surge, boosted by signs of easing in the coronavirus that is allowing some countries to begin opening their economies, though traders are keeping an eye on brewing China-US tensions. International benchmark Brent gained 0.45 percent to $31.11 a barrel, reversing early losses, having surged 14 percent […]
Dwindling oil prices: Nigeria risks production shutdown, fiscal crisis — Experts
By Michael Eboh Except extreme measures are taken by the Federal Government in the light of the dwindling crude oil prices and the looming global economic downturn, the Nigerian economy would be faced with disastrous fiscal consequences, while oil producers might be forced to suspend production activities. These were the views of experts in […]
Explainer: Oil prices crash and impact on Nigeria’s economy
By Rasheed Sobowale For the first time ever, the US benchmark West Texas Intermediate (WTI) for May delivery ended trading at -$37.63 on Monday. Before the market closed, the WTI oil prices were seen to be dropping sharply, notably below $12, the first time in 21 years. The sharp drop to negative is something that […]
Low oil prices: Expert tasks FG on prudent spending
Prof. Wumi Iledare, former President Nigerian Association of Energy Economics (NAEE), has advised the Federal Government to spend prudently to avoid breakdown of the nation’s economy as global oil price continues to crash. Iledare said in an interview with News Agency of Nigeria (NAN) in Abuja on Tuesday that the economy was already in an […]
US will add 75mn barrels of oil to strategic reserve ―Trump
US President, Donald Trump, said Monday the United States would take advantage of the historic drop in oil prices to replenish its national strategic stockpile, pending approval by Congress. “We are filling up our national petroleum reserves… You know, the strategic reserves,” Trump told reporters at his daily coronavirus press conference. “And we are looking […]
Oil price collapses to $0.01/barrel
The US benchmark crude oil price collapsed on Monday, falling to one cent a barrel amid an epic supply glut caused largely by the coronavirus pandemic’s hit to demand. After beating the record low multiple times, West Texas Intermediate (WTI) for May delivery continued to sink to the unheard of price of a penny a […]
