Be ready to bear pains of high petrol cost, Minister tells Nigerians
By Obas Esiedesa – Abuja The Minister of State, Petroleum Resources, Chief Timipre Sylva has admonished Nigerians to be ready to bear the pains of increased petrol pump price as crude oil price climbs above $60 per barrel. Speaking at the official launch of Nigerian Upstream Cost Optimisation Program on Tuesday, Sylva said with no […]
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.
