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 […]
Crude oil slump: Clarify your downstream sector policy, FG told
The Federal Government has been told to clarify its recent stance and policies on the Nigerian downstream petroleum industry, if it intends to attract increased private sector participation and address the challenges facing the industry.
Oil prices rise on optimism
As OPEC+ meeting will result in supply cut Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand. Brent crude LCOc1 futures rose by almost 2.6%, or 87 cents, […]
OPEC+ debates biggest ever cut as virus destroys oil demand
OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic. The meeting of OPEC and allies such as Russia has been scheduled […]
Kuwait to export oil from joint fields after 5-year halt
Kuwait announced Friday it will export its first crude oil shipment from oilfields in a shared neutral zone with Saudi Arabia that had been shut for five years due to a dispute. Oil Minister Khaled al-Fadhel said that around one million barrels will be loaded on Saturday and Sunday onboard a Kuwaiti tanker “whose final […]
Saudi oil supply hits record as price war rages
Saudi Arabia boosted crude oil supply to record levels Wednesday, with state giant Aramco offering 18.8 million barrels on a single day despite a global supply glut as a price war rages with Russia. Aramco’s announcement comes after a deal to limit crude output between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, expired on Tuesday. The […]
Why the right time to invest in crude oil is now
Crude oil prices fell below $20 a barrel on Monday resulting from a sharp drop in demand as the world battles with the coronavirus pandemic and for many analysts, the best time to invest is now. Aside the pandemic, the price war between Saudi Arabia and Russia also contributed to the sharp drop in the […]
COVID-19: World oil demand to plunge more than 10%, says Vitol
By Sebastine Obasi There are fears that global oil demand will soon plunge by more than 10 percent from the typical 100 million barrels per day, bpd consumption, as the raging coronavirus pandemic otherwise known as covid-19 forces countries into lockdown, according to the world’s biggest independent oil trader, Vitol. “Demand destruction this year depends […]
‘NEPC, PDF II boost Non-oil export’
By Emma Ujah – Abuja Nigeria has been a mono-economy for many years, relying solely on crude oil as her major source of revenue. Before now, agriculture and mining were the primary drivers of Nigeria’s economy, but these have been abandoned since the 70’s as a result of the discovery of oil. The resultant effect […]
US seeks $3 billion to boost oil producers as prices plunge
The Trump administration said Thursday it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally. President Donald Trump had directed the Energy Department last week to fill the United States’ emergency stash of crude oil to the top, over […]
