Nigeria’s crude oil grade, Bonny Light, Monday, declined to $32.98 per barrel, raising tension to the nation’s budget oil benchmark, pegged at $57 per barrel.

The world is set for its first annual decline in oil consumption in more than a decade due to the impact of the coronavirus outbreak, the IEA said Monday. In its latest report —  which did not take into account an oil price war  after Saudi Arabia and Russia failed to agree to continue production […]

 Heads of Delegation, Organisation of Petroleum Exporting Countries, OPEC, has recommended the extension of the proposed 1.5 million barrel per day, bpd, oil cut until the end of 2020, instead of June 30.

Stock markets and oil prices slid again Wednesday, as major companies began to count the financial cost of the spreading coronavirus. Heavy selling followed another rout Tuesday on Wall Street where all three main indices lost around three per cent after officials said COVID-19 would likely take hold in the United States. With cases being […]

Global oil demand is expected to drop this quarter for the first time in over a decade as the coronavirus batters China’s economy, the International Energy Agency, IEA, said. It explained that given the abundance of supply, disruptions in the Organisation of Petroleum Exporting Countries, OPEC, members such as Libya and Nigeria are having little […]

The Nigerian National Petroleum Corporation (NNPC) says the nation lost about 750 million dollars to oil theft in 2019. The NNPC Group Managing Director, Malam Mele Kyari, disclosed this in a statement signed by the Acting spokesman for the corporation Mr. Samson Makoji, in Abuja on Tuesday. Kyari said this when members of the Executive […]

The Commandant of the Nigeria Security and Civil Defence Corps (NSCDC) in Abia, Mr Nnamdi Nwannukwu, said the command impounded two trucks allegedly laden with large quantities of crude oil. Nwannukwu stated this in a statement signed by the command’s spokesman, DSC Egwu Agu, and made available to the News Agency of Nigeria (NAN) in […]

By Michael Eboh & Ediri Ejoh The Group Managing Director of Aiteo Eastern Exploration and Production Company Limited, Mr. Victor Okoronkwo, yesterday, disclosed that Nigeria can only achieve its goals of three million barrels of crude oil per day and 40 billion barrels crude oil reserves if it ensures a stable operating environment and the establishment […]

By Michael Eboh Nigeria earned $504.44 million, an equivalent of N154.73 billion, from crude oil and gas exports in November 2019, according to data released by the Nigerian National Petroleum Corporation, NNPC. In a statement in Abuja, on the release of its Monthly Financial and Operations Report for November 2019, the NNPC stated that the […]

Nigeria earned $504.44 million, an equivalent of N154.73 billion, from crude oil and gas exports in November 2019, according to data released yesterday, by the Nigerian National Petroleum Corporation, NNPC.

Italian oil group ENI’s Chief Executive Claudio Descalzi could step down if he is found guilty by an Italian court of corruption in Nigeria, he told the Wall Street Journal. The company’s CEO is one of the defendants in a case over the alleged payment of bribes to facilitate a $1.3 billion oil deal for […]

The Nation’s crude oil output slipped by 95, 000 bpd last month,  as price of its Bonny Light crude surge to $65.31 per barrel in the international market.

Oil extended losses Wednesday after US President Donald Trump hinted at easing tensions over Iran, with New York prices sliding 4.6 per cent. WTI, already dropping before Trump spoke, sharply extended its losses to fall under $60 per barrel and Brent crude shed 3.7 per cent to $65.78 after the president said Iran appeared to […]

By Michael Eboh Nigeria’s earnings from the oil and gas industry declined by 2.62 per cent to N3.973 trillion in the first nine months of the year, from January to September 2019, according to data obtained from the Central Bank of Nigeria, CBN. The CBN, in its Economic Report for the Third Quarter of 2019, […]

Oil prices fell on Wednesday after industry data showed an unexpected build-up of U.S. crude inventories and as investors waited to see if a fresh round of tariffs by Washington on Chinese goods would come into force on Sunday. Brent futures LCOc1 fell 34 cents to $64 per barrel by 1430 GMT. West Texas Intermediate […]