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: […]
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 […]
Coronavirus: How drop in oil price affects Nigeria’s economy
• As outlook remains bleak By Michael Eboh Despite the absence of reassuring words from the Federal Government, Nigerians have cause to be concerned, as the global spread of coronavirus, also known as COVID-19, and the continuous drop in the price of crude oil in the international market would definitely take a heavy toll on […]
Saudi Aramco reports 20.6 per cent drop in 2019 profit
Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement. These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi […]
