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OIL PRICE WATCH:  Bonny light price rises further

OIL PRICE WATCH:  Bonny light price rises further

THE price of Bonny Light, Nigeria’s premium oil grade, has increased further to $34.09 from $33.25 recorded on Sunday in the international market, as coronivarus pandemic lockdown continues to ease in many consuming nations, including China and the United States.

Saudi to cut oil output by another 1 mn barrels a day

Saudi to cut oil output by another 1 mn barrels a day

Saudi Arabia said Monday it had asked oil giant Aramco to cut output by an additional one million barrels per day from June, to support prices that have crashed during the coronavirus crisis. The move will reduce the output of the world’s biggest crude oil exporter (Saudi) to 7.5 million barrels per day, the energy […]

Oil prices drop amid supply glut, fears of second coronavirus wave

Oil prices drop amid supply glut, fears of second coronavirus wave

Oil prices fell on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers. Brent crude futures were down 29 cents, or 0.9 per cent at $30.68 a barrel by 0431 GMT, while U.S. West […]

UPDATED: Oil price crash: Privatise refineries, repeal PPPRA, PEF Acts, CSOs tell FG

UPDATED: Oil price crash: Privatise refineries, repeal PPPRA, PEF Acts, CSOs tell FG

A coalition of 14 Civil Society Organisations (CSO), yesterday, enjoined the Federal Government to urgently privatise the country’s four refineries and salvage the country from further loss of revenue, especially with the looming global economic downturn and the low crude oil price brought about by the novel Coronavirus (COVID-19) pandemic.

Producers agonise in oil price slump

Producers agonise in oil price slump

By Sonny Atumah The downbeat demand for global oil is on. No one wants oil now. Refineries are not processing more crude. Manufacturing demand for crude is weak. The global oil stockpiles continue to build with caverns almost full to their brims. Supertankers or very large crude carriers heavily laden with 160 million barrels of […]

Budget 2020: FG monitors oil market as Bonny Light price dips to $5.30

Budget 2020: FG monitors oil market as Bonny Light price dips to $5.30

.Experts task govt on diversification By Emma Ujah & Udeme Akpan THE Federal Government has started close monitoring of the global oil market following the free fall in oil prices, including Nigeria’s Bonny Light, which price dropped from $12 to $5.30, Tuesday. The 2020 budget was first benchmarked at $57 per barrel and 2.3 million […]

How can oil prices be negative?

How can oil prices be negative?

While a fall in oil prices is hardly a surprise after coronavirus lockdowns hit demand just as producers had hiked production in a war for market share, how could they go negative? Many no doubt thought there had been a glitch when the May futures contract for US benchmark West Texas Intermediate (WTI) closed Monday […]