SAUDI DRONE ATTACK: Oil price fluctuates, as Nigeria’s petrol price stabilises

By Udeme Akpan For the first time in 2021, the price of oil has risen to $71.28 per barrel in the international market, barely a few days after the Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC members had resisted pressure to increase output. Prior to the crucial 14th Meeting of OPEC and non-OPEC ministers, […]

By Obas Esiedesa 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 official launch of Nigerian Upstream Cost Optimisation Program on Tuesday, Sylva said with no provision of subsidy […]

By Udeme Akpan The price oil has risen to $60 per barrel in the international market as Iraq and Kazakhstan commit to the Organisation of Petroleum Exporting Countries, OPEC oil cut deal. For instance, the price of Brent, usually used to benchmark other oil prices rose from $59 to the current price on February 8, […]

Oil prices edged lower on Monday as climbing Coronavirus cases and tighter restrictions in Europe and China fueled worries over a slower recovery in fuel demand. Encouraging gross domestic product (GDP) and industrial production data from China helped to limit the downside to some extent. READ ALSONIS issues 23,867 Immigration facilities in Edo Brent crude […]

…Nigeria petroleum industry lacks capacity to change, adapt – NAEE …How we are navigating pandemic challenges – PTDF By Michael Eboh Minister of State for Petroleum Resources, Chief Timipre Sylva, Thursday, disclosed that the Federal Government has adopted key strategies to help strengthen the Nigeria petroleum industry after the COVID-19 pandemic and also insulate the […]

By Michael Eboh The Department of Petroleum Resources, DPR, Tuesday, disclosed that as part of key strategies to ensure cost effectiveness and drive down cost of crude oil production per barrel in the Nigerian oil and gas industry,  it is already entrenching best practices in the industry in line with global standards. In a statement […]

Oil prices fell for a second day on Friday, pressured by a surprise rise in U.S. stockpiles as the coronavirus pandemic continues to erode demand for fuels. Brent crude was down 18 cents, or 0.5 per cent at $39.88 a barrel by 0337 GMT, after falling nearly two per cent on Thursday. U.S. crude dropped […]

Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July. The drop is coming after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about demand recovery cooled amid the coronavirus pandemic. Brent crude was at $41.75 a barrel, down 91 cents […]

Oil prices rose on Monday as China’s plans to ship in large volumes of U.S. crude in August and September outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.

Oil prices dropped on Thursday, reversing gains in the previous session, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories. Brent crude LCOc1 futures fell 1.46 per cent, or 58 cents, to $39.21 a barrel as […]

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.

The prices of crude oil at the international market recorded a marginal increase, as Nigeria’s premium grade, Bonny Light, traded at $24.59 barrel per barrel against $23.52 recorded yesterday.

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 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 […]