OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of […]
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Federal Government slashes importation of Kerosene – the reduction which is by a 51.8 million litres is in a bid to increase domestic consumption of liquefied petroleum gas by various homes across the country. An analysis of the latest report on Petroleum Products Imports Statistics released by the National Bureau of Statistics showed that the volume […]
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The U.S. government is slated to sell $375 million worth of crude oil from the country’s emergency reserve this winter after Congress passed a temporary spending bill on Friday that contained a measure authorizing the sale. President Barack Obama’s administration has pushed Congress to approve an up to $2 billion plan for a revamp of […]
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Nigeria Cross River state has set a February 2017 deadline to complete works on 21 megawatts Calabar Power Plant and give Calabar metropolis 24/7 uninterrupted electricity supply. During his routine inspection of the ongoing construction work at the site along the Parliamentary Extension in Calabar the Cross River State Capital, Ayade hinted that the power […]
Read More Oil prices eased early in Asia as crude output rises in virtually every major export region despite plans by OPEC and Russia to cut production, triggering fears that a fuel glut that has dogged markets for over two years might last well into 2017. International Brent crude oil futures were trading at $54.55 per barrel […]
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Oil prices edged higher on Friday, steady above $51 a barrel, with Brent crude on track for its biggest weekly rally since 2009, following OPEC’s decision to cut crude output in order to rein in a global glut. After the deal was announced on Wednesday, the market will focus on the implementation and impact of […]
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Nigeria musician, Yemi Alade, has taken the lead in spreading Shell’s #makethefuture campaign, which aims to inspire youths and entrepreneurs for bright ideas that can help in the global quest for more and cleaner energy. According to a statement by the oil company, the multiple award nominee and winner of the 2015 MTV African Music […]
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Oil swept to a six-week high on Thursday, lifting energy shares in its slipstream, after OPEC agreed to cut crude output to clear a glut, while bond yields rose on prospects that resulting inflationary pressures will lead to higher interest rates. European stocks slipped into the red, however, shrugging off the bounce in Asian shares […]
Read More The Federal Government spent $1 billion on kerosene subsidy last year, the Vice President, Yemi Osinbajo, has said. Osinbajo, who spoke yesterday at the Domestic LPG Implementation Stakeholders Workshop in Abuja, organised by the Office of the Vice President, Ministry of Petroleum Resources and the Nigerian Liquefied Natural Gas (NLNG), lamented the low usage of […]
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The House of Representatives yesterday urged the Ministry of Petroleum Resources and the Petroleum Products Price Regulatory Agency ( PPPRA) to review the current price template for petrol with a view to bringing it down. The Green Chamber was of the opinion that Nigerians are being made to pay for unnecessary costs attached to petrol […]
Read More Oil markets were unstable early today Wednesday ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014. U.S. West Texas Intermediate (WTI) crude futures were at $45.38 a barrel at 0019 GMT, […]
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Oil prices slide on Friday, dragged by a strong dollar and uncertainty over whether OPEC will agree to cut production at the group’s meeting next week, but benchmark contracts were on track to close the week with gains close to 4 percent. Brent crude futures were trading at $48.55 a barrel at 1046 GMT, down 45 […]
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