Oil prices fell slightly on Friday after the International Energy Agency said weak OPEC compliance with production cuts was prolonging a rebalancing of the market despite strong demand growth. Brent crude was down 11 cents at $51.79 a barrel at 11:53 a.m. EDT (1553 GMT), having earlier fallen 50 cents, or around 1 percent, to […]
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OPEC forecast higher demand for its oil in 2018 due to rising global consumption and slower supply growth from rivals, although another jump in the group’s output suggested the market will remain in surplus despite efforts to rein in production. In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said the […]
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Nigeria’s average oil production including condensates, increased to 2.06 million barrels per day (mb/d) last month, from 2.05 million b/d in June, as the country continued to ramp up production amidst retention of output concession from the Organisation of Petroleum Exporting Countries (OPEC), the Ministry of Petroleum Resources has revealed. Though the increase appeared marginal, […]
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Total Group has invested $10 billion into Nigeria’s oil and gas industry, Managing Director/Chief Executive, Total Upstream Companies in Nigeria, Mr. Nicolas Terraz, has said. Terraz stated this at the 2017 Nigeria Annual International Conference and Exhibition (NAICE) of the Society for Petroleum Engineers (SPE) where he explained that the $10 billion investment figure was […]
Read More Booming refinery profits are helping West African oil producers sell cargoes quickly, aided by a shortage in certain types of crude amid OPEC production cuts and Venezuelan troubles. A fight for sour crude has helped keep Angolan oil in high demand and now, even long-suffering Nigerian grades are finding keen buyers in the United States […]
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The Federal Government has said that the country has the capacity to produce over 2.3 million barrels of oil per day (bpd) in 2018. Minister of Budget and National Planning, Senator Udo Udoma, disclosed this in Lagos during a presentation of draft proposals for the Medium Term Fiscal Framework/ Fiscal Strategy Paper (2018- 2020) to […]
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Oil prices extended gains on Tuesday after OPEC moved to cap Nigerian oil output and Saudi Arabia pledged to limit exports next month to help rein in global oversupply. London Brent crude for September delivery was up 7 cents at $48.67 a barrel by 0039 GMT after settling up 54 cents or 1.1 percent on […]
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India, Nigeria’s biggest oil destination, has started buying crude from the United States as it looks to diversify its sources of the commodity. According to correspondent, it is the latest Asian country to buy the US crude after South Korea, Japan, China, Thailand, Australia and Taiwan as the cuts by the Organisation of Petroleum Exporting […]
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Oil prices inched up but held near a one-week low on Monday ahead of a joint OPEC and non-OPEC meeting later in the day that may address rising output in Nigeria and Libya. London Brent crude for September delivery was up 12 cents at $48.18 a barrel by 0651 GMT. The contract settled down $1.24, […]
Read More Oil prices were little changed on Friday ahead of a key meeting of major oil producing nations next week, sitting below the $50 per barrel level that was briefly breached for the first time in 6 weeks in the previous session. International benchmark Brent crude futures were down just 1 cent at $49.29 per barrel […]
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The Nigerian National Petroleum Corporation on Sunday said that its refineries in Port Harcourt, Warri and Kaduna were now supplying 60 per cent of the Dual Purpose Kerosene being consumed in the country. This, it said on Sunday, was in line with the 2019 target date by the Federal Government to stop the importation of […]
Read More Oil rose 1 percent on Friday, boosted by a supply interruption in Nigeria and prices were headed for a weekly gain of more than 4 percent on lower U.S. stockpiles, but trading was volatile as global supply remained strong and some were concerned about economic growth prospects. Benchmark Brent and U.S. WTI crude oil contracts […]
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