Why OPEC did not grant Nigeria further exemption in output cut deal by Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has clarified that the Organisation of Petroleum Exporting Countries (OPEC) did not grant Nigeria further exemption in the cartel’s output cut deal because the country did not request for further exemption. Kachikwu told THISDAY on the sidelines of the recent OPEC meeting in Vienna, Austria, […]

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Barkindo: Why OPEC’s alliance with non-members have been successful

The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Mohammad Sanusi Barkindo, has explained why the alliance the cartel entered with non-members of OPEC led by the Russian Federation to rebalance the prices of crude oil has remained successful. Barkindo, said while receiving the ‘Africa Oil Man of the Year’ award recently […]

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‘Nigeria becomes OPEC 6th largest revenue earner, rakes in $26bn in 7 months’

Nigeria earned as much as ₦7.93 trillion ($26 billion) from oil exports between January and July this year, making it the sixth largest revenue earner among Organisation of Petroleum Exporting Countries, OPEC, member nations. This is according to the OPEC revenues fact sheet report, published by the US Energy Information Administration, EIA. The report said […]

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Nigeria’s oil export revenue rose to $26 billion in seven months

Following the rally in global crude oil prices, Nigeria has recorded a significant increase in oil export revenue as the country earned an estimated $26 billion in the first seven months of this year. The country saw its oil export revenue rise by 30 per cent to $34 billion in 2017 from $26 billion in […]

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Oando, Aramco CEOs discuss oil future at OPEC confab

The Group Chief Executive of Nigeria’s indigenous integrated oil firm, Oando PLC, Wale Tinubu, will join the CEO of Saudi Aramco, Amin Nasser and other international oil majors to deliberate on the future of oil. A statement by Oando PLC, said Tinubu will join other CEOs in reinforcing the growth and strength of oil independents […]

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NNPC signs $3 billion oil, gas development deal – Baru

Dr Maikanti Baru, Group Managing Director, Nigerian National Petroleum Corporation (NNPC), said the corporation had signed over three billion dollars oil and gas development deal to ensure development in the sector. Baru said this while speaking on investment in the Oil and Gas Industry at the ongoing 7th OPEC International Seminar on Thursday in Vienna, […]

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How oil and gas sector witnessed positive transformation, by Kachikwu

Minister of State for Petroleum Resources Dr. Ibe Kachikwu said yesterday that the oil and gas sector had witnessed positive transformation since the “Declaration of Cooperation” by the Organisation of Oil Exporting Countries (OPEC) and non-OPEC members. Dr. Kachikwu spoke to reporters on the sideline of the seventh OPEC International Seminar in Vienna, Austria, with […]

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Oil recovers after sliding on Donald Trump tweet criticizing OPEC

Oil prices edged up on Friday, stabilizing after an earlier slide driven by U.S. President Donald Trump’s criticism of OPEC’s role in pushing up global oil prices. Brent crude oil futures gained 28 cents, or 0.4 percent, to settle at $74.06 per barrel. West Texas Intermediate crude futures for delivery in June, the most active […]

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Stock markets steady, oil slips after Trump slams OPEC

Global stock markets were subdued Friday amid worries over trade and after a major supplier to Apple forecast continued weak demand for mobile devices. Futures for crude oil fell after U.S. President Donald Trump slammed OPEC for keeping prices high. KEEPING SCORE: Britain’s FTSE 100 was up 0.4 percent to 7,357 and Germany’s DAX down […]

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Bahrain announces discovery of 80 billion barrels of oil

Bahrain on Wednesday announced its newly discovered shale oil reserve was estimated to contain more than 80 billion barrels, making the once-marginal oil producer potentially a major player in the market. The amount of recoverable oil — or oil that can be extracted — is still under study, Oil Minister Sheikh Mohammed bin Khalifa Al-Khalifa […]

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OPEC supply cut compliance hits record, oil glut going fast

Compliance with a global deal to cut oil supply hit a new high in February and an inventory glut is shrinking fast, a joint OPEC and non-OPEC committee said, bringing producers close to the pact’s original aim. OPEC and its allies achieved 138 percent of pledged output reductions last month, OPEC said, up from 133 […]

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Nigeria faces threat as U.S. near world’s biggest oil producer

The United States will overtake Russia as the world’s biggest oil producer, if not this year, but by 2019 at the latest, the International Energy Agency (IEA) has decleared. This was even as US oil imports dropped to its lowest level since 2001. IEA Executive Director, Fatih Birol, said this at an event in Tokyo […]

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