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The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil drops more than $1 after Saudi price cuts, demand optimism fades

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.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil prices rise on falling US dollar

Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven U.S. dollar, which tumbled to multi-year lows.

Oil prices advance as China ramps up United States crude imports

Oil prices rose on Monday as China’s plans to ship in large volumes of United States crude in August and September outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.
The Petroleum Products Pricing Regulatory Agency (PPPRA) is set to commence a comprehensive audit and survey of downstream oil and gas logistic facilities, with a view to identifying the infrastructure gap in the sector

PPPRA fixes petrol ex-depot price for N138.62

The Petroleum Products Pricing Regulatory Agency (PPPRA) kept the petrol dealers guessing on Tuesday when it approved an ex-depot price of N138.62 per litre for the Premium Motor Spirit (PMS) petrol and kept the pump price to its chest.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil prices fall over rising coronavirus numbers

Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns.
Asian markets are mixed at the start of the trading week as investors weighed good economic news from China against the rising numbers of new coronavirus cases.

Asian markets begin week in mixed territory 

The Nikkei index in Tokyo finished Monday’s trading session with a 2.2% gain. Hong Kong’s Hang Seng index is down 0.7% in late afternoon trading, while Shanghai’s Composite index is up 1.4% after a private survey showed Chinese manufacturing activity rose in July.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil edges lower as US inventory build stokes supply fears

Oil prices dipped on Wednesday after industry data showing a build in United States crude stockpiles added to worries about oversupply, but hopes for a swift economic recovery in China limited losses.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

Oil prices slump as wary traders eye upcoming OPEC+ meeting

Oil prices edged down on Monday as traders took profits, with the Organisation of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.
Brent crude, the international benchmark, was off nearly six percent at $20.16 a barrel.

US oil slips below $15 per barrel

US oil prices fell heavily on Monday and slipped below $15 a barrel on renewed storage concerns as the coronavirus throttles demand, even as producers start slashing output to boost markets.
Abdulrahman Abdulrazaq

Oil prices: Kwara to begin budget review on Friday

The Kwara Government would on Friday begin review sessions involving heads of ministries as a step to urgently rework the N162 billion 2020 budget to align it with current global economic realities.
A vendor poses as he counts Nigerian naira banknotes inside a shop in Idumota Market, in Lagos, Nigeria February 11, 2019. REUTERS-Nyancho NwaNri

Nigerian naira slides to 3-year low on black market after oil price crash

The Nigerian naira fell to its lowest level against the dollar in three years on the black market on Tuesday, traders said, a day after a historic oil price rout pushed U.S. crude futures below zero.
Asian markets are in negative territory Tuesday as the shockwaves from Monday’s historic drop in U.S. crude oil prices continues to reverberate.

Asian markets in negative territory

Asian markets are in negative territory Tuesday as the shockwaves from Monday’s historic drop in U.S. crude oil prices continues to reverberate.

Nigeria hopes for $15 price rebound from oil cut deal

Nigeria said Friday that a “historic” agreement between major oil producers to cut output by 10 million barrels per day, if it goes forward, could boost prices by $15.

Brent oil dives over 7% to lowest since 2003

Oil prices slumped anew on Friday with Brent North Sea crude plumbing a 17-year low owing to massive oversupply as the coronavirus crisis paralyses global demand.

Low crude oil prices may force Nigeria to abandon production

Nigeria may soon slip out of reckoning as a profitable oil producer in the Organisation of Petroleum Exporting Countries (OPEC) if crude oil prices decline further by at least another $3.

Oil prices regain some ground but still very low

Oil prices regained some ground in volatile Asian trade on Monday, but remained at multi-year lows due to the double shock of the coronavirus pandemic and the Saudi-Russia price war.
Nigeria Governors Forum (NGF)

Coronavirus: Nigerian governors to set up isolation centres in all states

The Nigerian Governors Forum (NGF) says it will work with the Minister for Health, Osagie Ehanire, to set up functional test and isolation centres in every state in the country.The Nigerian Governors Forum (NGF) says it will work with the Minister for Health, Osagie Ehanire, to set up functional test and isolation centres in every state in the country.
Zainab Ahmed

Nigeria eyes $4.9 billion budget cut amid coronavirus

Nigeria is looking at reducing its budget by 1.5 trillion naira ($4.90 billion) as the global spread of the coronavirus takes a massive toll on Africa’s largest economy and one of the continent’s biggest oil producers, the finance minister said on Wednesday.

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