Oil

Oil prices fell on Thursday as U.S. crude production neared an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge.

Oil prices climbed by one per cent yesterday following supply cuts led by Organization of Petroleum Exporting Countries (OPEC) and Russia, although a darkening economic outlook capped gains.

Oil fell towards $53 a barrel on Wednesday, under pressure from rising output in major OPEC and non-OPEC producers and due to concerns about an economic slowdown that could weaken demand.

Sudan's President Omar al-Bashir ordered authorities Tuesday to set up a committee to investigate violence during anti-government protests, even as a range of political groups called for a "new regime" in the country.

Oil prices fell more than one per cent on Thursday after rebounding eight per cent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices.

Nigeria needs not less than 337 billion dollars to implement the Sustainable Development Goals (SDGs) from 2019 to 2022, the UN Support Plan for the Sahel has estimated.

Iran executed a trader known as the “Sultan of Bitumen” on Saturday over charges of fraud and large-scale smuggling of the oil product, the judiciary’s news agency Mizan online reported.

Mahmoud Isa-Dutse, the permanent secretary of the ministry of finance, says the balance of the excess crude account declined by $1.68 billion between November 25 and December 19.

“That’s him, that’s him,” the two old women, wrinkled and bent with age, exclaimed. You could see wonderment and fulfillment in their eyes. And as if on cue, they both began to cry.

The consumer price index (CPI) which measures inflation increased to 11.28 percent (year-on-year) in November compared to 11.26 percent in the preceding month, according to the National Bureau of Statistics (NBS).

Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.

National Bureau of Statistics (NBS) says Nigeria’s economy grew 1.81 percent in the third quarter of 2018 from a year earlier

The Federal Government has pledged to sign the Petroleum Industry Bill into law once the bill is transmitted to the presidency.

Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts.

Oil marketers under the aegis of Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA), and the Independent Petroleum Products Importers (IPPIs) on Sunday gave the Federal Government seven days to settle the N800 billion subsidy debt owed them under the Petroleum Support Fund.

Iran said Saturday it had finalised a deal with South Korea to trade oil for goods, skirting renewed US sanctions.

Human rights activist, Mr. Femi Falana, SAN, has called on the Federal Government to take decisive policy actions to ensure full implementation of the Executive Order No 5.

Oil fell on Thursday bringing losses for the month so far to 23 per cent, marking its largest one-month fall since the depths of the financial crisis in 2008.