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Minister of State for Petroleum Resources, Chief Timipre Sylva, Tuesday, disclosed that the Federal Government and the entire country is relying heavily on revenue from the Nigerian petroleum industry to finance the country’s annual budget and for the development of critical infrastructure.
OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said.
The Minister of State for Petroleum Resources, Timipre Sylva, says Nigeria has met the 100 per cent target agreement entered into by the Organisation of Petroleum Exporting Countries (OPEC) and 10 Non-OPEC Member States.
President Muhammadu Buhari on Friday in Malabo, said leaders of neighbouring countries would work together and provide all necessary assistance to secure the Gulf of Guinea.
Oil prices fell for a second day on Thursday after official data showed U.S. crude and gasoline stocks rose and President Donald Trump signed into law a bill backing protesters in Hong Kong, fueling tensions with China.
OPEC’s share of India’s oil imports fell to 73% in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers.
Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support.
Oman said on Monday that the Organisation of the Petroleum Exporting Countries (OPEC) and allied oil producers could extend a deal to limit crude supply but may not consider deepening cuts.
Oil demand in highly industrialised countries will shift from slight growth to a decline after 2020, while India and China will ensure that global oil consumption will grow over the next decades, an official said.
Oil prices rose on Wednesday, tracking gains in equities, as investors pinned hopes on a potential Brexit deal between Britain and the European Union and on signals from OPEC and its allies that further supply curbs could be possible.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the federal government adopted a lower oil benchmark price of $57 per barrel for the 2020 budget as against the $60 per barrel in the 2019 budget because of the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.
Russian President Vladimir Putin will visit Saudi Arabia on Monday, where he is set to seal oil agreements as well as use his influence to defuse rising tensions in the Gulf.
The National Drug Law Enforcement Agency (NDLEA), Kwara Command, has arrested a total of 119 drug suspects between July and December.
Manchester City manager Pep Guardiola cancelled Christmas for his first-team stars, as they were banned from attending the club’s festive party.
The Edo State Government on Friday insisted that no rally or gathering must hold in line with the government ban on all forms of political rallies, demonstrations, and procession in the state.
He said: “I felicitate with you, your friends and well-wishers as you celebrate your birthday. You are a courageous politician who has remained dedicated to service and impactful leadership to the people of Rivers State and Nigeria at large.”
Sen. Eze Ajoku, President, Coalition of Societies for the Rights of Older Persons in Nigeria (COSROPIN) on Friday said that older persons were also being violated and raped and called for urgent action to curb such nefarious acts.
A bill seeking to reduce frequent accidents by petroleum trucks on Nigerian roads on Tuesday scaled through the second reading in the Senate.
The National Human Rights Commission (NHRC) has appealed to youths to stay off crimes, but defend their rights for the development of the nation.
Fatima Abdullahi, the sister of the ex-chairman of the Pension Reform Task Force, Abdulrasheed Maina, told the Federal High Court, Abuja, on Wednesday that she was not aware of the companies and bank accounts opened in her name by the defendant.
North Korea on Monday slammed US President Donald Trump for “bluffing” and called him “an old man bereft of patience” as Pyongyang ramps up pressure on Washington over stalled nuclear talks.
Chairman, Nigerians in Diaspora Commission, Abike Dabiri-Erewa, has congratulated Nigerian-born British boxer, Anthony Joshua, for defeating his opponent, Andy Ruiz Jr, in Saturday’s World Heavyweight Boxing fight in Saudi Arabia, to reclaim his World Heavyweight titles.