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Petroleum Exporting Countries
The international price of crude oil continued its rise yesterday, extending three weeks of gains on the back of improving outlook for fuel demand as countries ramp up the lifting of travel restrictions, leading to tightening commodity supply.
Nigeria’s crude oil production output hit record low levels in May, the June Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC), has shown.
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria and oil-producing members lost about $1 trillion in revenue within two years.
Nigerians have expressed anger over the proposal of the Nigerian Governors Forum (NGF) committee on fuel subsidy, to push for the full deregulation of the downstream petroleum sector that will leave petrol price at N408.5 per litre.
A committee of the Nigeria Governors Forum has recommended a petrol price of between N408.5 per litre and N380 per litre.
The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day.
There are indications that the Federal Government through the Nigerian National Petroleum Corporation, NNPC would be under more pressure to fund Nigeria’s petrol under-recovery or subsidy as the price of Bonny Light rises to $65 per barrel in May 2021.
Crude oil extended its gains at the weekend after closing at a six-week high with signs of strengthening demand in key markets, thereby piling more pressure on the ability of the Nigerian National Petroleum Corporation (NNPC) to contribute to the Federation Account.
Barely 24 hours after the Organisation of Petroleum Exporting Countries, OPEC, and Non-OPEC meeting, Tuesday, the price of Nigeria’s Bonny Light has risen to $65.85 from $63.50 per barrel in the global market.
The OPEC+ joint technical committee (JTC) has kept its forecast for growth in global oil demand this year, but is concerned about surging COVID-19 cases in India and elsewhere, three sources from the producer group told Reuters.
Oil prices have fallen more than 1 percent on fears that surging COVID-19 cases in India will dent fuel demand in the world’s third-biggest oil importer and as investors prepared for a planned increase in crude output from the world’s top producers in May.
The Organisation of Petroleum Exporting Countries (OPEC) and its allies are discussing downgrading next week’s the full-scale ministerial meeting, delegates said, a signal the coalition may stick with plans to gradually revive oil production.
The Organisation of Petroleum Exporting Countries (OPEC) has raised its forecast for crude oil demand growth this year on the back of an expected stronger economic recovery.
Pope Francis yesterday urged the International Monetary Fund (IMF) and the World Bank to cut the debt burden of poor countries hit by the economic impact of the COVID-19 pandemic and give their governments a greater say in global-decision-making.
Oil prices fell slightly yesterday as shipping traffic resumed through the Suez Canal after days on hold and attention now switched to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns.
The price of Nigeria’s Bonny Light, Tuesday, dropped to $62.05 per barrel from $64.50 in the international market on the heels of the reopening of the Suez Canal for business.
President Muhammadu Buhari; Minister of State, Petroleum Resources, Chief Timipre Sylva; and the Secretary-General, Organisation of Petroleum Exporting Countries (OPEC), Dr. Sanusi Barkindo, yesterday underscored the need to drive the country’s economic development by tapping Nigeria’s enormous gas resources.
President Muhammadu Buhari has assured that his administration will leverage on Nigeria’s robust gas resources, currently standing at 600 trillion cubic feet, to urgently industrialize the country and ultimately diversify it away from petroleum, which is gradually being discarded for cleaner energy sources that gas provides.
Nigeria and other African nations could play a central role in efforts by India to diversify its sources of oil and gas, India’s Oil Minister, Mr. Dharmendra Pradhan, said yesterday, as the nation strives to reduce its energy reliance on the Middle East.
The Senate Committee on Public Accounts, led by Senator Matthew Urhoghide, PDP, Edo South, which raised the alarm, said of the said amount, payment vouchers were raised for the sum of N113,558,372.85, leaving the sum of N2,772,214,120.42 unaccounted for.
Manchester United have identified Alexander Isak as an alternative target to Borussia Dortmund striker Erling Haaland this summer, The Star reports.
The naira, on Thursday, appreciated by 1.8 percent to N493 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) increased forex supplies to banks.
The White House will consider arranging talks between President Joe Biden and his Chinese counterpart, Xi Jinping, as the two countries spar over issues including human rights, a top U.S. official said on Thursday.
President Muhammadu Buhari Thursday in Maiduguri, Borno State, assured citizens of the federal government’s presence in fighting terrorism to the end, and ensuring that Internally Displaced Persons (IDPs) are fully returned to continue normal lives, commending Governor Babagana Zulum for resilience and relentless efforts in rebuilding the state.
In an effort to decongest correctional centres, the Lagos State Ministry of Justice on Thursday held a plea bargain session for some inmates at...
A group of unidentified persons on Sunday threatened to attack Asaba and Agbor in Delta State should Governor Ifeanyi Okowa fail to withdraw his support for the ban on open grazing within 72 hours.
Tochukwu Oluehi has revealed Nigeria are raring to bounce back from their defeat to Jamaica when they take on Portugal.
Zambia’s Constitutional Court ruled on Friday that President Edgar Lungu can stand for re-election in August, throwing out a second opposition challenge to his eligibility on the basis of the constitutional two-term limit.
Ebonyi State Governor David Umahi has congratulated the Chief of Army Staff (COAS), Major General Farouk Yahaya, on his appointment as the 22nd COAS in the history of Nigerian Army.
The monarchs in the four local government areas in Akokoland of Ondo State have restated their call that the remains of the founder of the Synagogue Church of All Nations, Pastor Temitope Joshua, be buried in his hometown, Arigidi Akoko.