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Tag Archives: Energy Information Administration (EIA)

More Nigerian dormant oil rigs activated due to rising oil prices–Report

OPEC Ibe kachukwu

A new report on Nigeria’s oil industry activities released by Baker Hughes Incorporated and the Organisation of Petroleum Exporting Countries (OPEC), has revealed that the number of active oil rigs in Nigeria rose in October by one to 28, compared to 38 in January 2015. Earlier in the year and precisely in February, it leaped to 26 from a record ...

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Anxiety as US exports rise shift buyers’ attention away from Nigerian crude

Crude oil pipeline

Since this week, several crude cargoes of Nigerian crude have been hovering on the international market without buyers in sight due to supply glut caused by rising glut of light sweet crude from the United States. According to the Energy Information Administration (EIA), the statistics arm of the US Energy Department, crude oil exports in the first half of 2017 ...

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US steps up imports of Nigerian oil to 52% in 6 months

Oil prices

As oil prices steadies at above $50, latest revelation from the US Energy Information Administration (EIA), the statistical arm of the Energy Department, has shown that the country bought a record 10.24 million barrels from Nigeria in March this year, the highest monthly import since July 2013. Otherwise, it imported 9.78 million barrels in January; 5.96 million barrels in February; ...

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Failing US inventories stabilizing oil price above $50 throughout this week

Crude oil pipeline

Due to failing US inventories, oil prices seem be stabilizing at a near eight-week highs since Wednesday. The scenario bolstered expectations that the long-oversupplied market was moving toward balance. Brent crude futures rose 40 cents to $50.60 a barrel by 1213 GMT after rallying more than 3 per cent on Tuesday. US West Texas Intermediate futures climbed 50 cents to ...

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