Supplies from non-OPEC nations to determine planned production cuts
Thursday, delegates at of Organisation of the Petroleum Exporting Countries (OPEC) members ruled that its planned cut in oil output will effectively depend on the contribution from non-OPEC producer, Russia. Already, Nigeria is under pressure to join cuts which analysts…
Bonny Light maintains rising profile as OPEC raises production target from July
Whereas crude oil prices fell on Monday after the decision by the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members to raise crude supplies to about one million barrels by starting from July 1, Nigeria’s Bonny Light crude…
Oil price zooms to $75 on Saudi’s desire for international price hike
Fuel scarcity may begin from next week in major cities if… Oil prices shut up to its highest since late 2014 as U.S. crude inventories declined after indications emerged that Saudi Arabia is seeking to push oil prices higher. However,…
Fuel scarcity imminent as crude crosses $72 mark, local output rise to 1.81mbpd
Because Nigeria local fuel consumption is clearly dependent on movement of international crude prices, it has become a norm that whenever oil prices are high when the economy is supposed to be happy, the pain of high fuel price become…
FG earns $177.5m daily, 112.5m for FAC, 65m for ECA since oil rose to $71
As Nigeria’s oil production hits 2.5mb/d, it means that crude production now stands 1.8 million barrel per day without condensate, and 2.5million per day with condensate. This was the revelation of the Group Managing Director of Nigerian National Petroleum Corporation…
OPEC membership swells as Equatorial Guinea joins cartel yesterday
One of the highlights of the Thursday’s meeting of Organisation of the Petroleum Exporting Countries (OPEC) members in Vienna, Austria can be said to be the admission of Africa’s third-biggest oil producer, Equatorial Guinea, who has been accepted as a…
