More Nigerian dormant oil rigs activated due to rising oil prices–Report
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…
Anxiety as US exports rise shift buyers’ attention away from Nigerian crude
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…
US steps up imports of Nigerian oil to 52% in 6 months
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,…
Failing US inventories stabilizing oil price above $50 throughout this week
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…
