FG seeks remodeling of APPO structure to allow non member invest in Africa
Vice President Yemi Osinbajo has called on African countries to workout modalities for restructuring the current operational style of African Petroleum Producers Organisation (APPO) in line with OPEC so as to encourage non member nations to invest in African oil…
Oil prices in sustained dropping spree after rally, OPEC supply decision
Oil prices dipped on Thursday, after sharp gains in the previous session, weighed down by a surprise increase in U.S. crude oil inventories and expectations that OPEC and other producers could decide to increase output at a meeting in June….
Fears over Saudi Arabia, Russia possible glut draw down oil price
Oil prices inched down on Wednesday amid concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices. Saudi Arabia and Russia have…
Oil prices fall due to Russia’s gradual output increase threat to Nigeria revenue projections
Though global oil prices eased on Friday as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017, industry observers say the development may spell doom for the Nigerian economy which…
‘Russia’s total compliance with OPEC’s supply cut deal will stabilize oil price’
Global analysts on the movement of oil prices have welcomed moves by the Russian government to key into the ongoing OPEC’s supply cut deal, saying the cartel will gain more from the rare move. Already, the Russian Energy Minister, Alexander…
Nigeria, Libya plan raising oil output upon OPEC’s cut exemption
Relying on the advantages currently enjoyed based on restive scenarios in their oil production regions, Libya and Nigeria; the only two cut exempt members of the Organisation of Petroleum Exporting Countries (OPEC) are working on a template to raise output…
Expect global oil market to balance before end of 2018 – OPEC
OPEC on Wednesday noted that supply and demand in the global oil market are likely to balance out by the end of 2018 as surge in demand driven by developments in global transport deepens. The cartel said demand is projected…
OPEC mulls 2018 oil cut extension with caveat
OPEC and Russia are heading toward prolonging their oil supply cuts for the whole of 2018 but with an option to review the deal in June, OPEC sources said on Tuesday after Moscow expressed concerns the market could overheat. The…
Nigeria in need of four more deepwater projects to soar daily output—Minister
…Denies any running pipeline protection deal with militants Several youths and even traditional rulers in Niger Delta were on Wednesday in Asaba, the Delta State capital, shocked to their marrows when the Minister of State for Petroleum Resources, Dr. Ibe…
Fears as OPEC plans to impose quota on Nigeria, cuts extension for market solidity
Even though oil prices have remained on the rising spree, there are strong indications that oil producers may unanimously extend a production cut accord later this month but its duration is being discussed. This was the position of the UAE…
