To rescue global oil prices, Nigeria, others agree on 1.5 million barrels cut at Vienna
Strong indications have emerged suggesting that Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC) agreed to cut oil production by additional 1.5 million barrels per day in the second quarter of 2020 to prop up prices….
2 sides of crude oil ‘coin’ in Nigeria: Saving N450bn and losing over $200bn
The recent pandemic powered by global spread of coronavirus (n-COVID 19), has amongst other things affected the economies of several countries including those leaving on export and even imports. However, worst hit are economies whose income is predominantly crude oil…
Crude oil price begins rise above budget benchmark amidst fears of sudden fall
Good results are beginning to emerge on recent Organisation of Petroleum Exporting Countries (OPEC) drive to withdraw excess oil from the volatile market as oil prices for the first time in 2019, jumped from $60.00 to $62.70 per barrel. Recall…
2019 budget in trouble as OPEC cuts Nigeria’s quota to 1.68 million bpd
With oil benchmark for 2019 budget set at $60 on a 2.3mbpd as contained in the Appropriation Bill presented before a rowdy Joint session of National Assembly on Wednesday, there are strong indication that it may not flow as Nigeria…
Anxiety as OPEC predicts lower global demand for crude in 2019
More facts have continued to emerge from the recent meeting of the Organisation of Petroleum Exporting Countries (OPEC), in Vienna where new oil supply oil cuts were adopted. Business Hilights recalls that the cartel and 10 allies led by Russia…
New OPEC cut policy to see Nigeria drop 43,775 to cap at 1.7mbpd
Effective January 1, 2019, Nigeria’s daily oil production will reduce to 1.7mn barrels following the Organisation of Petroleum Exporting Countries (OPEC) to cut 800,000 barrels, or 2.5 per cent of members daily output. The drop is expected to remain in…
Rising rig count weakening Nigeria’s oil output
Production apprehension has engulfed Nigeria’s oil output following signals of dropping due to rising rig count. Industry analysts say rig count is the standard yardstick used in measuring a nation’s activeness in exploration and production of crude oil and gas….
OPEC jittery over Trump’s fresh legal threat on global oil market manipulation
Strong indications are on ground showing that the Organisation of Petroleum Exporting Countries (OPEC) is under severe pressure over the recent threat from the United States President; Mr. Donald Trump on possible court action should OPEC members mention oil prices…
(Special Report) PIGB, complex bid round and real-time enveloped bid strategy
Before now and mainly prior to the tortuous journey to the passage of the Petroleum Industry Governance Bill (PIGB) which the presidency has given clumsy or flimsy reasons for not assenting to, the process of conducting bid rounds for the…
Nigerian crude suffering buyers’ apathy on high sea, 30 cargoes trapped
Indications emerged Thursday that Nigeria’s crude oil has been over-supplied thus causing the trapping of about 30 unsold cargoes without clear buyers in the international market. An oil market update obtained Thursday showed that the cargoes were scheduled for the…
