Saudi’s energy minister seeks 1Mn B/PD cut in producers’ output

Saudi Arabia’s Energy Minister, Khalid al-Falih, on Monday advised oil producing countries to cut output by one million barrels per day to re-balance the market as crude prices continue to sag in the market Falih, who spoke a joint OPEC non-OPEC ministerial monitoring committee meeting in Abu Dhabi, said that “the technical analysis we reviewed […]

Upstream oil firms to refine 20% crude produced locally

The Federal Government has unveiled plans to reel out a new policy that will require operating companies to refine locally at least 20 per cent of the crude oil they produce in the country. The new measure is aimed at boosting local petroleum refining capacity, create jobs and reduce the huge amount the country is […]

Oil prices inch to $85 in face of looming Iran sanctions

Brent crude oil prices hit their highest level since November 2014 on Monday, ahead of U.S. sanctions against Iran that kick in next month. Brent sweet crude oil futures rose to as much as $83.27 a barrel, yesterday. U.S. West Texas Intermediate (WTI) crude futures were at $73.57 a barrel. Brent was pushed up by […]

Oil sector contracts to slow GDP growth to 1.50% in Q2

The oil sector contracted to slow growth in the nation’s real Gross Domestic Product (GDP) to 1.50 per cent in the second quarter of 2018 from 1.95 per cent recorded in the first quarter of the year. Recently, the Statistician General of the Federation, Dr. Yemi Kale, said though the economy was out of recession, […]

$982.8bn oil money: Osinbajo flays IBB, Obasanjo, Jonathan, others for wasteful spending

Vice-President Yemi Osinbajo has said he marvelled how past Nigerian leaders spent the oil revenues that accrued to the country during their administrations. The past leaders he indicted included Ibrahim Babangida; former President Olusegun Obasanjo and former President Goodluck Jonathan, According to a statement on Monday by his Senior Special Assistant on Media and Publicity, […]

Egina FPSO vessel sails today preparatory to crude oil production

Nigeria’s drive towards improving her crude oil supply to the international market today got major traction as the 200,000 barrels a day Egina Deepwater field Floating Production Storage Offloading (FPSO) unit leaves the LADOL yard today to begin operations. The FPSO, which berthed in January this year in Nigeria from South Korea, was completed at […]

Nigeria squandered $1tn earned in 5 oil booms – Report

The profligacy of the federal government over time has caused the country judicious use of about $1 trillion it earned from its production and sale of crude oil in five different oil booms, which it could have deployed to develop and diversify its economic base, a report titled ‘’Stabilising Nigeria’s Volatile Economy” has disclosed. The […]

Oil prices dip as US-China trade war triggers uncertainties

Oil prices dropped on Friday, with markets on edge ahead of a raft of import tariffs set to be imposed later by the world’s two biggest economies, the United States and China, threatening global growth. International Brent crude oil futures fell 27 cents, or 0.4 percent, to $77.12 per barrel from their last close, while […]

Nigeria’s oil exports may drop to 1.43M BP/D day in July

There are indications that Nigeria’s oil exports would drop in July to 1.43 million barrels per day (bpd), According to loading plans released on Monday, the July output will be lowest level so far this year. Specifically, the export plan comprised 48 cargoes, compared with 60 cargoes and a daily rate of 1.796 million bpd […]