Building new refineries key to meeting domestic demands – Ex-CBN director
A Former Director of the Central Bank of Nigeria (CBN), Dr Titus Okunrounmu, has called on the Federal Government to redoubt its efforts towards building […]
Crude oil
OPEC daily basket price now at $123.21 per barrel
The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at 123.21 dollars per barrel Thursday. This […]
Crude Oil prices slide after OPEC+ hike
Oil prices on Friday fell after Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses because […]
SERAP sues Buhari for spending N1.48 trillion on maintaining refineries with no crude oil
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari “over his failure to probe allegations that over N1.48 trillion reportedly […]
Nigeria’s crude oil production dropped to 1.354mb/d in March – OPEC
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production declined to an average of 1.354 million barrels per day in March […]
Why Nigeria is not reaping full benefits of oil windfall – FG
The Federal Government says while oil prices are on the rise, Nigeria is not reaping the full benefits of the current windfall because of years […]
Eni resumes crude and gas exports
By BENJAMIN ORISEMEKE, Abuja – Italian oil company, Eni has announced the resumption of crude and gas exports after it lifted the force majeure it […]
OPEC to reduce forecast as Ukraine war rages
By BENJAMIN ORISEMEKE, Abuja – OPEC said on Tuesday that oil demand in 2022 faced challenges from Russia’s invasion of Ukraine and rising inflation as […]
More trouble for Nigeria as Shell, Eni declare force majeure in two flow stations
By BENJAMIN ORISEMEKE, Abuja – Crude oil supply trouble got worse with Shell and Eni both declared force majeure on key oil flows from Nigeria, […]
Oil prices fall as UAE supports output hike
By BENJAMIN ORISEMEKE, Abuja – Global oil prices fell on Wednesday by the most in nearly two years after OPEC member, the United Arab Emirates […]
NNPC records $224.29m proceeds from export of crude oil, gas in August
By JOY ADARA, Abuja – The Nigerian National Petroleum Company (NNPC) Limited posted a total of $224.29million receipt from crude oil and gas export in […]
Military deactivates 145 illegal refineries in Niger Delta – DHQ
Military troops of Operation Delta Safe have immobilised 145 illegal refining sites in the Niger Delta region between May 2021 and Jan. 6. Acting Director, […]
I bear no grudge against Niger Delta Region, Obasanjo replies Clark
Former President Olusegun Obasanjo, on Tuesday denied allegation by Chief Edwin Clark, that he (Obasanjo) bore resentment against the people of the Niger Delta region. […]
NNPC rakes in N203bn from petroleum products sale in July
By JOY ADARA, Abuja – The Nigerian National Petroleum Company (NNPC) Ltd. says the Petroleum Products Marketing Company (PPMC), its downstream subsidiary made a sum […]
$11.8trn investments required between 2021-2045 in oil sector – OPEC
The Organisation of the Petroleum Exporting Countries (OPEC) has said that investments of 11.8 trillion dollars will be required between 2021 and 2045 in the […]
Foreign trade hit N13.3 trn- NBS
Nigeria’s total merchandise trade rose to N13.3 trillion in Quarter Three of 2021, representing 10.43 per cent increase over N12.02 trillion recorded in Quarter Two, […]
AfreximBank signs $1bn petroleum exploration deal with NNPC
The Export-Import Bank (AfreximBank) has signed a $US1.04 billion facility with the Nigerian National Petroleum Corporation (NNPC) to finance the exploration of petroleum. The agreement […]
OPEC revises 2021 world oil demand downward to 5.7 mb/d
The Organisation of the Petroleum Exporting Countries ( OPEC) has revised the 2021 world oil demand forecast downward to 5.7 million barrels per day. OPEC […]