Tag: crude oil
Europe, India top buyers as crude oil keeps Nigeria’s export engine running
Nigeria earned about ₦12.81 trillion from crude oil exports in the third quarter of 2025, according to the National Bureau…
Oil prices fall as OPEC plans to produce more
Sources say OPEC+ may agree to raise production by as much as 500,000 barrels per day in November three times…
2.06m bpd crude oil target in 2025 achievable, says Lokpobiri
"Nigeria has been doing 1.5 million barrels of production per day,” he said, adding that the industry has been able…
Historic move: Nigeria begins sales of Crude Oil in Naira
Effective from October 1, 2024, the Federal Executive Council (FEC) directive to trade crude oil and petroleum products in Naira…
Nigeria’s Oil Dependency and Urgent Economic Diversification
As part of the diversification strategy, Nigeria should explore and invest in various sectors, such as agriculture, manufacturing, technology, renewable…
How NNPCL intercepted vessel with 800,000 litres stolen crude oil
By Emmanuella Anokam A vessel conveying 800,000 litres of suspected stolen crude oil has been intercepted by a private security…
Nigeria no longer Africa’s highest crude oil producer – EIA
According to data from the Organisation of Petroleum Exporting Countries, Angola produced 1.063 million barrels per day in April, while…
Sri Lanka to reduce fuel prices as economic conditions improve
According to the minister, President Ranil Wickremesinghe has advised him to reduce fuel prices following the IMF bailout package and…
Oil slips as U.S. crude stockpiles rise
U.S. crude stocks rose by about 2.2 million barrels for the week ended Aug. 5, according to market sources citing…
Saudi Arabia causes hike in crude prices
Saudi Arabia raised the official selling price (OSP) for its flagship Arab light crude to Asia to a $6.50 premium…
Biden to release 180m barrels of crude oil to crash prices
The release from May is the largest release ever from the U.S. emergency oil reserve.
Omicron: Crude oil spot prices dropped by $1.74 in November – OPEC
OPEC, however, noted that world oil demand was unchanged compared to last month’s assessment, showing a growth of 5.7 mb/d…
Omicron variant drives oil prices southwards
Oil fell with global equities markets on fears the variant could dampen economic growth and fuel demand.
Oil prices fall amid bleak outlook warnings
Amid bleak outlook warnings by major oil producers and the COVID-19 pandemic, oil prices again went southwards on Tuesday, with…
Bad news for Nigeria as crude oil prices crash
More crushing news for Nigeria comes from the oil market as Brent crude price drops below $40 a barrel for…
Nigeria’s crude oil production rises 9%
Nigeria’s crude oil daily production recorded an upward swing of about 2.09 million barrels in 2018, translating to a 9…
$55m Crude Oil shipment: FG closes case in suit against Agip
The Federal Government (FG) on Tuesday closed its case at a Federal High Court Lagos, in a 55 million dollars…
Saudi Aramco plans change crude oil price formula
Saudi Aramco plans to change the formula used to price its long-term crude oil sales to Asia later this year,…
Brent crude oil rises to $70 on output cuts
The price of brent crude oil rose to 70 dollars a barrel on Monday, supported by ongoing output cuts led…
Crude Oil Price Rises Above $65 A Barrel
Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out…
Oil price jumps above $65
Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out…
Kachikwu says world moving away from oil
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, says the world is moving away from oil, hence, it…
Crude oil: A perfect recipe for political crisis, instability and underdevelopment
Conventional wisdom in intellectual and politico-economic circles, promotes the view that Nigeria became rich and better off, with the commencement…
NNPC names 39 crude oil off-takers for 2017/2018
The Nigerian National Petroleum Corporation (NNPC) on Wednesday released names of 39 bidders for the sale and purchase of Nigerian…
Navy seizes stolen 120,000 litres of crude oil
The Nigerian Navy has intercepted a large metallic barge transporting about 120,000 litres of crude oil suspected to be stolen…
Lagos now officially an oil producing state – Ambode
…Says Feat Opens New Vista For Revenue Generation …Receives Management of Tunde Folawiyo Petroleum Lagos State Governor, Mr. Akinwunmi Ambode…
Despite supply loses in Nigeria, oil price steadies around $45
Crude oil steadied around $45 a barrel on Wednesday as reduced production in Canada’s oil sands region lent support, although…
Confronting The Curse Of Oil By Reuben Abati
The monthly Federation Accounts Allocation Committee, FAAC, meeting was held the other day in Abuja, with the representatives of state…
Nigeria loses N137.9bn monthly on shipment of crude oil
The president, Nigeria Indigenous Ship Owners Association (NISA), Aminu Umar, said the nation was losing 700 million dollars monthly (N137.9…
Crude oil prices rise
Brent crude was on track for its third weekly gain on Friday, supported by an optimistic report from the International…