Jet fuel consumption remains the hardest hit section of the global oil market as passengers avoid air travel as a result of the pandemic and government travel restrictions. The specific problems of the jet market explain why refinery margins for closely related distillates such as
Oil prices appreciated Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) said that world oil demand would fall by 9.46 million barrels per day (bpd) in 2020. OPEC said there will be a decline in demand in its monthly report for September, released
The Maize Association of Nigeria(MAAN), on Monday, pledged to continually support the Federal Government’s Agricultural policies and programmes. The National President of the association, Bello Abubakar, made the pledge in an interview with journalists in Abuja. According to Mr Abubakar, the association will support the government
A panel of some of Africa’s most promising small and medium-enterprise (SME) agri-preneurs gathered online to call for more selective investment, accelerated business acquisitions and increased cooperation to help Africa feed itself and the world. The African Development Bank (AfDB) organised the virtual session titled:
Agriculture was the mainstay of Nigeria’s economy before the discovery of crude oil. From 1960 to 1969, the sector accounted for an average of 57.0 per cent of GDP and generated 64.5 per cent of export earnings. From 1970 to the late 2000s, the sector’s
Nigeria is holding talks to give up majority stakes in all four of its moribund oil refineries, Mele Kyari, head of the state oil firm NNPC, said on Wednesday. He told Channels TV that discussions were taking place on an operating model in which the
Agricultural goods imported to Nigeria rose in value by 59.01 per cent in the second quarter of this year, compared to the first quarter and by 66.28 per cent compared to the corresponding quarter in 2019, while exports dropped by 38.2 per cent in Q2,
The Economic Commission of West Africa States (ECOWAS) in conjunction with its donors and financial partners has donated 3.399 metric tons worth of cereals as humanitarian assistance to support the most vulnerable populations affected by the COVID – 19 pandemic. This was disclosed in a statement on
Investigators are looking for billions of dollars in missing or stolen funds from a Nigerian agency created to develop the oil-rich but impoverished Niger delta. Like the rest of the nation’s opaque oil sector, officials say the Niger Delta Development Commission (NDDC), based in the
Looking for pre-pandemic consumption as early as Q4- Inventory data remains bullish The price of oil is sitting at just below $43 per barrel Technical factors point higher, and so does the price action in other commodities The price of nearby October crude oil futures