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Oil and Gas

Nigeria Plans To Boost Oil Production By 250,000 Bpd

Even though the West African country has typically produced more oil than allowed under the OPEC+ production cut agreement, Nigeria has plans to boost production by about a quarter of a million barrels per day over the next two years. The production increase will come

Major fuel price increase looms in Nigeria

The approved price of petrol in Nigeria for August will increase, by up to 18 per cent according to estimates, as consumers await the release of the new retail price for the commodity by the Petroleum Products Pricing Regulatory Agency (PPPRA). The current approved petrol price, as

NNPC records 43% drop in oil pipeline vandalism in May

The Nigerian National Petroleum Corporation (NNPC) has recorded an encouraging 43 per cent drop in cases of willful damage of its oil pipeline infrastructure by suspected oil thieves in May. This was disclosed in a statement by the spokesperson of the corporation, Kennie Obateru, on Wednesday in

Oil prices fall over rising coronavirus infections

Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns. This is just as major producers ramp up output. U.S. West Texas Intermediate (WTI) crude futures

Oil demand may climb new peaks in post-coronavirus world

While the coronavirus pandemic may have done permanent damage to oil consumption in the transport sector, strong growth in petrochemicals suggests peak oil demand could still be a couple of decades away. Changing demand patterns also raise big questions as to how refineries and producers

Brent crude rises above $40, highest in two months

Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and recovery from the coronavirus pandemic will spur fuel demand. Brent crude futures for August rose 43 cents, or 1.1 per