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
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
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 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
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
Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June, staging a dramatic comeback after falling to record lows in April. Brent crude futures skyrocketed more than 80% in the second quarter. It was the international
The Federal Government has started making plans for the oil and gas industry post-COVID-19. This was announced by the Department of Petroleum Resources (DPR) as they released the strategic plan and policy for the survival and success of the industry post-COVID-19. This was disclosed by
The group has agreed to maintain its current output cut of 9.7 million barrels per day till the end of July as against the 7.7 million barrels per day that was initially planned. The Organization of Petroleum Exporting Countries and its allies (OPEC+) has agreed
June 3 (Reuters) – Some traders hoped a couple of Indian oil tenders could mop up oil to reduce a significant glut of Nigerian oil while European demand for West African grades remains nearly nil amid sluggish refining activity. * India’s IOC has two buy
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