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
With its current unit cost across all operating terrains averaging between $9 and $22 per barrel, the Nigerian National Petroleum Corporation (NNPC) says it has set an oil production cost target ceiling of $10 per barrel by 2021. The Group Managing Director of the corporation, Mele
The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say. Lockdowns to stop the spread of COVID-19, the flu-like infection
The federal government says it is considering adjusting further, the benchmark crude oil price in the 2020 budget down to $20 per barrel. In the initially approved appropriation assented into law by President Muhammadu Buhari last December, crude oil benchmark price was put at $57 per barrel.
The Nigerian National Petroleum Corporation (NNPC) on Wednesday announced a 17.94 per cent reduction in the ‘ex-depot’ price of petrol. The price was reduced from N113.28k per litre petrol was sold to marketers in the previous month to about N108.00K per litre. Ex-depot price is
The price of US oil has turned negative for the first time in history. That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried
The sharp drop in the price of crude oil appear to have temporarily halted the federal government’s expenditure on petrol subsidy, records from the Petroleum Products Pricing Regulatory Agency (PPPRA) have suggested. Following the slump in crude oil price, the PPPRA indicated in its daily
INTERNATIONAL – Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, setting the stage for crude flows from the OPEC member to be cut to a trickle. Brent