The oil price rebound, yesterday, reached a significant point, selling at $60 per barrel, as the Organisation of Petroleum Exporting Countries, OPEC, continue to withdraw excess oil from the international market. Further check by Vanguard showed that the development came, mainly as a result of
Observed flows to China from the two regions dropped to 5.04 MMbopd, the lowest since August, after reaching a 2018-high of 6.45 MMbpd in November, ship-tracking data compiled by Bloomberg show. Most of the barrels that left in December should arrive this month or in
The U.S.-China trade war and booming American shale production are among the top worries for the United Arab Emirates’ energy minister and former OPEC president. After a volatile year for oil prices, hydrocarbon-exporting countries are buckling down for what could be more turbulence ahead. In
U.S. crude futures CLc1 and global benchmark Brent LCOc1 hit their lowest levels since 2017 during the session, putting both benchmarks on track for losses of about 40 percent in the fourth quarter. “What’s happening in the stock market is raising fears that the economy
The NNPC, countering the impact of the shutdown said it holds 2.6billion liters of petrol and 90,000 metric tonnes of diesel. It said the stock is expected to last 52 days, even if no single drop of products is imported. NNPC Group General Manager, Group
The House of Representatives Committee on Financial Crimes says Nigeria stands the risk of losing $10 billion from the controversial Oil Processing Licence (OPL) 245 deal. This is even as experts in the oil industry have sought a review of the controversial deepwater oil block
The Federal Government on Wednesday said that it would collaborate with Saudi Arabia for the revamp of Nigeria’s refineries in Warri, Port Harcourt, and Kaduna. Minister of State for Petroleum Resources, Ibe Kachikwu, said that Nigeria was currently tapping from the vast experience of Saudi
The Nigerian National Petroleum Corporation (NNPC), and oil major, Chevron Nigeria Limited (CNL), have identified appropriate fiscal regimes and regulatory framework as critical elements that will attract the needed investments into the sector. The stakeholders, at the 36th International Conference and Exhibition of the Nigerian
•Marketers insist on VAT removal The Department of Petroleum Resources has said delivery of Liquefied Petroleum Gas (LPG), otherwise called cooking gas, to consumers in their homes, is illegal as it defies environment and safety rules. The agency said such acts were susceptible to an
The continuing meltdown in the global oil market in the last one month is threatening Nigeria’s budget implementation, especially funding of capital projects, experts told Daily Trust yesterday. International oil benchmark Brent, against which Nigeria’s oil is priced, plunged to $51 per barrel at the