Tag: Crude Oil

Nigeria regains top crude oil production spot in Africa — OPEC

Nigeria has regained the top spot among crude oil-producing countries in Africa with the nation’s crude oil production averaging 1.27 million barrels per day in November. The Organisation of the Petroleum Exporting Countries (OPEC) made this known in its Oil Market Report for December which was obtained by the News[Read More…]

Breaking: Brent crude oil hits $85, the highest in seven years

Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products. Brent crude futures were up 80 cents, or 0.95%, to $84.80 a barrel[Read More…]

Nigeria’s earnings affected as crude oil prices suffer 3% drop

The price of Brent crude has dropped by 3.43 percent to $36.64 per barrel on Monday after some European countries imposed another round of lockdown to slow the spread of the coronavirus. The price of US West Texas Intermediate (WTI) also dropped by 3.97 percent to $34.37 per barrel. Crude[Read More…]

US cuts its import of Nigerian crude oil by 11.67 million barrels

The United States has slashed its imports of Nigerian crude oil to 9.37 million barrels in the first five months of this year, 11.67 million barrels lower than what it bought in the same period of 2019. This data was obtained from the US Energy Information Administration. The US imported[Read More…]

“Not only unfounded but frivolous” – NNPC denies claims of 48 million barrels of crude oil stolen

The Nigerian National Petroleum Corporation has denied the claim of 48 million barrels of crude oil allegedly stolen from Nigeria and stored in China in 2015. The denial is contained in the corporation’s reply to a letter by a firm, Samano Sa De CV and its officials – Ramirez and[Read More…]

Minister of Justice, Abubakar Malami justifies approval to sell five sea vessels holding crude oil and diesel

The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), on Sunday, justified his last year’s approval to some operators in the oil industry to sell five sea vessels holding crude oil and diesel forfeited to the Federal Government. The statement by Malami’s Special Assistant on Media[Read More…]

US benchmark crude oil price collapses to $0.01/barrel

The US benchmark crude oil price collapsed on Monday, falling to one cent a barrel amid an epic supply glut caused largely by the coronavirus pandemic’s hit to demand. After beating the record low multiple times, West Texas Intermediate (WTI) for May delivery continued to sink to the unheard of[Read More…]

Millions Of Barrels Unsold As Nigeria’s Banner Oil Hits $12.

Traders monitoring the West African market have revealed that one of the Nigerias’s benchmark grades, Bonny Light, fell to about $12 or $13 a barrel this week. The loss shows the huge gap that’s emerged between real crude prices that producers are fetching, and headline futures contracts like Brent, which[Read More…]

Bonny Light, Nigeria’s benchmark crude oil grades, traded between $12 and $13 per barrel

Bonny Light, one of Nigeria’s benchmark crude oil grades, traded between $12 and $13 per barrel between Monday and Friday. According to Bloomberg this price is $15 lesser than the dated price of Brent crude, the global benchmark of crude oil which traded at $28 on Friday. Bonny Light is[Read More…]

Nigeria Joins OPEC+ To Cut Crude Oil Supply By 10 Million Barrels Per Day

The Minister of State for Petroleum Resources, Chief Timipre Sylva, said Nigeria joined the OPEC+ to cut crude oil supply by 10 million Barrel Per Day. Sylva disclosed this at the ongoing 9th Organisation of Petroleum Exporting Countries (OPEC) and Non OPEC ministerial webinar meeting. “Nigeria joined OPEC+ to cut[Read More…]