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Business Oil Prices Rise As OPEC Sticks To Output Pledges
Oil reversed earlier losses on Wednesday as investors took heart from strict OPEC compliance with its pledge to cut output. The Organisation of the Petroleum Exporting Countries reduced its oil output for a second month in February, a media survey found, showing the exporter group has boosted...- ProfRem
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Business Oil Prices Steady At $57 As FG Identifies Measures To Revive Economy
Oil steadied close to $57 per barrel on Monday as rising tensions between the United States, Iran and Organisation of Petroleum Exporting Countries, OPEC, supply cuts were countered by ample inventories and signs that higher prices will revive U.S. output. U.S. energy companies added oil rigs...- ProfRem
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Business ExxonMobil Records Big Drop In 4Q Earnings Over Low Oil Prices
ExxonMobil recorded a big drop in fourth-quarter earnings Tuesday, as low oil and natural prices continued to weigh on results. Net income in the fourth-quarter plunged 39.6 percent to $1.7 billion, while full year earnings fell by more than half to $7.8 billion. Results also were marred by a...- ProfRem
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Business Nigeria's Minister, Ibe Kachikwu Reels Out 7 Key Achievements in 2016
Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has reeled out 7 viable achievements of the Ministry in 2016. Dr. kachiwku stated this on Thursday after the Federal Government reached agreement on a new cash call exit policy with the international oil companies (IOCs) in a...- ProfRem
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Business Oil Prices Soar To $58, Highest Since 2015
Oil prices spike over four per cent to their highest level since 2015 early on Monday after OPEC and other producers over the weekend in Vienna reached first output cut deal since 2001 . They jointly reduced output in order to rein in oversupply and prop up the market. Brent sweet crude...- ProfRem
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Business OPEC Seals Deal, Crude Oil Price Breaks $50 Barrier
OPEC has agreed its first limit on oil output since 2008, an OPEC after Saudi Arabia said it was prepared to accept cut on production and agree to arch-rival Iran freezing output at pre-sanctions levels. An Organization of the Petroleum Exporting Countries, OPEC source told Reuters that members...- ProfRem
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Business Crude Oil Price Gears Towards $60 Per Barrel
OPEC's proposed deal to cut production has "put a floor" under the oil price at around $50 a barrel, Reuters reports International benchmark Brent crude dropped to a little above $52 from nearly two per cent gain of $52.67 last night. West Texas Intermediate, hit a year-high of close to $52 at...- ProfRem
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Business Crude Oil Price Hits $50 on OPEC deal
Global oil benchmark, Brent crude, extended its rally on Sunday to hit the $50 per barrel mark, the third time this year. Oil prices have been on an uptrend since the Organisation of Petroleum Exporting Countries decided to cut output for the first time in eight years. Brent, which Nigerian...- ProfRem
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Business Crude Oil Prices Rise By 2% Ahead of OPEC Informal Meeting
Crude Oil prices rose on Thursday as a weaker dollar and a surprisingly large drop in U.S. crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply. Brent crude futures which Nigeria oil trades rose 84 cents, or 1.8 percent, to $47.67...- ProfRem
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Business NNPC Lost 560,000 Barrels of Crude in 5 Months
The Nigerian National Petroleum Corporation (NNPC) said it lost 560,000 barrels of crude oil between January and May this year. At an average crude oil price of $38 per barrel and a budgeted exchange rate of N197/$, according numbers obtained from the NNPC, the Nigerian treasury was denied N4.1...- ProfRem
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Business OPEC Calls For Informal Meeting As Oil Price Tumbles
The Organisation of Petroleum Exporting Countries (OPEC) has called for an informal meeting which is scheduled to take place on the side lines of an International Energy Forum meeting in Algeria on September 26. On Monday, the U.S. West Texas Intermediate (WTI) crude futures settled at $43.02 a...- ProfRem
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Business Crude Oil Prices Fall Below $40
Oil prices tumbled Monday below $40 per barrel for the first time since April, with both Brent and US crude prices falling by nearly four per cent. The latest slump in oil prices followed heightened fears of an oil glut after a survey suggested that crude oil output from the Organisation of...- ProfRem
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Business Crude Oil Price Falls To 2-Month Low At $46
Global oil benchmark, Brent crude, fell by to a two-month low on Friday after the United States government reported a weekly crude draw within analysts’ forecasts, disappointing market bulls who had expected larger declines. Brent, against which half of the world’s oil is priced, was down by...- ProfRem
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Business Crude Oil Price Drops to $49
Oil prices dropped more than three per cent yesterday due to return of Nigerian and Canadian crude output from outages and as traders booked profits at the end of the best quarter in seven years. According to Reuters, the market soared more than 25 per cent in the second quarter, as part of an...- ProfRem
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Business Crude Oil Prices Drop Ahead Of OPEC Meeting
Oil prices dropped to $49 a barrel on Monday as Iraq raised its crude exports target ahead of an OPEC meeting. Canadian production was set to restart after huge wildfires. But while attention now turned to a meeting of the Organisation of the Petroleum Exporting Countries (OPEC), in Vienna...- ProfRem
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Business Oil Price Hits $50/Barrel Far Above of President Buhari's 2016 Budget Benchmark
The price of oil has gone above $50 a barrel for the first time in 2016 as supply disruptions and increased global demand continue to fuel a recovery, reports BBC The benchmark Brent crude price hit $50.07 a barrel in Asian trade. President Muhammadu Buhari 2016 budget oil benchmark was pegged...- ProfRem
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Business Crude Oil Prices Rise as Militants Cut Nigeria's Production Output
Crude Oil prices rose in early trading on Friday as turmoil continues in Nigeria, shale bankruptcies in the United States and crisis in Venezuela all contributed to tightening supplies. Despite this, brimming inventories across the world were preventing supply shortfalls and sharper price...- ProfRem
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Business Nigeria's Foreign Reserves Drop By $753million
Nigeria’s external reserves diminished by a total of $753 million to close at $27.123 billion as at April 28th, compared with the $27.859 billion it was as at April 1. The current position of the reserves, which are derived mainly from the proceeds of crude oil earnings represented a decline by...- ProfRem
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Business Crude Oil Prices Drop
Crude oil prices have fallen in early trading today on concerns that a looming rise in middle east output may drag the stronger markets seen in April, although declining US Production and a weakening dollar are still offering support. According to Deutsche Bank, an imminent rise in production...- ProfRem
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Business Oil Prices Rise Far Above President Buhari's Budget Benchmark
Crude oil prices hit a year-record high of $46 a barrel yesterday, giving Nigeria's president, Muhamamdu Buhari a buffer of $8 over its $38 a barrel 2016 budget benchmark, a feat, which it has not attained since January. Brent crude rose by 77 cents from a session low early today to hit $46 a...- ProfRem
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