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Bayelsa moves to stamp out illegal crude oil refineries – Vanguard News
YENAGOA—Hard time awaits illegal crude oil refinery operators in the deep mangrove swamp of Bayelsa State as the state government is set to establish a task force to check their activities to protect the environment. Dickson The state governor, Mr Seriake Dickson, stated this in …...- mrsam
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Excitement in Northern state as 7 wells ‘confirm’ existence of crude oil - Naija Ng
Seven wells drilled at the Bida Basin have confirmed existence of oil in commercial quantity, renewing optimism that Niger state may soon join the league of oil producing states. The development was disclosed by the state’s commissioner for mineral resources, Hajiya Ramatu Yar’Adua, while...- mrsam
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Oil races to $80 as U.S. drilling rises – Vanguard News
Oil races to $80 as U.S. drilling rises Oil prices steadied below 3-1/2 year highs on Monday as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production. Oil Brent crude was up 20 …...- curator
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Business Crude Oil Price Rises to $74, Highest in Four Years - This Day newspaper
With the declining United States crude oil inventories, the price of oil thursday hit $74 per barrel, its highest in nearly four years as Saudi Arabia moved to push for a price rise of $80 -$100 per barrel. Thisday reported that Brent crude futures reached $74.74 per barrel yesterday, the...- Iroka Chinedu
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Metro Crude oil theft rose 50% in 2017 – Shell - vanguard Ng
Report indicating a worsened operational environment in Nigeria’s upstream oil sector, Royal Dutch Shell Plc, the parent company of Shell Company in Nigeria, said crude oil theft from its pipeline networks in Nigeria rose by 50 percent to 9,000 barrels of oil a day (b/d) in 2017, from about...- Iroka Chinedu
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Business Crude oil price increase should not affect economy diversification
A member of Osun House of Assembly, Mr Olatunbosun Oyintiloye, has urged the Federal Government not to allow the slight improvement in the price of crude oil at the international market affects its economic diversification policy. via TODAY.NG – http://ift.tt/2BicERB Get more: Nigeria...- curator
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Business US to overtake Saudi as crude oil producer – I
The United States is set to overtake Saudi Arabia as the world’s number two oil producer this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said on Friday. “This year promises to be a record-setting one for the US,” the IEA wrote in …...- curator
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Business Crude oil crosses $70 threshold –
Oil briefly topped $70 a barrel in London for the first time in three years, as crude markets continued an almost unblemished run of gains for 2018. The surge waned towards the end of the session, with the global Brent benchmark settling just 6 cents higher … via BusinessDay : News you can...- curator
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Business Why Crude Oil Prices Are On Upward Swing – U.S. Energy Agency –
By Roseline Okere The United States Energy Information Administration (EIA), has attributed the current surge in oil prices to shutdown of the Forties Pipeline in the North Sea on December 11, as a result of a crack in the pipeline, which remained closed through December 30. EIA in its …...- curator
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Business Four reasons crude prices could reach $80 this year –
January 17, 2018 1:45 am As things stand, the possibility of oil prices surging past $80 a barrel does not look any more like a distant possibility though it might not even need so much effort to tip down downhill. Brent crude, … via BusinessDay : News you can trust – http://ift.tt/2FNL9D6...- curator
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Business NNPC Justifies Preference for FOB Nigeria’s Crude Exports –
Chineme Okafor in Abuja The Nigerian National Petroleum Corporation (NNPC) has given reasons why it prefers to use the Free-on-Board (FOB) system to export Nigeria’s crude oil to their respective destinations and not the Cost, Insurance and Freight (CIF) system. The NNPC, according to a...- curator
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Business Crude Oil Price Hits U.S.$70 Per Barrel – A
By Chika Izuora With Agency Report The price of brent crude oil rose to $70 per barrel yesterday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in United States and Canadian drilling activity that points to higher future output in North America. Brent … Via...- curator
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Business Crude Oil Prices Now $70
The price of brent crude oil rose to 70 dollars a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in U.S. and Canadian drilling activity that points to higher future output in North America. Oil pipeline Brent sweet crude futures, the … via...- curator
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Metro Crude Oil Swap Deal: Nigeria Loses N222 Billion in One Year — NEITI
A report by Premium Times has it that Nigeria lost over $723 million (about N221.5 billion, at N306.3 to $1) through the Offshore Processing Arrangement, OPA adopted by the Federal Government in 2015 to supply refined petroleum products in the country, the latest Nigeria Extractive Industries...- Jamaz
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Business Nigeria: FG to Ban Importation of Petrol in 2018
Nigeria's Minister of Science and Technology, Dr. Ogbonnaya Onu, has announced that the federal government would ban the importation of petroleum products starting from 2018. According to Punch, he said it is wrong Nigeria to rely on crude oil alone. "By 2018, Nigeria will stop the...- LequteMan
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Business Crude Oil Prices Rise Ahead Of OPEC Meeting
Oil prices rose on Wednesday ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply. International Brent sweet crude was trading at 46.85 dollars per barrel . U.S. West Texas Intermediate (WTI) crude was up at $45.52...- 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 Oil Price Soars as OPEC Decide to Cut Supply for First Time in 8 Years
Crude oil prices on Wednesday jumped by more than 5% to $48 per barrel after the Organisation of Petroleum Exporting Countries (OPEC) at an informal meeting in Algeria agreed to cut oil output for the first time since 2008. Saudi Arabia, who has had a tough opinion against output cuts...- LequteMan
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Business Nigeria Records Biggest Drop in Oil Production Output
Nigeria in August had the biggest drop in oil production among the OPEC countries, OPEC’s Monthly Oil Market Report for September has revealed. “Crude oil output increased mainly from Saudi Arabia and Iran, while Nigeria and Libya showed the largest drop,” OPEC said in the report. Crude oil...- LequteMan
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Business Iraq Joins OPEC to Freeze Crude oil Production
Iraqi Prime Minister, Haider al-Abadi, on Tuesday announced that the country will support a freeze on the production of crude oil by OPEC members in the next energy meeting in Algeria on September 26 to 28. “We support freezing oil production by OPEC due to the sharp decline of oil prices,” Mr...- LequteMan
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