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Business Crude Oil Extends Gains, Rise Above $44
Oil traded above $44 a barrel in Asia Monday, extending gains on hopes crude producers would agree to freeze output at a meeting next month, easing a stubborn global supply glut. Recall that President Muhammadu Buhari pegged crude oil price in the 2016 budget at $39 per barrel. At around 0620...- ProfRem
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Business Nigeria: Crude oil Prices Hit 2-Month High
Crude oil prices on Tuesday rose to its highest point in two months due to an increase in global stocks, a weaker dollar and the continued disruption of oil production in Nigeria. According to Reuters, Brent crude futures were up $2.03, or 4.4 percent, at $48.28 per barrel by 16: 22 GMT. Also...- LequteMan
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Business Nigeria Loses Crude Oil Buyers To Angola Due To Militants Attacks
Indian Oil Corporation, India's IOC has booked several grades of Angolan crude for July, including Cabinda and Girassol, as its favoured Nigerian Qua Iboe crude oil was under force majeure. “People want stable supply. And Angolan crude is in general very reliable - there are no fears about...- ProfRem
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Business Nigeria: Oil Prices Hit All Time High for 2016
Oil prices on Tuesday hit their highest point in eight months following dollar weakness and the continued attack on oil installations in Nigeria. Brent crude futures were up 67 cents at $51.22 a barrel by 1135 GMT, having hit an intraday peak of $51.29 earlier in the day, their highest since...- LequteMan
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Business OPEC Fails To Reach Deal on Oil Production Ceiling
OPEC on Thursday broke off its meeting without reaching any new agreements on oil production, continuing a hands-off policy that members say is gradually bringing supply and demand back into balance and boosting prices, Reuters reports. Related: Crude Oil Prices Drop Below $50 Ahead Of OPEC...- ProfRem
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Business Nigeria Records First Negative Trade Balance in 7 Years
The NBS released its 2016 First Quarter Balance of Trade report, which showed that Nigeria had a negative trade balance of N184.1 billion. This will be the first time the country will be recording a negative trade balance since data collection began in 2008. Trade balance, which is also known...- ProfRem
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Business Crude Oil Prices Rise As Disruptions Hit Nigeria
Oil prices rose over 1 percent on Monday after long-time bear Goldman Sachs said the market had ended almost two years of oversupply following global oil disruptions and flipped to a deficit, Reuters reports. International Brent crude futures were trading at $48.50 per barrel at 0255 GMT, up 67...- ProfRem
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Business Oil Producers Meet To Discuss Output Freeze
Global attention in oil and gas community will shift to Doha, capital of the State of Qatar, venue of today’s crucial oil-producing countries ministerial meeting conveyed to seek remedy to the lingering decline in the price of crude oil in the international market. Members of the exporters'...- ProfRem
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Business Crude Oil Price Hits 4-Month High
Brent crude prices rose to a four-month high on Monday as a rally in wider commodities markets encouraged buying ahead of a meeting of oil producers in Doha next Sunday. The meeting is aimed at freezing current output levels. Brent crude futures, the global benchmark, were up 92 cents at $...- ProfRem
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Business Crude Oil Prices Rise on Hopes for Output Freeze
Crude futures rose on Wednesday as hopes for an agreement among exporters to freeze output underpinned the market, although persistent global oversupply and Iran's plans to boost production pressured physical oil prices. Oil futures recovered from one-month lows to end the previous session up...- ProfRem
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Business NNPC Unveils 6 Strategies to End Fuel Scarcity in Next Few Days
Following the controversy generated by the declaration of the Minister of State for Petroleum, Dr. Ibe Kachikwu, that the current petrol shortages could last up to two months, the Nigerian National Petroleum Corporation (NNPC) has unveiled strategies to end the scarcity within the next few days...- ProfRem
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Metro China To Request For More Nigerian Crude Oil
Zao LingXiang, the Economic and Commercial Counsellor of the Chinese Embassy in Nigeria, said that China would need more crude oil exports from Nigeria, in spite of the recent changes in prices. LingXiang made this known in an interview with the News Agency of Nigeria in Abuja. The total...- ProfRem
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Business Oil Price Rises Above 2016 Budget Benchmark
Global crude oil prices finally surpassed Nigeria’s budgetary benchmark on Monday, trading above $39 per barrels. The price of Brent crude – the global oil benchmark – rose an all-year high at $39.50 on Monday, from $27.10 on January 20, the lowest for Brent in 2016, theCable reports. Last...- ProfRem
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Business NNPC GMD Kachikwu Makes Shocking Discovery about Crude oil in Lagos
Nigeria's Minister of State for Petroleum Resources, Ibe Kachikwu on Monday made a shocking discovery about crude oil theft when he visited the pipeline network in Robert village around the Atlas cove in Lagos State. The wanton act of sabotage in the area was clearly evident as the village has...- LequteMan
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Business Nigeria Will Still Make Profit if oil Falls to $20/Barrel - NNPC GMD Kachikwu
Nigeria's Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, has stated that Nigeria will not be hopeless even if oil prices fall to $20 per barrel. Lower outputs from Nigeria, Iraq and Saudi Arabia may have slashed the crude oil export of the Organisation of Petroleum Exporting...- LequteMan
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Business IMF Predicts Oil Price Slump to $20 in 2016
International Monetary Fund has predicted that crude oil prices may slump to as low as $20 per barrel in 2016. In the ‘IMF Executive Board Concludes 2015 Article IV Consultation with Iran’ report, the body highlighted that the price of crude oil could drop by between $5 and $15 in 2016...- ProfRem
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Politics Crude oil Probe: Reps Set 127 Questions for Oil Marketers
Members of the Adhoc committee on Crude Oil Swap deals have prepared 127 questions for oil marketers with oily fingers to answer, according to Vanguard. Also, agencies and marketers found wanting will be made to cough out such ill-gotten monies with interests paid into the coffers of the...- ProfRem
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