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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 Indonesia Pulls Out of OPEC Over Oil Output Cuts
Indonesia has suspended its membership in oil producer club, the Organisation of Petroleum Exporting Countries again, as the crude oil importer said it does not agree to the club’s production cuts. Indonesia first joined OPEC in 1962 and left it in 2009 due to its dwindling domestic oil...- ProfRem
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Business Crude Oil Prices Bounce as Nigeria's Barkindo Promises Cut in Output
Oil rose more than 1 percent on Monday, boosted by a commitment from OPEC to stick to a deal to cut output, but prices remained more than $7 below last month's high due to persistent doubts over the feasibility of the group's plan. Brent crude LCOc1 traded at $46.20 per barrel at 1157 GMT, up...- 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 OPEC Exempts Nigeria, 2 Other Countries From Reducing Oil Production
Organization of Petroleum Exporting Countries, OPEC, have exempted Nigeria, Iran and Libya from cutting production output given the peculiar internal challenges they found themselves. It also agreed to commence the reduction of its members’ production output to about 740, 000 barrels per day...- kemi
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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 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 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’s Mohammed Barkindo Likely to Become OPEC Secretary-General
OPEC is likely to choose Nigeria’s Mohammed Barkindo, a former head of state oil firm NNPC, as the next secretary-general of the producer group, three sources with knowledge of the matter said on Tuesday. The Organisation of the Petroleum Exporting Countries has been looking for a replacement...- 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 Fresh Hope For President Buhari As World Bank Raises 2016 Oil Price Forecast
The World Bank has raised its 2016 oil price forecast up from the previous level of $37 per barrel to a new height of $41. The current crude oil price at the international market according to the Central Bank of Nigeria (CBN) data yesterday was between $43 and $44 per barrel. Despite the...- ProfRem
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Business Trouble Ahead For Nigeria As Oil Freeze Meeting Ends Without Agreement
The world's biggest oil producers have failed to reach agreement at a meeting aimed at freezing output and reassuring markets that a recent recovery in prices could be sustained. This deadlock meeting may pose a greater challenge to President Muhammadu Buhari 2016 Budget which pegged oil price...- ProfRem
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Business Oil Prices Above $41 as OPEC Predicts Moderate Rebound
Oil prices dipped slightly in Asia Tuesday but stayed above $41 a barrel as OPEC raised hopes of a moderate rebound from a meeting of key producers in Qatar in April. At around 0400 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May, a new contract, was five cents down at...- ProfRem
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Business Oil Prices: Saudi Arabia and Russia Agrees To Freeze Crude Oil Output
Saudi Arabia and Russia have agreed to freeze oil output in a meeting in Qatar. Ali al-Naimi, the Saudi Arabian oil minister met with Alexander Novakin Doha, his Russian counterpart, and representatives from Venezuela and Qatar in Doha on Tuesday where they agreed a freeze in the oil production...- ProfRem
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Business Oil Crash: Nigeria, Iran Clash Over OPEC Emergency Meeting
Following the call for an emergency meetin of the Organisation of Petroleum Exporting Countries (OPEC), to discuss steps to possibly cut down oil production and prop up oil prices, Iran and another prominent OPEC member, opposed the call and claimed that the time is not yet right for such an...- ProfRem
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