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Oil prices dip 9-month low to $88 per barrel

Oil prices dipped on Friday due to demand fears fuelled by increasing interest rates and a stronger dollar. The price of the global oil benchmark, Brent crude, decreased by 3.10 per cent to $87.81 a barrel. This is the first time such a fall since January 2022. Also, the price of US West Texas Intermediate […]

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Oil price plunges to $82 on inflation fears

Oil prices slumped on yesterday, hit by a surge in the dollar after United State President, Joe Biden, said his administration was looking for ways to reduce energy costs amid a broader surge in inflation. Brent and U.S. crude futures dropped sharply at the end of the session as traders sold out of riskier assets, […]

Business

Oil, gas sector competitive with top players – LongJohn

  Chief Executive Officer of MLJ Marine Oil & Gas Limited, Mpakaboari LongJohn has shared some insights as to what goes on in the oil and gas sector. He described the industry as very competitive, with top skillful players who have mastered the industry over the years. He stated this in a chat with reporters […]

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Oil producing states enmeshed in N1.6trn debt

…received N424bn 13% derivation in 2020 Akwa Ibom, others top debtors’ list Despite receiving huge allocation in the sum of N424 billion in 2020 and much more in previous years as their share of 13 per cent derivation principle, eight oil producing states in the country are still heavily burdened with total debt of N1.667 […]

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FG lures investors, targets $3.7bn in fresh oil deals

…baits lenders for value creation The Federal Government on Tuesday disclosed that it had committed a total of $332 million under its commercial ventures partnership programme with a view to attracting project developments in-country valued at $3.7 billion. Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari, and Executive Secretary, Nigerian […]

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Oil prices hit 11-month high, trade for $67.23 per barrel

O for a fourth straight session to hit $67.23 per barrel, the highest level in more than 11 months. This was underpinned by monetary easing policies and lower crude production in the United States. While this signalled a surge in revenue for Nigeria, it indicated a higher price for petroleum products in the country for […]

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NEPC: Nigeria to be free from oil dependence in 10 years

The Executive Director/ CEO of the Nigerian Export Promotion Council (NEPC), Segun Awolowo, has assured that given the steps being taken to improve the non-oil exports, Nigeria will exit its dependence on crude oil revenue in 10 years. Awolowo made the declaration, while briefing correspondents after a meeting with President Muhammadu Buhari at the presidential […]

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OIL MAJORS UNDER PRESSURE OVER RENEWED ATTACKS IN N’DELTA

…raise security status over resurgence of assault on assets …express concerns over threat to post-COVID-19 economic recovery International Oil Companies (IOCs) operating in Nigeria’s multi-billion dollar industry are fretting over resumption of attacks on oil installations in parts of Niger Delta. The gas pipeline operated by Shell in Nigeria was on November 23 attacked reportedly […]

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Oil rises after drop in U.S. inventories

Oil prices rose yesterday after an industry report showed U.S. crude inventories last week fell more than analysts expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic. Brent crude LCOc1 was up 67 cents or 1.5 per cent at $45.17 a barrel, by 1012 GMT, after falling around […]

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