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Petrobarometer

    Report: 84 million barrels of Nigerian crude stranded at sea

Report: 84 million barrels of Nigerian crude stranded at sea

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    ICYMI: Shell accuses Nigeria of hiding EFCC’s reports on OPL 245

ICYMI: Shell accuses Nigeria of hiding EFCC’s reports on OPL 245

Royal Dutch Shell has accused the Nigerian government of hiding key reports of investigations by the Economic and Financial Crimes Commission (EFCC) which concluded that there was no fraud in the sale of OPL 245. Shell and ENI, which paid $1.3 billion to take full ownership of the lucrative oil block from Malabu Oil and Gas Ltd in 2011, are fighting [...]

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    1,000 NNPC graduate trainees to resume virtually on Monday

1,000 NNPC graduate trainees to resume virtually on Monday

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    US SEC drops inquiry into Shell’s acquisition of OPL 245

US SEC drops inquiry into Shell’s acquisition of OPL 245

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    Qua Iboe, Brass crude up by $5, trade at $21 per barrel

Qua Iboe, Brass crude up by $5, trade at $21 per barrel

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    Saudi Arabia: We’re closely monitoring the global oil market

Saudi Arabia: We’re closely monitoring the global oil market

Saudi Arabia says it is closely monitoring activities in the oil markets and is ready to take further measures to salvage the market situation. The Saudi Press Agency quoted Majid bin Abdullah Al-Qasabi, the minister of commerce and investment, as saying the cabinet is keen on achieving stability in the oil market. Al-Qasabi said that the cabinet continues in monitoring the “oil [...]

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    EXPLAINER: What negative oil price means and how it affects Nigeria

EXPLAINER: What negative oil price means and how it affects Nigeria

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    US oil price enter negative territory, trades at $-2 per barrel

US oil price enter negative territory, trades at $-2 per barrel

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    Bonny Light, Nigeria’s crude grade, trades at $13 per barrel

Bonny Light, Nigeria’s crude grade, trades at $13 per barrel

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    Chevron: We’re just taking precautions — no staff has COVID-19

Chevron: We’re just taking precautions — no staff has COVID-19

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    Goldman Sachs: OPEC deal insufficient to offset demand loss

Goldman Sachs: OPEC deal insufficient to offset demand loss

Goldman Sachs, a multinational investment bank, says the new crude oil supply cut is not enough to offset the demand loss caused by the COVID-19 pandemic. The Organisation of Petroleum Exporting Countries (OPEC) and its allies, OPEC+, had agreed to reduce global supply by 9.7 million barrels in May and June 2020. Global supply would be cut by eight million barrels per day [...]

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    Oil price may rise by $15 as US shares Mexico’s quota in new OPEC deal

Oil price may rise by $15 as US shares Mexico’s quota in new OPEC deal

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    Nigeria’s oil export drops as Shell declares force majeure on Forcados crude

Nigeria’s oil export drops as Shell declares force majeure on Forcados crude

Shell Petroleum Development Company of Nigeria has declared force majeure on Forcados crude oil. Reuters reports that Heritage Energy Operational Services Limited, the company that runs the Trans Forcados pipeline, closed the pipeline on April 4. No explanations were provided for the action. The force majeure on the 400,000 barrel capacity pipeline came into effect on Monday, April 6. Forcados pipeline, which exports an [...]

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    Nigeria’s oil production down to 1.4m barrels as Mexico rejects OPEC deal

Nigeria’s oil production down to 1.4m barrels as Mexico rejects OPEC deal

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    Saudi Arabia, Russia end price war with possible 10m barrels OPEC cut

Saudi Arabia, Russia end price war with possible 10m barrels OPEC cut

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    NNPC: Demand for Nigeria’s crude dropped by 6.8m barrels in March

NNPC: Demand for Nigeria’s crude dropped by 6.8m barrels in March

The Nigerian National Petroleum Corporation (NNPC) says demand for Nigeria's crude oil has dropped by 6.8 million barrels in March. In an interview with Channels TV on Wednesday, Mele Kyari, NNPC group managing director,  described the market situation as "bad but improving". He expressed optimism that the crude oil market will recover, citing an upward movement in prices after it fell to [...]

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