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Petrobarometer
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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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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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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The federal government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), has announced a reduction in the pump price of petrol. A statement signed by Abdulkadir Saidu, PPPRA executive secretary, said the retail price of petrol would be N123.50 in April. The new price is N1.50 lower than the N125 per litre announced on March 18. "The PPPRA, in line with the government [...]
The price of crude oil rose to $30.25 per barrel on Friday. Brent crude, the global benchmark of crude oil, increased by 6.25% from the previous $26 per barrel. US West Texas Intermediate also increased by 2.97% to trade at $26.62 per barrel. The increase was due to comments made by Donald Trump, president of the United States, about intervening in the oil [...]
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