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Petrobarometer

    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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    NNPC to hand over refineries to private companies after rehabilitation

NNPC to hand over refineries to private companies after rehabilitation

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    Crude oil price hits $34 as Trump lobbies Saudi Arabia to cut production

Crude oil price hits $34 as Trump lobbies Saudi Arabia to cut production

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    PPPRA drops petrol price to N123.50 for April

PPPRA drops petrol price to N123.50 for April

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 [...]

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    NEITI: FG spent N722.3bn subsiding petrol in 2018

NEITI: FG spent N722.3bn subsiding petrol in 2018

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    60 or 24 days? NNPC, DPR announce contradictory petrol stock

60 or 24 days? NNPC, DPR announce contradictory petrol stock

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    NNPC, 33 oil companies donate $30 million to fight COVID-19

NNPC, 33 oil companies donate $30 million to fight COVID-19

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    Nigeria offers crude oil buyers discount

Nigeria offers crude oil buyers discount

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    66 filling stations get waivers to supply fuel to border towns

66 filling stations get waivers to supply fuel to border towns

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    Crude oil rises above $30 per barrel after Trump hints at intervention

Crude oil rises above $30 per barrel after Trump hints at intervention

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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NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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