Saturday, February 17, 2018

Tag "crude oil"

    By 2022, US may cut back crude oil import from Nigeria

By 2022, US may cut back crude oil import from Nigeria

The US may drastically reduce its import of crude oil from Nigeria by 2022.According to the US Energy Information Administration (EIA), the country is projected to become a net energy exporter in four years.In the newly released Annual Energy Outlook 2018, EIA said the transition from net energy importer to net energy exporter will not take place until 2050 in [...]

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    Naira untouched as stocks, crude oil record losses

Naira untouched as stocks, crude oil record losses

The naira remained stable on Tuesday despite losses recorded on the Nigerian Stock Exchange and global crude oil market.The naira appreciated against the dollar to exchange at N361/$ against Monday's exchange price of N363 to the dollar.The gain can be attributed to weekly interventions by the Central Bank of Nigeria (CBN) to make forex available to various segments of the [...]

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    Dogara: Fuel scarcity won’t stop until we’re able to refine crude locally

Dogara: Fuel scarcity won’t stop until we’re able to refine crude locally

Yakubu Dogara, speaker of the house of representatives, says the solution to incessant fuel scarcity in the country is the ability of the country to refine crude locally.He said this on Tuesday when he received executive members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.The speaker said until Nigeria is able to refine its [...]

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    Adeosun: We don’t care if oil prices rise or fall

Adeosun: We don’t care if oil prices rise or fall

Kemi Adeosun, minister of finance, says Nigeria has got to a point where it does not care if oil prices rise or fall.In an interview with Bloomberg, the minister said the country had learnt to live with oil prices at $45-$46 a barrel.As of 2pm on Friday, Brent crude, the international benchmark of crude oil was trading at $70.20.US West Texas [...]

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    Oil prices hit $70 per barrel amid OPEC cuts

Oil prices hit $70 per barrel amid OPEC cuts

Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth and supply restrictions led by the Organisation of the Petroleum Exporting Countries (OPEC) and Russia.NAN reports that brent crude oil futures, the international benchmark for oil prices, were at 70 dollars a barrel, up four cents from Tuesday.US West Texas Intermediate (WTI) crude futures were at 64.59 [...]

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    Oil price will ‘remain between $40-$60’ despite OPEC cut

Oil price will ‘remain between $40-$60’ despite OPEC cut

Moody's, US-based ratings agency, says crude oil prices will remain within the range of $40 to $60 despite the extension of the supply cuts agreed on by the Organisation of Petroleum Exporting Countries (OPEC).The agency made this prediction in its 2018 credit trends report for the global oil and gas industry."Oil prices will remain at $40-$60 per barrel in 2018 [...]

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    TIMELINE: How naira moved from N520/$ to N360/$

TIMELINE: How naira moved from N520/$ to N360/$

The strength of a nation's currency is crucial because it affects the purchasing power of its citizens and domestic and foreign trade.Nigeria experienced its worst recession in 29 years between 2016 and 2017, which was largely caused by oil glut in the global market.During this period, the naira, which used to exchange for N180 to a dollar, traded for as [...]

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    Nigerian crude customers double purchase of US shale

Nigerian crude customers double purchase of US shale

Some of the countries that purchase crude from Nigeria have doubled their purchase of shale, the US version of crude oil.According to an analysis by Bloomberg, US has exported more hydrocarbons in 2017 than any other time in history.On a closer look at the data made available, TheCable discovered that 12 of the countries which had increased their purchase of [...]

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    Senate raises oil benchmark to $47 per barrel

Senate raises oil benchmark to $47 per barrel

The senate has increased the crude oil benchmark from $45 per barrel as presented by President Muhammadu Buhari to $47 for the 2018 budget.The senate approved $47 per barrel oil benchmark after it considered a report by its joint committees on finance, appropriation and national planning and economic affairs.The lawmakers also reduced non-oil projection to N5.279 trillion from N5.597 trillion.The [...]

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    Iran displaces Nigeria as India’s third largest supplier of crude

Iran displaces Nigeria as India’s third largest supplier of crude

Iran has displaced Nigeria as India's third largest supplier of crude oil after India, the world's third-largest oil importer, shifted its focus to the Middle East and the United States for supply.In August, India's Hindustan Petroleum Corporation said it would take its first crude oil import from the US, dumping Nigeria's sweet crude for US oil.Rising production output from the US [...]

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    13 countries ‘have not purchased’ Nigeria’s crude since 2016

13 countries ‘have not purchased’ Nigeria’s crude since 2016

Thirteen countries have not purchased Nigeria's crude since 2016, according to information made available by the Nigerian National Petroleum Corporation (NNPC).According to the latest Crude Oil by Destination report of the NNPC, Poland, Colombia and Uruguay have not purchased crude from Nigeria since June 2016.Cape Verde has not purchased any crude from Nigeria since November 2016 while Cotonou, Tunisia and [...]

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    Deepening debate on oil exploration in the north

Deepening debate on oil exploration in the north

Like a planned incident, last week, three stories were coincidentally published by different newspapers on this subject; one by this author, deepening the debate on the viability of the renewed push for oil exploration in the frontier basins in the north.At the centre of the debate is still the prospect of a major oil find in the frontier basins.Oppositionists [...]

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    ICYMI: We’ve discovered 800,000 companies that have never paid taxes, says Adeosun

ICYMI: We’ve discovered 800,000 companies that have never paid taxes, says Adeosun

Kemi Adeosun, minister of finance, says the ministry has discovered 800,000 companies that have never paid tax.She said the ministry is compiling a database that combines data from the various arms of government, including bank records, property and company ownership, and customs records.Adeosun said the ministry had also enlisted one of the world’s premier private investigation agencies to trace overseas assets.She said [...]

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    Oil prices maintain upward trend, hit $62

Oil prices maintain upward trend, hit $62

Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.Brent crude, the international benchmark for oil prices, hit $62.44 per barrel on Monday -- highest level since June 2015.US West Texas Intermediate crude hit $56.00 per barrel in [...]

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    Oil prices hit two-year high amid supply cuts

Oil prices hit two-year high amid supply cuts

Oil prices are on a two-year high with Brent crude peaking at $60.80 down from $60.91 per barrel on Tuesday.Nigeria's budget benchmark for 2017 is $44.50 per barrel.Reuters reports that benchmark Brent LCOc1 was down 10 cents at $60.80 per barrel by 1050 GMT, not far off July 2015-highs reached earlier this week, and up around 37 percent since their 2017 [...]

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    How FG plans to fund N3.52trn deficit in 2018 budget

How FG plans to fund N3.52trn deficit in 2018 budget

The federal government plans to finance the N3.52 trillion deficit in the 2018 budget with revenue from crude oil sales and non-oil sources.According to the medium term expenditure framework (MTEF) and fiscal strategy paper (FSP), 43.2 percent of funds are projected to come from oil revenue, while 56.8 percent is to be earned from non-oil sources.Data from the MTEF and [...]

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Exchange Rates

Feb 16, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS364497448
KANO364495430
PH363498435
ABUJA365497434
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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