There is a feeling of change within the strategy of how OPEC operates. This uncertainty has played a leading role behind the price of oil coming under relentless pressure over the past couple of weeks, in anticipation of the cartel’s meeting in Vienna this week.Concerns that OPEC and its non-member allies will increase production for the first time since late [...]
Tag "crude oil"
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Kemi Adeosun, minister of finance, says Nigeria is focused on accelerating economic growth rate and will not be "complacent around the increase in oil prices".Speaking on Thursday in Abuja, Adeosun told a delegation of World Bank executives that the federal government is “optimistic and vigilant,” and is working to consolidate on the gains of increased revenue by spending more.The minister [...]
President Muhammadu Buhari says he did not discuss America's low patronage of Nigeria’s crude oil with US President Donald Trump during their meeting on Monday.He said this was because he “can’t tell the US what to do".The US, which used to be the largest importer of Nigeria's crude, reduced its import on increased exploration of shale.Trump recently attacked the Organisation [...]
The International Monetary Fund (IMF) says Nigeria's economy might not be so lucky despite the growth projections from various quarters.Giving his opening remarks at the unveiling of the 2018 World Economic Outlook on Tuesday, Maurice Obstfeld, IMF's chief economist, said commodity exporting countries will need to diversify their economies to boost further growth.With a 0.8 percent growth signalling an exit [...]
The Nigerian National Petroleum Cooperation (NNPC) has denied the request of Femi Falana, lawyer and human rights acvitist, seeking to know how much revenue Nigeria is getting daily from the sale of crude oil.Falana had asked the commission to disclose the revenue realised from the sale of the daily allocation of 445,000 barrels of crude oil from June 1, 2015 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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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