Nigeria made about N85 trillion ($236.2 billion) from oil between 2014 and 2018, the 54th edition of Annual Statistical Bulletin by the Organisation of Petroleum Exporting Countries (OPEC), has revealed. [...]
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President Muhammadu Buhari says some developed countries are reluctant to assist Nigeria because they have "wrong assumptions" that the nation is rich. According to a statement by Garba Shehu, presidential spokesman, Buhari said this on Thursday while receiving letters of credence from the newly appointed diplomats of Kuwait, India and Namibia in Abuja.The president told Abdulaziz Al Bisher, ambassador of Kuwait, [...]
Oil prices hit its lowest point since December 2017 on Tuesday, following anticipated oversupply in the global crude oil market. [...]
Mohammad Barkindo, secretary general of the Organisation of Petroleum Exporting Countries (OPEC), will be honoured with the “Africa Oil Man of the Year” award, at the Africa Oil and Power conference in September.The theme for the 2018 edition of the conference, "Energy Coalitions", will focus on Africa’s growing role in OPEC, and the efforts by global institutions, governments and the [...]
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 [...]
Market optimism over the recovery of Africa’s largest economy has increased steadily throughout the first trading quarter of 2018.The combination of appreciating oil prices, foreign exchange stability and easing inflationary pressure has boosted confidence in Nigeria’s economy. With the nation’s GDP hitting 0.82% in 2017 and predicted to register a positive trajectory amid strengthening domestic demand, the outlook continues to [...]
The International Energy Agency (IEA) says the growth in the production capacity of the Organization of Oil Exporting Countries (OPEC) depends on stability in Nigeria, Iraq and Libya.IEA made this prediction in its latest market report series titled 'Oil 2018: Analysis and Forecasts to 2023'. "Our analysis shows that discoveries of new oil resources fell to another record low in 2017, [...]
Nigeria's quest to speed up refining crude oil locally has received a boost, with the Federal government announcing that all multinational oil firms will soon be barred from shipping out crude from the country.The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said this in Abuja at a break-out session of the maiden Nigeria International Petroleum Summit (NIPS) titled [...]
The global crude oil market seems not to have recovered from the fears of another supply glut as West Texas Intermediate (WTI) fell below $60 on Tuesday.Brent crude, the international benchmark of crude oil, traded at $62; a safe place for Nigeria, whose Bonny Light oil is priced the same as Brent crude. [...]
Mohammed Barkindo, secretary general, Organisation of Petroleum Exporting Countries (OPEC), says the petroleum industry is responding to demands not seen in years.He said this in an interview with Bloomberg Television on the sidelines of the World Economic Forum in Davos, Switzerland.He said growth in global demand of oil and increased conformity with supply cuts, will ensure market equilibrium in 2018 and [...]
Mohammad Barkindo, secretary general of Organization of the Petroleum Exporting Countries (OPEC), met with Sabah Al-Sabah, emir of Kuwait, on Wednesday to discuss oil market stability.Also in attendance were other Kuwaiti officials -- Anas Al-Saleh, the deputy prime minister and minister of state for cabinet affairs; Haitham Al-Ghais, the country's governor to OPEC and Bakheet Al-Rashidi, minister of oil, electricity and [...]
The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) says compliance with the production cut agreement has hit 122 percent -- the highest ever.JMMC said it reached this conclusion based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for November 2017.The JMMC was established after the 171st ministerial conference where 11 non-OPEC oil producing countries and 13 OPEC members agreed [...]
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