Tag "OPEC"

    REVEALED: Nigeria’s oil revenue hit N85trn in 5 years

REVEALED: Nigeria’s oil revenue hit N85trn in 5 years

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. [...]

0 comment Read Full Article
    Buhari: Developed countries reluctant to assist us because they think we are rich

Buhari: Developed countries reluctant to assist us because they think we are rich

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, [...]

0 comment Read Full Article

Saudi Arabia threatens to stop dollar oil trades to protest US-led anti-OPEC bill

Saudi Arabia is threatening to sell its oil in currencies other than the dollar if the US passes a bill dubbed the No Oil Producing and Exporting Cartels Act (NOPEC).The NOPEC bill aims to remove sovereign immunity from US antitrust law, paving the way for OPEC (Organisation of Oil Exporting Countries) members to be sued for curbing output in a [...]

0 comment Read Full Article
    Oil prices hit one-year low as WTI loses $2 in 30 minutes

Oil prices hit one-year low as WTI loses $2 in 30 minutes

Oil prices hit its lowest point since December 2017 on Tuesday, following anticipated oversupply in the global crude oil market.  [...]

0 comment Read Full Article

NIPS 2019 to assess impact of OPEC, Non-OPEC agreement on Africa’s energy demands

The second edition of the Nigeria International Petroleum Summit (NIPS 2019) is scheduled to hold from January 27th to 29th, 2019 at the International Conference Centre, Abuja. The summit which is made up of a conference and exhibition, will welcome 20 African oil ministers and various heads of delegation including members of the Organisation of the Petroleum Exporting Countries (OPEC) and [...]

0 comment Read Full Article
    Barkindo to receive ‘Africa Oil Man of the Year’ award

Barkindo to receive ‘Africa Oil Man of the Year’ award

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 [...]

0 comment Read Full Article
    Despite growth projections, IMF says Nigeria’s economy may ‘not be so lucky’

Despite growth projections, IMF says Nigeria’s economy may ‘not be so lucky’

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 [...]

0 comment Read Full Article
    ‘Nigeria’s economic recovery poised to build momentum in Q2’

‘Nigeria’s economic recovery poised to build momentum in Q2’

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 [...]

0 comment Read Full Article
    IEA: Growth in OPEC production depends on Nigeria, two others

IEA: Growth in OPEC production depends on Nigeria, two others

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, [...]

0 comment Read Full Article

Kachikwu: ‘Oil firms must refine our crude locally’

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 [...]

0 comment Read Full Article
    Oil falls below $60— Nigeria safe for now

Oil falls below $60— Nigeria safe for now

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. [...]

0 comment Read Full Article

Nigeria leads the pack to boost OPEC January output-Report

Increased oil output from Nigeria has accounted for a spike in Organisation for Oil Exporting Countries’ (OPEC) January oil output, a Reuters survey shows.According to the survey, “in January the biggest increase in supply came from Nigeria, where some shipments originally planned for export in December slipped into January, according to loading programs and tanker data”.The survey showed that OPEC [...]

0 comment Read Full Article
    Barkindo: Petroleum industry responding to growth not seen in years

Barkindo: Petroleum industry responding to growth not seen in years

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 [...]

0 comment Read Full Article
    Barkindo discusses oil market stability with emir of Kuwait

Barkindo discusses oil market stability with emir of Kuwait

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 [...]

0 comment Read Full Article
    Oil prices soar to $67 — highest in over 2 years

Oil prices soar to $67 — highest in over 2 years

[...]

0 comment Read Full Article
    OPEC records highest level of cut compliance

OPEC records highest level of cut compliance

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 [...]

0 comment Read Full Article
Advertisement
Advertisement
Advertisement

Advertisement

Exchange Rates

December 05, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement