Tag: Crude Oil
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Crude Oil Slumps on Fear of Deadly Virus in China
Despite an escalation brought by Libya’s oilfields blockage on Monday, oil prices fell on Tuesday as a deadly virus in China sparked fears of an economic slowdown. Prices had appreciated on Monday when supporters of military commander, Khalifa Haftar, closed a pipeline connecting Libya’s largest oilfields which led to a stop in oil production. As…
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Crude oil, gas export hits $232.87m
Nigeria recorded crude oil and gas export sale of $355.93 million in September 2019, the Nigerian National Petroleum Corporation (NNPC) has said. This indicated a significant increase of 52.84 per cent, compared to the August, 2019 figure of $232.87 million. A statement in Abuja by NNPC’s Acting Group General Manager, Group Public Affairs Division, Mr.…
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Reps set up ad-hoc committee to unravel quantity of stolen crude oil
Jonas Ike, Abuja The House of Representatives on Thursday set up an Ad- hoc Committee to launch thorough investigation into the amount of crude oil theft alleged to have been stolen from Nigeria. At plenary, Deputy Majority Leader of the House, Hon. Peter Akpatason was announced as Chairman by Deputy Speaker Hon Idris Wase, who…
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We have commenced tracking of vessels lifting crude from Nigeria – FG
The Minister of State for Petroleum Resources, Ibe Kachikwu on Tuesday said every barrel of crude oil produced and exported out of the country is now being tracked by the Federal Government in collaboration with the Economic and Financial Crimes Commission (EFCC). Kachikwu said the government and the EFCC recently commenced the tracking of vessels…
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Oil drops to around $83 on expectations Iran will maintain some exports
Oil dropped to around $83 a barrel on Monday, pressured by expectations that some Iranian oil exports will keep flowing after the U.S. reimposes sanctions, easing a strain on supplies. Two companies in India, a big buyer of Iranian oil, have ordered barrels in November, India’s oil minister said on Monday. The Trump administration is…
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Nigeria rakes $416m from crude oil, gas export in one month
Figures released on Thursday by the Nigerian National Petroleum Corporation (NNPC) have revealed that in the month of June 2018, the country generated $416.07 million from crude oil and gas export sales. According to the June 2018 edition of the Monthly NNPC Financial and Operations Reports released yesterday by the state-owned oil agency, the amount…
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NNPC appoints Mallam Mele Kyari OPEC national representative
The Nigerian National Petroleum Corporation (NNPC) has announced the appointment of Mallam Mele Kyari, incumbent Group General Manager in charge of its Crude Oil Marketing Division, as Nigeria’s National Representative to the Organization of the Petroleum Exporting Countries (OPEC). The NNPC in a statement by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu,…
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Oil prices jump after U.S. abandons Iran deal, plans ‘highest level’ sanctions
Oil prices rose more than two per cent on Wednesday, with Brent hitting a 3-1/2-year high, after U.S. President Donald Trump abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member. Ignoring pleas by allies, Trump on Tuesday pulled the U. S. out of an international nuclear deal…
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US technology frightens mono-economies – Buhari
President Muhammadu Buhari on Monday during a joint press conference with President Donald Trump in Washington has said the advancement of the United States in terms of technology is frightening to mono-economies. TheNewsGuru reports President Buhari who was on a 3-day working visit to the US said the threat is majorly for nations, especially those…