Tag: Crude Oil
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Supply cuts,strong demand, pushes oil price close to late-2014 highs
Oil prices held firm on Friday near three-year highs reached earlier this week as ongoing OPEC-led supply cuts, as well as strong demand, gradually draw down excess supplies. Brent crude oil futures were up at 73.79 dollars per barrel at 0440 GMT. U.S. West Texas Intermediate (WTI) crude futures down 2 cents at 68.40 dollars…
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Oil prices rise to $70 on strong economy amid OPEC cuts
Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia. Spot Brent crude oil futures, the international benchmark for oil prices, were at 70 dollars a barrel at 0102…
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Price of brent crude oil rises to all time high since December 2014
The price of brent crude oil rose to 70 dollars a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in U.S. and Canadian drilling activity that points to higher future output in North America. Brent sweet crude futures, the international benchmark for oil prices, were at…
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Nigeria’s inability to refine crude oil shameful – Kachikwu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Thursday, described as shameful Nigeria’s inability to refine her crude oil. He stated this during the investigative public hearing on the current scarcity of petrol in different parts of the country. The minister vowed that the Federal Government would ultimately address the problem. Meanwhile,…
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Nigeria realises N118tn in 53 years from crude oil – NBS
The National Bureau of Statistics says Nigeria has realised more than N118tn from crude production and refining from 1961. The NBS report, which has additional data from the Nigerian National Petroleum Corporation, collated its statistics from 1961 till 2014. “The petroleum statistics on crude oil production and oil refining reflects that a total 32.70 billion…
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NNPC raises alarm over international crude oil fraudsters
The Nigerian National Petroleum Corporation (NNPC) Tuesday raised the red flag on the activities of con men who specialize in circulating phantom letters of crude oil allocation with the intent of defrauding unsuspecting would-be buyers or members of the public. Speaking at the presentation of commendation letters to 12 staff of the Crude Oil Marketing…
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Nigeria’s oil exports to slip in October
Nigeria’s total exports are set to slip in October, possibly to a five-month low, according to loading programmes. Export plans for most grades were showing levels of roughly 1.72 million bpd, compared with 1.88 million bpd in September, according to a Reuters’ report. While some cargoes would likely be added, the current plan stands at…
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Oil rises to near 1-month high on supply tightening
Oil rose to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply cut at a field in the United Kingdom’s North Sea that feeds into an international benchmark price. Brent crude futures, the international benchmark for oil, were at 54.52 dollars per…
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FG projects crude oil rise above 2.2m barrels by June
The Federal Government on Tuesday in Abuja projected that the nation’s crude oil production would increase. The Group Managing Director of the NNPC, Dr Maikanti Baru, gave the projection in a keynote address on the topic ‘Outlining NNPC’s Commercial Strategy and Priorities’ at the 16th Nigeria Oil and Gas Conference (NOG). He said although the…
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Militant attacks: Nigeria lost up to $100bn in 2016 – Kachikwu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the country lost as much as $100bn in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record low. Kachikwu, who stated this on Tuesday in his monthly broadcast posted on his Facebook page with…