Tag: Crudeoil
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Nigeria May Run Out of Crude Oil in Next 50 Years – DPR
The Department of Petroleum Resources (DPR) has disclosed that Nigeria’s crude oil deposit could be exhausted in five decades from now. This was contained in its latest Nigerian Oil and Gas Industry Annual Report, which noted that at current reserve depletion rate standing at 2.04 percent per annum, will cease in 2067. The DPR then…
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Crude Oil Trades at Nigeria’s 2020 Budget Benchmark, $57/Barrel
The Brent crude futures continued to trade around the $57 mark on Tuesday, giving Nigeria a hope of being able to get something from oil revenue to fund its 2020 budget as envisaged. The price of the commodity had been facing south lately, no thanks to the deadly coronavirus, nicknamed CONVID-19 by the World Health…
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Crude Oil Prices Rebound as OPEC Push for Further Cuts
Major crude futures prices returned to gaining ways by 3 percent on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) and its producer allies are considering further output cuts to counter the effect of the coronavirus on global oil demand. As at Wednesday night, the Brent crude was trading up by $1.66 or…