Tag: Oil
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Oil prices won’t go higher than $70 in years to come – JP Morgan
Oil prices at $70 may be the top of the range in the price of oil that would be seen over the next few years, chief global strategist at JPMorgan Asset Management, David Kelly told Bloomberg Daybreak: Americas on Monday. “Yes, we’ve got those geopolitical issues, but I don’t know if sanctions would be that…
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ICT has overtaken oil, gas in job creation – Atiku
Mr Samuel Atiku, an Information and Communication Technology (ICT) expert, on Thursday called on the Federal Government to adequately exploit the potential of ICT to develop the youth and create more employment. Atiku, Head of Research, BudgiT, told the News Agency of Nigeria in Lagos that the government could include youth-driven, ICT-based programmes in its…
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Make agriculture your new oil, Bill Gates advises FG
World-renowned philanthropist, Bill Gates has advised the Nigerian government to treat agriculture as its newly found oil to bring about development to all spheres of the country. Gates gave this advice at the special session of the National Economic Council meeting focused on human capital development held Thursday at the Banquet hall, Presidential villa, Abuja.…
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Oil prices jump as Brent hits $70
Oil prices jumped on Friday, with Brent crude futures hitting their highest in more than two weeks as U.S. stock prices rose. Investors covered short bets ahead of a weekend in which the U.S. news programme “60 Minutes” will air an interview with Saudi Arabia’s crown prince. Brent futures rose to more than 66.42 dollars…
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Oil reserves drop by 961 million barrels
Nigeria’s oil reserves has recorded a decline of 961.47 million barrels in four years, TheNewsGuru.com can authoritatively report. Recall that the Federal Government had earlier set a target of increasing the oil reserves. The oil reserves fell from a high of 32.23 billion barrels in 2012 to 31.27 billion barrels in 2016 while the condensate…
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Oil prices rise towards $70 fueling more subsidy fears
Oil markets signalled a new high for oil prices Monday as prices climbed on the back of a drop in the number of United States rigs drilling for more production. This also follows the continuing United States economy creating jobs, which fuels industry hopes for a higher fuel demand. The rise in oil prices has…
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Oil rise as production cuts tighten market
Oil prices rose on Tuesday on the back of an outlook for healthy demand amid ongoing production cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures were at 58.50 dollars a barrel. The Organisation of Petroleum Exporting Countries (OPEC), the Middle East-dominated producer club, and Russia, the world’s single biggest oil…
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Nigeria lost $21 billion to oil Production Sharing Contact – Kachikwu
Minister of State for Petroleum Resources Ibe Kachikwu said yesterday that Nigeria has lost $21 billion to oil Production Sharing Contact (PSC) in the 20 years. According to him, previous governments failed to exploit the opportunity of the Deep Offshore Act that made provision for premium element to be shared once the price of crude…
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Oil markets firm on expected extension of production cuts
Oil markets were firm on Monday, with Brent crude opening above 60 dollars per barrel on expectations an OPEC-led production cut due to expire next March would be extended. Brent crude oil futures, the international benchmark for oil prices, were at 60.63 dollars per barrel at 0018 GMT, up 19 cents or 0.3 per cent…
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Price for petrol drops, kerosene increases – NBS
The average price paid by consumers for Premium Motor Spirit (petrol) dropped by 1.2 per cent year-on-year, the Nigeria Bureau of Statistics (NBS), has said. According to a report on the NBS website, the Bureau also listed states with the highest and lowest average price of petrol in comparison with the approved government price of…