Tag: Oil
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Oil rises to $57.8 on fears of new Iran sanctions, Iraq conflict
Oil markets jumped on Monday on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq. An explosion at a U.S. oil rig and reduced exploration activity also supported prices there. Brent crude futures, the international benchmark for oil prices, were at 57.85 dollars. There were also concerns about the stability…
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Oil rises to $58, set for weekly gain
Oil prices rose on Friday as investors bet that efforts to cut a global glut are working and that the demand outlook is improving. U.S. crude was down 8 cents at 51.48 dollars a barrel after earlier rising slightly. Still the contract is heading for a fourth consecutively weekly gain. Global benchmark Brent crude was…
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We will never make it in Nigeria until we take agriculture seriously – Obasanjo
Former President, Chief Olusegun Obasanjo, has said Nigeria cannot make it until the nation takes agriculture and its value chains seriously. He said this on Thursday at the Youth Enterprises Summit organised by the Youth Development Centre, Olusegun Obasanjo Presidential Library in Abeokuta, Ogun State. The former President said agriculture had the capacity to develop…
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OPEC exempts Nigeria from oil production cut
The Organisation of Petroleum Exporting Countries (OPEC) and Non-OPEC countries have approved Nigeria’s exemption from oil production cuts. A statement by the Director, Press Relations, Ministry of Petroleum Resources, Mr Idang Alibi, said the endorsement was given by at a meeting of OPEC’s Joint Ministerial Monitoring Committee on Friday in Vienna. Nigeria was first granted…
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Oil rises to $56 as demand rises
Oil markets were firm on Monday and remained near multi-month highs reached late last week as the number of U.S. rigs drilling for new production fell and refineries continued to start up after getting knocked out by Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures were at 50.0 dollars per barrel at 0547 GMT,…
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We’ll shut down oil, power sectors indefinitely if FG does not accede to our demands tomorrow – Labour
The United Labour Congress, ULC, and its affiliate unions have threatened to shut down the oil and power sectors by Friday if the Federal Government does not meet its demands. TheNewsGuru.com reports that other affiliates of the union that promised to shut down the sectors by Friday include Nigeria Union of Petroleum and Natural Gas…
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The earlier oil dries up, the better for Nigeria – El-Rufai
The Governor of Kaduna, Nasir El-Rufai, yesterday in Ibadan said the discovery of oil in Nigeria is responsible for the brain drain in the country. Governor El-Rufai, who spoke at the 2017 Founder’s Day Celebration in memory of Prof Ojetunji Aboyade, which was organised by the Development Policy Centre, said because Nigeria got ‘easy money’…
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Attacks on oil facilities to resume September 10 – Militants
THE Coalition of Niger Delta Agitators has said it will renew its attacks on oil installations in the Niger Delta on September 10. It also stated that the notice to quit issued to Hausa and Yoruba in the Niger Delta had not been withdrawn. “Our intelligence department has given us the list of the oil…
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Buhari’s mandate to shift dependence from oil yielding results – Kachikwu
The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Tuesday in Abuja said the mandate of President Muhammadu Buhari’s administration to shift focus from oil-dependence to gas was yielding results. Kachikwu said this while addressing newsmen after the signing of the Gas Sales and Aggregation Agreement (GSAA) by the NNPC/Total Exploration Production Nigeria…
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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…