Tag: Oil
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Oil rises to $53 approximately as inventory overhang erodes
Oil prices rose on Thursday lifted by a sustained decline in inventories and Saudi Arabia’s preparedness to cut crude supplies to its prized Asian customers. Brent crude futures were 52.99 dollars a barrel by 0855 GMT, while US West Texas Intermediate crude was up 17 cents at 49.73 dollars. Crude is down nearly seven per…
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FG urges Dangote to stop fuel importation by 2019
The Federal Government has urged Aliko Dangote, president of Dangote group, to make sure that he achieves his target of ending fuel importation in the country by December 2019. Minister of state for petroleum resources, Ibe Kachikwu, made the call when he visited the Dangote oil refinery site at Lekki free trade zone, Lagos state,…
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National petroleum policy will increase investments in oil, gas sector – Kachikwu
The Ministry of Petroleum Resources says the new National Petroleum Policy will ultimately remove barriers affecting investment and development of the oil and gas sector in Nigeria. A statement in Abuja on Wednesday by the Director of Press in the ministry, Mr Idang Alibi, said that the policy articulated the vision of the Federal Government…
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FEC approves new policies for oil, labour, insists fuel importation will end by 2019
The Federal Executive Council (FEC) on Wednesday approved new policies for oil and labour sectors of the economy. This was revealed by the Minister of State for Petroleum Resources Dr. Ibe Kachikwu and Minister of Labour, Dr. Chris Ngige in an interview with State House correspondents after the FEC meeting in Abuja. TheNewsGuru.com reports that…
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EGRP: We must divert attention from oil to revenue generation, mobilization – Adeosun
The Minister of Finance, Mrs Kemi Adeosun, has said that the best road map to economic recovery for Nigeria is to frontally and finally face other sources of revenue generation and mobilization from taxes and by encouraging local production, instead of relying on oil and borrowings. “The problem is not that our debt service is…
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JUST IN: OPEC extends oil output cut by 9 months to check glut
The Organisation of Petroleum Exporting Countries, OPEC, on Thursday in Vienna unanimously agree to extend cuts in oil output by nine months to March 2018 to further battle a global glut of crude. OPEC delegates said the cuts were likely to be shared again by a dozen non-members led by top oil producer Russia, which…
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How Petroleum Industry Bill will benefit Nigerians – Sen. Alasoadura
Chairman, Senate Committee on Petroleum (Upstream), Senator Tayo Alasoadura, has said that the Petroleum Industry Governance Bill (PIGB), now awaiting final passage in the Red Chamber holds immense benefits for all Nigerians. Alasoadura in a statement in Abuja, said the PIGB would not only help to create more jobs for Nigerians but will also foster…
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Oil prices rise despite bearish inventory figures
Oil prices rose nearly one per cent on Thursday on track for a fourth straight day of gains, but analysts remained cautious about record-high U.S. crude inventories. Brent crude futures gained 43 cents or 0.8 per cent to 54.80 dollars a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 0.9 per cent or 47…
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Only Africans will buy African oil – Emperor Baywood
Amidst global uncertainty about the future of crude oil and its implications on oil-dependent economies like Nigeria, the President and CEO, Baywood Group, Emperor Chris Baywood Ibe, has called for a more integrated continental trade structure amidst African countries, saying “Africans are the only ones that will buy their oil.” Speaking in Lagos during a…