Tag: Oil
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OPEC reports big Saudi oil cut, boosting compliance with deal
Top OPEC oil producer Saudi Arabia made a large cut in its crude output in January to support prices and lessen a glut, helping boost compliance with the group’s supply-reduction deal to a record high of more than 90 per cent. The Organisation of the Petroleum Exporting Countries is curbing its output by about 1.2…
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FG will not rely on oil even if it bounces back – Tunde Fowler
The Chairman, Federal Inland Revenue Service (FIRS) Mr Tunde Fowler, has said Federal Government has learnt enough lessons from the global fall in oil prices. He said even if the price bounces back to what it used to be or more, government will look inwards for options of better ans stable revenue generation. Fowler noted…
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Oil rises up to $57.01 on threat of U.S. issuing new Iran sanctions
Oil prices was up on Friday on news that U.S. President Donald Trump could be set to impose new sanctions on multiple Iranian entities, raising geopolitical tensions between the two nations. Comments by Russian energy minister Alexander Novak that oil producers had cut their output in accordance with a pact agreed in December also helped…
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Why Buhari is importing crude oil from Niger – Oyegun
The National Chairman of the All Progressives Congress, APC Chief John Odigie-Oyegun, has said the party supported President Buhari’s importation of crude oil from the Republic of Niger for refining at the Kaduna Refining and Petrochemical Company (KRPC) because of the level of disruptions in supply from the oil facilities in the South. The…
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Oil steady after gains on Saudi output cuts
Oil prices were little changed on Friday after gaining nearly 1 percent the day before on news that Saudi Arabia had cut production to meet OPEC’s agreement to reduce output. Saudi Arabia has been curbing oil output in January by at least 486,000 barrels per day (bpd) to 10.058 million bpd, fully implementing OPEC’s agreement…
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Osun to intensify intervention programmes 2017 – Aregbesola
In his 2017 New Year broadcast titled ‘From recession to recovery, growth and consolidation,’ the governor of Osun State, Rauf Aregbesola, has voiced his government’s commitment to intensify intervention programmes in the State in the New Year 2017. “We are going to intensify our intervention programmes among the people. This year, we are going to…
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‘Refineries to work in full capacity by 2017’
The Nigerian National Petroleum Corporation (NNPC), Tuesday, said it would rehabilitate the three local refineries located in Port Harcourt, Warri and Kaduna to achieve optimal capacity utilization in 2017. In a statement signed by Mr Ndu Ughamadu, the Group General Manager, Group Public Affairs Division (NNPC) in Abuja, the Chief Operating Officer, Refineries of the…
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Oil price hits highest since mid-2015 as OPEC and rivals agree historic deal
Oil prices shot up over four per cent to their highest level since 2015 early on Monday after Organization of the Petroleum Exporting Countries, OPEC and other producers over the weekend in Vienna reached first output cut deal since 2001 . They jointly reduced output in order to rein in oversupply and prop up the…
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Oil output reduction: Russia to create monitoring group
Russia will create a monitoring group to ensure oil output reduction following the newly-clinched output cut pact between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, Russian Energy Minister, Alexander Novak, said Sunday. “We will create a monitoring group inside the country at a meeting with our oil companies. The most important thing…
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We must look beyond oil to move Nigeria forward – Ekweremadu
The Deputy President of the Senate, Ike Ekweremadu, has advised Nigerians to look beyond oil to secure economic prosperity for the country. Ekweremadu, in a statement signed by his Special Adviser on Media, Mr Uche Anichukwu, said the days of oil as super foreign exchange earner for the nation were numbered or probably over. Ekweremadu…