Tag: Oil
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Oil exploration in North won’t stop – NNPC GMD
Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said oil exploration in northern Nigeria will continue till it is found. He said this will enable the NNPC to do a massive appraisal of the discovery of gas reserves made in 1999 in the region. Dr. Baru who was in…
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Oil prices dip to $65
Oil prices sank on Monday by about three per cent after United States (U.S.) President Donald Trump told the Organisation of Petroleum Exporting Countries (OPEC) prices were on the high side. WTI Crude was down 2.58 per cent at $55.78, and Brent Crude was trading down 2.39 per cent at $65.64. But foremost investment bank,…
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Oil prices soar as Saudi Arabia cuts U.S. supply
Oil prices rose for a third day on Thursday pushed up by lower imports into the United States amid OPEC efforts to tighten the market as well as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation. U.S. West Texas Intermediate (WTI) crude futures were at $54.47 per barrel…
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Nigeria lost $2.8 billion to ‘oil-related crimes’ in 2018 – UN
The United Nations says Nigeria lost an estimated 2.8 billion dollars in revenues in 2018, mainly due to oil-related crimes. This is according to a new ‘Report by the Secretary-General on the activities of the United Nations Office for West Africa and the Sahel (UNOWAS)’ on Monday in New York. The report, which covered from…
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Nigeria’s oil production ups by 9%, hits 2.09m barrels daily – NNPC
Nigeria’s crude oil daily production is up by 9 per cent to about 2.09 million barrels. Nigerian National Petroleum Corporation (NNPC) Group Managing Director Dr. Maikanti Baru said this maintained a line of consistent year-on-year improvement. Dr. Baru, in a comprehensive end-of-year-message to the NNPC staff, listed Nigerian Petroleum Development Company (NPDC), Nigerian Gas Company…
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$1.1b Malabu oil bribes: Swiss to reveal Nigerian beneficiaries
Materials in a suitcase seized nearly three years ago by Swiss authorities may unlock the identities of the Nigerian recipients of the $1.1billion in corrupt payments by Shell and ENI over the purchase of OPL 245 from Malabu Oil. A Geneva prosecutor is now reviewing the materials and will decide what can be shared with…
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Oversupply: OPEC reduces Nigeria’s oil production quota to 1.68mbpd
…effective from January Nigeria is expected to cut its crude oil production by 3.04 per cent to 1.685 million barrels per day for the first half of next year, as part of efforts by the Organisation of Petroleum Exporting Countries (OPEC) to reduce oversupply. OPEC and 10 non-OPEC countries agreed earlier this month to cut…
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FG retains $60 benchmark as oil dips to $58
Indications emerged that the Federal Government retained the $60 benchmark per barrel despite the fluctuating prices of oil. Brent declined 2.01 per cent to $58.41 a barrel on Tuesday on the back of global equity sell-offs and continued concerns that the Organisation of Petroleum Exporting Countries (OPEC)/non-OPEC cuts may not be enough to rebalance an…
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U.S. oil edges up after 3% drop on big stock build
Oil inched up on Thursday amid ongoing tensions over the death of a prominent Saudi journalist, with prices steadying after a big drop overnight due to a jump in U.S. crude stockpiles. U.S. West Texas Intermediate crude for October delivery was up 12 cents, or 0.2 per cent, at $69.87 a barrel by 04:13 GMT,…
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Oil drops to around $83 on expectations Iran will maintain some exports
Oil dropped to around $83 a barrel on Monday, pressured by expectations that some Iranian oil exports will keep flowing after the U.S. reimposes sanctions, easing a strain on supplies. Two companies in India, a big buyer of Iranian oil, have ordered barrels in November, India’s oil minister said on Monday. The Trump administration is…