Tag: Oil
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Iran sanctions: Oil price rises, increasing global supply caps market
Oil markets were stable on Wednesday, buoyed by falling supplies from Iran ahead of U.S. sanctions but held in check by rising production outside the Organization of the Petroleum Exporting Countries. Oil prices were a shade firmer. Brent added 7 cents to 76.05 dollars a barrel, while U.S. crude rose 9 cents to 68.62 dollars…
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Shell, Bayelsa community disagree on spill impact
A disagreement in the areas impacted by an oil leak on the Trans Ramos Pipeline within Shell’s oilfield at Aghoro communities in Bayelsa has stalled a joint investigation of the spill. The News Agency of Nigeria reports that the leak , which occurred on May 17, 2018 discharged a yet to be ascertained volume of…
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Oil, manufacturing sectors got highest credits from banks in second quarter – NBS
The oil and gas and manufacturing sectors got the highest credits from banks to the private sector at N3.45 trillion and N2.02 trillion respectively in the second quarter (Q2) of 2018, the National Bureau of Statistics (NBS) has said. In its report published on Friday, titled ‘Selected Banking Sector Data – Q2 2018,’ the NBS…
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OPEC output rises on Nigeria, Kuwait supplies
Oil production from the Organisation of Petroleum Exporting Countries (OPEC) rose in July, despite supply shortfalls from Libya, Iran and Saudi Arabia. Rising output from Nigeria, Kuwait and the UAE offset the drops. OPEC production averaged 32.32 million barrels per day (bpd) in July, 40,700 higher than June, according to the group’s monthly oil market…
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Nigeria’s oil exports rise by 1.9 per cent in July
The volume of crude oil exported by Nigeria in the month of July 2018 increased by 1.90 percent compared to last month’s. According to a report by Bloomberg, the total exports grew to 1.64 million barrels per day (b/d) last month from the 1.61 million b/d recorded the previous month. The increase in the volume…
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How oil exports, controlled imports aided Nigeria’s exit from recession – NBS
The National Bureau of Statistics (NBS) on Monday said Nigeria’s recovery from economic recession slowly began in the second quarter of 2017 (Q2 2017) mainly because of oil exports and controlled imports. The bureau disclosed this in a report published on its website titled, Nigerian Gross Domestic Product Report (Expenditure and Income Approach) 2017. Recall…
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Oil prices fall as Saudi, Russian output rises
Oil prices fell on Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid an escalating trade dispute with the U.S. Benchmark Brent crude oil LCOc1 fell 1.24 dollars a barrel to a low of $77.99 before recovering to $78.40, down 83 cents, by 7.35 GMT. U.S. light crude…
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Oil price falls to $74 as Nigeria’s exports suffer
The international oil benchmark, Brent crude, on Tuesday continued its biggest losing streak since February, falling below $75 per barrel. The downturn in oil prices came on the heels of worries that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall, with hedge funds reducing bullish positions in crude.…
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Oil prices jump after U.S. abandons Iran deal, plans ‘highest level’ sanctions
Oil prices rose more than two per cent on Wednesday, with Brent hitting a 3-1/2-year high, after U.S. President Donald Trump abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member. Ignoring pleas by allies, Trump on Tuesday pulled the U. S. out of an international nuclear deal…
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Oil price rises above $75 per barrel
International oil benchmark, Brent crude, on Monday hit $75 per barrel and rose further amid growing geopolitical tensions in the world. Brent, against which Nigeria’s crude oil is priced, stood at $75.16 per barrel as of 8:15pm Nigerian time, while the United States’ marker, West Texas Intermediate, traded around $68.36 per barrel. The rise in…