NIGERIA has asked the Organisation of Petroleum Exporting Countries (Opec) to increase her production quota of 1.77m barrels a day in response to falling global prices after Brent crude tumbled to below $70 a barrel yesterday.
Following the collapse in global crude oil consumption in the wake of the coronavirus pandemic,...
NIGERIA'S minister of state for petroleum resources Chief Timipre Sylva has revealed that government subsidies in the sector have effectively ended with the passing of the Petroleum Industry Bill (PIB) by the National Assembly.
Earlier this month, Nigeria's National Assembly passed the long-awaited PIB, which among other...
MEMBERS of the Organisation of Petroleum Exporting Countries (Opec) have agreed to repeal some of the production cuts they introduced in a bid to rally prices after indications that global demand looks set to pick up later this year.
Following the collapse in global crude oil consumption in the wake of the coronavirus...
NIGERIA spent a total of $1.32bn on the importation of petrol and other petroleum derivatives in 2020 according to recent data just published by the Central Bank of Nigeria (CBN) despite being the world's sixth largest crude oil exporter.
Historically, Nigeria has produced 2.5m barrels of crude oil a day, the bulk of which...
NIGERIA'S total crude oil and condensate production between January and October last year fell by 10.25% to 553.59m barrels from 616.87m barrels in 2019 as a combination of the coronavirus pandemic and forced cuts have hit the sector hard.
With global crude oil prices under strain from the effects of falling demand and the...
PRESIDENT Muhammadu Buhari has approved the appointment of Nigerian Dr Mahmoud Isa-Dutse as an executive director on the board of the Islamic Development Bank (IsDB) based in the Saudi Arabian city of Jedda.
Dr Dutse is the immediate past permanent secretary of the Federal Ministry of Finance, Budget and National Planning....
NIGERIA enjoyed a N318bn ($832.21m) increase in revenue during the month of February as a result of a rally in global oil prices as the production cuts introduced by the Organisation of Petroleum Exporting Countries (Opec) is having a positive effect on the market.
Heavily dependent on crude oil for survival, Nigeria lives...
NIGERIA may get some economic respite before the end of the year after analysts at US bank Goldman Sachs raised their price forecasts for crude oil for the second and third quarters of 2021 to about $75 a barrel.
Being a mono-economy with the federal government realising over 90% of its revenue from crude oil, Nigeria is...
NIGERIA'S beleaguered economy has received a minor boost from the inauguration of President Joe Biden after global oil prices rallied slightly to over $55 a barrel following his swearing-in yesterday.
Being a mono-economy with over 90% of government revenue coming from the sale of crude oil, Nigeria has been hit hard by...
NIGERIA has exported her first ever cargo of the newest grade of crude oil known as Anyala that has just been explored from new oil fields in the Niger Delta and has been shipped to Europe this week.
Oil analysts, S&P Global Platts, which provides benchmark prices for commodity markets around the world, said the first...
