Tag
CRUDE OIL
Nigerian billionaire Aliko Dangote is seeking to raise billions of dollars to ramp up crude oil supplies for his $20 billion oil refinery, located on the outskirts of Lagos.
Crude oil prices have dropped nearly 9% from an early October high of $80.35 per barrel, with Brent crude struggling to stay above $75 as OPEC lowers its global oil demand forecast for the fourth time.
The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that approximately 7.68 million barrels of crude oil were either stolen or lost in 2023.
Nigerian crude traded at a premium, above $80 a barrel, despite moderation in China's inflation rate and an opaque situation surrounding the country's economic stimulus plans, which have triggered concerns about energy demand in the world's biggest crude oil importer.
Brent and Nigerian oil blends have rebounded from their September lows, stabilizing around $77 per barrel as escalating tensions in the Middle East heighten fears of supply disruptions.
Nigeria continues to struggle to meet its OPEC’s quota as its crude oil production fell by 40,000 barrels per day in the month of September.
Nigeria’s average daily crude oil production rose by 3.4% to 1.352 million barrels in August according to latest data published by OPEC.
The Federal High Court, Abuja, has granted N20 million bail to two truck drivers accused of vandalizing oil...
The Federal Government of Nigeria has listed some of the benefits of selling Crude oil to Dangote refinery and other local refineries in naira rather than in foreign currency, notably the greenback.
The National Oil Company of Libya, also known as NOC, has denied holding negotiations to supply crude oil to any local refinery in Nigeria.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated that International Oil Companies (IOCs) are not refusing to sell crude oil to the Dangote refinery.
Dangote Refinery is ramping up crude oil production with a purchase of additional 5 million barrels from the United States of America (US), according to data from Bloomberg.