Tag
CRUDE OIL
Nigerian crude contracts were little changed on Friday but were set to rise for a second week amid signs of improving demand and tight supply, despite an uptick in the dollar's value
Nigeria’s Brass River, Bonny Light, and Qua Iboe are trading above $81.55 a barrel, about two dollars higher than the active Brent contract.
The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) has pegged Nigeria’s crude oil production quota for 2024 at 1.5 million barrels daily.
The Central Bank of Nigeria (CBN) has approved the appointment of 11 pre-shipment monitoring and evaluation agents for oil and gas exports in Nigeria.
The Nigerian Economic Summit Group (NESG) has stated that unless certain conditions are met, Nigeria may not reap the benefits of local crude oil refining which include economic growth, job creation and reduced dependency on imports etc.
Seplat Energy Plc has released its unaudited financial statements for Q1 2024. The company posted a net loss of $1.93 million, representing a 103.3% year-on-year decline from the $57.5 million net income posted in Q1 2023.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner, First Exploration and Petroleum Development Company Limited (First E&P), aim to achieve an average oil production of 20,000 barrels per day on the new OML 85 platform in Bayelsa State.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said on Monday that the country’s oil and gas reserves were at 37.50 billion barrels as of January 1, 2024, up from 37.046 billion barrels in May 2022.
Nigerian crude prices increased during the final trading session of the week due to rumors that Israel is preparing for a direct attack on Iran this weekend.
Nigeria has yet to clear more than half of its scheduled crude oil cargoes for May as unsold crude oil starts to build up in the oil market.
Nigeria has to get serious about diversifying its earning base
Nigeria oil sold at a premium on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, a shrinking U.S. rig count added to upward price pressure.