The Federal Government's Naira-to-crude initiative, aimed at bolstering domestic refining capacity has been marred by inconsistent execution, causing local refineries to struggle for crude supplies to maintain operations, and raising concerns about Nigeria’s energy self-sufficiency.
Petroleum Engineer and Oil and gas analyst, Dr Bala Zakka, has criticised the Federal Government for failing to...
The Organization of the Petroleum Exporting Countries (OPEC) has advised the Nigerian National Petroleum Company Limited (NNPCL) to increase oil production in order to take part in the $14 trillion investment opportunity in the global oil market in the nearest future.
Nigerian consumers should prepare for an impending increase in fuel pump prices as privately-run depots are now charging independent oil marketers as high as N505 per liter, up from N490 per liter in the previous week.
The United States is facing a national crisis with the most significant number of coronavirus cases globally, the worst unemployment levels seen in decades, and massive crowd protests from state to state by their citizens.
In the meantime, OPEC+ wants to keep the existing production output cuts beyond the June expiry date as part of efforts to rebalance the market. Countries like Saudi Arabia, the United Arab Emirates (UAE) and Iraq, have all reaffirmed their commitment to this effect.
The week seems to be starting on a gloomy note for the global oil market, as the American headline crude, WTI, crashed by almost 25%
According to data from the Central Bank of Nigeria (CBN), about a third of loans by Nigerian banks were given to oil firms.
The volatility of the global oil market persists as two of the biggest oil-producing countries are considering further output cuts
OPEC and OPEC+ finally agreed to a historic cut in crude oil output as part of measures geared towards tackling the global oil crises.
The African Petroleum Producers’ Organization (APPO) has expressed its support for the resolutions that were reached during the 9th OPEC and non-OPEC Ministerial meeting which was held on Thursday, April 9, 2020.
Oil prices have slumped again on Thursday, following the declaration of a travel ban on European countries into the United States.
