Libya has eclipsed Nigeria as Africa’s largest oil producer following a recent drop in the West African nation production, the Organization of the Petroleum Exporting Countries...
For a country hit by a revenue and FX shortfall, the Nigerian government continues to miss out on gains of rising oil prices as oil production...
The Organisation of the Petroleum Exporting Countries (OPEC) said Africa would reduce dependence on oil importation as it strives to meet the projected production output for...
The Organisation of Petroleum Exporting Countries (OPEC) on Tuesday commended President Muhammadu Buhari and the National Assembly on the passage of the Petroleum Industry Bill (PIB)....
The price of oil has hit a 30-month high following a positive demand outlook by the Organization of the Petroleum Exporting Countries (OPEC). The price of...
The Organisation of Petroleum Exporting Countries (OPEC) is set to boost production level amid increasing cases of COVID-19 which threatens the recovery of oil price which...
Crude oil has crashed to just above $60 per barrel as it struggles to find its feet again. Brent, against which Nigeria’s crude oil is priced,...
Crude oil prices fell on Monday evening after pushing above $70 a barrel in the early hours, as dust from Saudi Arabia attacks settled. In the...
Crude oil price opened the week on Monday trading at $70 per barrel more than two percent it traded on Friday following reports of attacks on...
The Organisation of Petroleum Exporting Countries (OPEC) on Thursday commended Nigeria for achieving full conformity with the oil production cut in January. OPEC gave the commendation...
The Organisation of the Petroleum Exporting Countries Plus (OPEC+) will consider loosening the grip on crude oil price as it skyrockets to its highest in a...
The House of Representatives and the Ministry of Finance on Tuesday, February 16, had a mild disagreement over the processes involved regarding the payment of the...
The international oil benchmark, Brent crude, rose further on Thursday, trading near $59 per barrel according to data from Oilprice.com. As at 11.00am Nigeria time, data...
The World Bank said on Tuesday a weak fiscal base, poor investments and a host of other factors would speed up a subdued growth in the...
Oil prices were mixed on Tuesday as an impasse in output talks between key crude producers regarding changes to February supply forced the Organisation of the...
Oil prices hit their highs in many months on Monday amid hopes that the Organisation of the Petroleum Exporting Countries (OPEC) and allies will limit supply...
Oil prices climbed on Tuesday, the third time in four trading sessions, on hopes of fuel demand recovery, as the U.S. drew closer to expanding its...
Nigeria has enjoined the Organisation of the Petroleum Exporting Countries (OPEC) to rethink the consequences of deep production cuts on member countries as OPEC and allies...
Global oil demand will scale up by 6.2 million barrels per day (mbpd) per day next year as national economies gradually find recovery from the headwinds...
Oil prices moved up a little on Friday as they approached their third week of appreciation. However, fears of demand slump due to escalating COVID-19 infections...
Oil prices advanced further on Wednesday amidst optimism that the Organisation of the Petroleum Exporting Countries (OPEC) and allies will slow down a proposed hike in...
Saudi Arabia’s Energy Minister, Abdelaziz bin Salman, said on Tuesday the major oil countries might have to adapt their current production strategy in the face of...
Oil prices lifted higher on Monday, recovering some of the grounds lost at the Friday session, with the optimism that the Organisation of the Petroleum Exporting...
The Department of Petroleum Resources (DPR) has declared that it generated about N742.472 billion in revenue in the 8-month period from January to August, the government...
Nigeria’s crude oil production went up by 9% to 1.353 million barrels per day (bpd) in August relative to 1.361 million bpd in July, data from...
President Muhammadu Buhari and Saudi Arabia’s King Salman bin Abdulaziz discussed measures taken to stabilise and restore the balance of global oil markets in a telephone...
Nigeria’s perennial foreign exchange shortage is squeezing life out of Africa’s largest economy, Bloomberg reported on Monday. Banks won’t honour card payments, foreign investors can’t get...
Oil prices fell on Thursday following the resolution by the Organisation of the Petroleum Exporting Countries (OPEC) and its Russia-led allies to relax record production curbs...
The Organisation of the Petroleum Exporting Countries (OPEC) Tuesday said Nigeria’s monumental cost of servicing debts could stand in the way of economic productivity. Nigeria has...
Nigeria’s crude export earnings in the five year period from 2015 to 2019 came to $206.06 billion, the Organisation of the Petroleum Exporting Countries (OPEC) said...
Oil prices posted modest gains on Tuesday, reversing earlier losses as optimism regarding additional cuts in crude output dampened the fears that a resurgence of fresh...
The Nigerian National Petroleum Corporation (NNPC) has said it will end its crude sales discount regime next month. Mele Kyari, the Group Managing Director, made the...
Oil prices strengthened on Monday, two days after world major producers consented to sustain a deal on historic production cuts to the end of July just...
The Organisation of Petroleum Exporting Countries (OPEC) and its allies, OPEC+ on Saturday agreed to extend their record output cuts by one month. In a statement...
The prices of oil in the international market witnessed a surge on Wednesday, with Brent, Nigeria’s flagship crude grade rising to $40 over continued optimism that...
Oil prices dipped by almost 1% on Monday as traders played safe with the Organisation of the Petroleum Exporting Countries contemplating a meeting this week to...
Oil prices dipped for the third straight day Friday, setting in motion its first weekly loss in two fortnights and a week, as U.S. stock statistics...
Nigeria has reviewed its oil export programmes for May and June downward in conformity with a global production cut agreement led by the Organisation of the...
The Organisation of Petroleum Exporting Countries (OPEC) has said there will not be a rebound in the global demand for crude until the second half of...
A surplus of Nigerian crude weighed on the international oil market on Tuesday with lower demand from China than in the past couple of weeks. Nigeria...
Rallying from the immediate dip that happened after the historic production cut deal between the Organisation of Petroleum Exporting Companies (OPEC) and its Russia-led allies, oil prices inched...
Nigeria has allied itself with the Organisation of Petroleum Exporting Countries (OPEC) to reduce global crude oil production by 10 million barrels per day (bpd) between...
Oil prices plunged Thursday by as much as 12% as the deal to cut global production by 10 million barrels per day (bpd) failed to wow...
The Organisation of Petroleum Exporting Countries (OPEC) Thursday agreed to another cut in production adding up to 1 million barrels per day (bpd) among its fourteen...
The downtrend in the oil market reached a new nightmarish height Thursday as the Brent (against which Nigeria’s Bonny Light is benchmarked) tumbled to $51 a...
Indications emerged on Monday that Organisation of Petroleum Exporting Company (OPEC) and its allies might extend its current production cuts or even deepen them to buffer...
The Federal Government’s (FG) hope of achieving a seamless implementation of its 2020 budget suffered a set back Wednesday following the release of the Organisation of...
Nigeria’s daily oil output shortfall of 80,000 barrels was the biggest among the Organisation of Petroleum Exporting Countries (OPEC) for December 2019 according to ship-tracking data...
Brent crude on Monday dropped in price again, shedding $1.09 to close at $60.82 per barrel. Also on Monday, reports by Reuters said that the oil...
The Ijaw Youth Council (IYC) Worldwide, on Saturday called for an end to oil importation, urging the federal government to take practical measures to curtail importation...
