Tag Archives: OPEC

Nigeria is the only member country in the Organisation of Petroleum Exporting Countries (OPEC) that imports petrol and is currently the largest importer of Premium Motor Spirit (PMS) in the world. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, said in Abuja, on Thursday. Baru, who spoke through NNPC’s Chief Operating Officer (COO), Upstream, Bello ...

Achieftain of tf the Organisation of Petroleum Exporting Countries (OPEC), Suhail al-Mazrouei said, on Tuesday, that he expected the global oil market to be balanced this year, as producers continue to trim production following 2014 market crash. “I am optimistic that this year, we will achieve a market balance” between supply and demand, Mazrouei, also the energy minister of the ...

The Minister of State for Petroleum Resources, Ibe Kachikwu, on Thursday, directed the Nigerian National Petroleum Corporation (NNPC) to ensure that petrol queues were cleared in Abuja before Sunday. Kachikwu gave the directive at a world news conference to intimate journalists on the upcoming international oil and gas conference and exhibition tagged the Nigerian International Petroleum Summit (NIPS). According to ...

Oil prices were firm, on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia. Reuters News agency states that spot Brent crude oil futures, the international benchmark for oil prices, were at 70 dollars a barrel at 0102 ...

Oil has settled higher after dollar fluctuations and the restart of some Libyan oil fields caused the market to vacillate or fluctuate, with prices testing lower before rallying to levels just below three-year highs. Brent crude futures for March delivery settled up 42 cents, or 0.6 percent, at $69.03 a barrel, after earlier rallying to $69.51. Brent on January 15 ...

Oil prices rose on Monday, poised to make above 70 dollars on a slight decline in the number of U.S. rigs drilling for new production and sustained output cuts by the Organisation if Petroleum Exporting Countries (OPEC). Brent sweet crude futures were at 67.95 dollars a barrel, 33 cents above their last close. The Brent oil is poised to rise ...

OPEC is heading for tougher-than-expected policy talks on Thursday amid concern that its efforts to rebalance the oil market might overshoot by creating a global deficit and spurring a further price rally. “It will not be an easy meeting and we always look at various scenarios,” United Arab Emirates Energy Minister, Suhail Al-Mazroui said on Tuesday in Dubai before leaving ...

Debt payback could be done much easier than initially expected by the Federal Government. The Nigerian National Petroleum Corporation (NNPC) says oil revenue in the first ten months of the year exceeded the 2017 Budget oil benchmark of $44.50 per barrel by 18 per cent. NNPC’s Spokesperson, Ndu Ughamadu, made this known in a statement. Ughamadu said that the corporation’s ...

Crude oil now sells for at least sixty one dollars a barrel. A reality,  that could aid producers who are dependent on the commodity like Nigeria. Nigeria’s budget bench for 2017 was pegged at $44.58 a barrel. The rise in price is highest since the middle of 2015 and was the result of the an agreement between members of the ...

The lost of revenue due to the government’s inability to determine the exact number of crude oil export or even mined could soon be over in Nigeria. This is according to the Minister of State for Petroleum Resources, Ibe Kachikwu who disclosed the plan in a recent podcast in Abuja. The new system A new information Technology platform is being ...