U.S. import from OPEC member countries declines by 23,000bpd
The United State (U.S) product imports from the Organisation of the Petroleum Exporting Countries (OPEC) member countries dropped by 23 thousand barrels per day (tbpd) compared to a month before to stand at 301 tbpd. Besides, OPEC has raised world oil demand by 1.65 million barrels per day (mbpd) in 2018 in its July monthly…
OPEC warns of trade war 'risks' for oil market
The OPEC cartel on Wednesday warned that global trade tensions could have a negative impact on the oil market by pushing down demand for crude.
Trump says Saudi king agrees to ramp up oil production
US President Donald Trump said on Saturday that Saudi Arabia's King Salman had agreed to his request to ramp up oil production, a week after OPEC already announced an output rise.
How FG loses crude earnings to IOCs metering
The Federal Government’s reliance on the International Oil Companies (IOCs) to determine the quantity of oil production is negatively affecting the country’s crude earnings.
Oil majors take lion’s share of N84tr proceeds in five years
Although oil has always been described as Nigeria’s core mineral wealth, fresh statistics show that industry operators might be the main beneficiaries from the sector.The petroleum industry earned $276.642 billion (N84.6 trillion) in the last five years. Only N8.41 trillion of the sum, however, was spent on budget from 2013 to 2017.
Trump did not pressure us to increase oil production – Barkindo
The Secretary-General of OPEC, Mr Muhammad Barkindo, has dismissed suggestions that pressure by Mr Donald Trump, US President, played a role in OPEC’s decision to increase oil production.
OPEC agrees ouput rise of 'about' 1 mln barrels
OPEC members have agreed on a combined increase in crude oil output of one million barrels per day, the oil minister of the cartel's kingpin Saudi Arabia said Friday.
OPEC: Nigeria will not support additional oil supply – Kachikwu
The Minister of state for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, said Nigeria would advise against additional oil supply to the global market by OPEC and non-OPEC members. Kachikwu made the country’s position known in an interview with journalists on Thursday ahead of the 174th Meetings of the OPEC Conference and the OPEC and non-OPEC…
‘Low oil production, price may limit implementation of 2018 budget’
Nigeria may be ensnared in another budget deficit as members of the Organization Petroleum Exporting Countries (OPEC) head for a crucial meeting to decide on output policy, which could crash the price of oil.With pressure mounting from consumers like United States and China, as well as move by Saudi Arabia and Russia for OPEC ....