Uncertainty in oil market as OPEC postpones meeting
Efforts at stabilising crude oil price may suffer setbacks as the Organisation of Oil Exporting Countries (OPEC) and its allies struggle to manage market volatility following fresh worries
Co-location and Crude pipelines: Lessons from telcos for Nigeria’s oil sector
Crude oil provides more than 70 per cent of the revenue of Nigeria’s government at all levels and more than 90 percent of its foreign exchange. At a time when oil prices appear to be stabilising due
NNPC sells $120.49m volume of oil, gas as trading surplus dips
The Nigerian National Petroleum Corporation (NNPC), yesterday, said the country exported $120.49 million worth of crude oil and gas in September 2020.
Oil recovery hinged on vaccinations as OPEC+ targets new quota
The possibility of oil prices going beyond the $50 a barrel average price appears to be dim as a result of the mutating strains of the coronavirus that threaten economic and oil demand recovery with lockdowns
We must discontinue dependence on crude oil for public revenue, forex – Emefiele
The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has reiterated the need for the country to discontinue with heavy dependence on crude oil to guarantee public revenue and foreign exchange. Emefiele made the call on Saturday in Abuja at the prize presentation ceremony to mark the end of the 2020 CBN…
Oil no longer sustainable, Kogi commissioner warns
Kogi State Commissioner for Agriculture, David Ape, has warned that Nigeria’s over-reliance on crude oil portends doom for the nation’s economy.
Subsidy removal for economic prosperity
The greatest lesson that the COVID-19 pandemic has brought to the fore is the evil effects of subsidies on the Nigerian economy. After decades of corruptive spending, called petroleum subsidy by the Federal Government of Nigeria, it finally bade goodbye to the ignoble policy, albeit unwillingly. The decision to jettison the policy was due to…
Second wave of pandemic poses risks to oil rebound
As countries brace for a second wave of the coronavirus spread, analysts have warned that an unexpected hit to demand could derail oil prices, as producers are yet to reduce their stock builds
Nigeria hopeful as oil passes $30 benchmark amid new cuts
Crude oil futures were higher yesterday morning amid market expectations that demand destruction following the COVID-19 outbreak has found a floor, while OPEC+ cuts begin.