Oil cuts by Saudi Arabia and Russia will cause a "significant" global supply shortfall through the end of the year, raising the risk of further market volatility, the International Energy Agency said Wednesday. The warning in the IEA's monthly market report comes a day after oil prices jumped following OPEC's own update showed that the…
The Nigerian government might spend more to subsidise Premium Motor Spirit (PMS) as oil prices rose, yesterday, following predictions of tighter supply by the Organisation of Petroleum Exporting Countries (OPEC).
About $46 billion translating to N16.25 trillion was lost to crude oil theft between 2009 and 2020, Speaker of the House of Representatives, Tajudeen Abbas, said on Thursday. According to the speaker, the menace of crude oil theft has drastically hampered the growth of the country's oil production, with Nigeria losing between five to 30…
Despite the push from fossil fuel due to net-zero concerns, Organisation of Petroleum Exporting Countries (OPEC) has said demand for the products would continue to power the transportation sector.
A former Nigerian minister has been charged with bribery offences, following a National Crime Agency (NCA) investigation.
The difficult times that most Nigerians are going through as a result of removal of subsidy on petrol, and the attendant inflation thrown up, calls not only for understanding by all, but also sacrifice by both the leaders and the followers.
Federal Government, Nigerian National Petroleum Company Limited and others stakeholders in Abuja, yesterday, kicked back against push by Western countries for adoption of cleaner energy and end to fossil fuel.
The latest revenues fact sheet of the Organisation of Petroleum Exporting Countries (OPEC), which revealed the figure, also projected that the country’s earnings would increase to about $29 billion in the same period 2024.
A shocking headline in an online publication: “Naira slumps to N700/dollar as CBN floats currency, stops fixing exchange rates,” stirred my worry and alarm to pen this piece.
Nigeria’s oil production edged slightly, last month, to regain its leading position in Africa, while, yesterday, the Organisation of Petroleum Exporting Countries (OPEC) pegged the country’s oil production in May at 1.2 million barrels.
There are growing signs that major oil producers led by Saudi Arabia and Russia are considering slashing production further when they meet on Sunday in a bid to prop up prices.