Oil production threatened by non-compliance to COVID-19 protocols
Nigeria’s ability to meet its monthly oil production quota and revenue target may become hampered if rising cases of coronavirus in offshore oil fields are not addressed. With the country suffering huge revenue losses from decline in oil prices since March, and inability to sell its crude during the lockdown, there are fears that production…
Virus crisis puts Nigeria corrupt fuel subsidy system in spotlight
Plunging oil prices and collapsing state revenues have seen Nigerian authorities vow an end to a controversial fuel subsidy...
OPEC agrees on production cut, may force Nigeria others to comply
The Organisation of Oil Producing Companies (OPEC), Russia and other allies referred to as OPEC+, yesterday agreed to extend oil production cut till December this year.
OPEC, allies agree to extend deep output cuts through July
OPEC members led by Saudi Arabia and other key oil producers agreed Saturday to extend historic output cuts through July.
Too early to rejoice as oil price hits $35
Energy experts in Nigeria are uncertain of the sustainability of current increase in the prices of crude oil, as Brent rose to $35.14 per barrel, while Bonny Light traded for $33.92 gaining about $4.11.
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.
Between politics of petrol subsidy and deregulation of downstream sector
The regime of fuel subsidy came into Nigeria since 1973 to cushion the impact of importation at a time the government failed to maintain the nation’s refineries despite growing demand for petroleum products. With the introduction, government fixes pump price and balances.....
Glut, low prices may force Nigeria, others to shut oil production
Motivation for continued oil production may drop further as oil prices fail to rebound, despite the OPEC+ production cut deal, even as available oil storage capacity around the world runs
US crude falls below $15 a barrel as virus throttles demand
US crude crashed to below $15 a barrel on Monday, its lowest level for over two decades, as concerns about a virus-triggered demand shock and lack of storage eclipsed an output cut deal.