Oil prices fall as rising U.S. inventories reassert supply concerns
Businessam Staff
May 6, 2020
Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after U.S. crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread. U.S. West Texas Intermediate (WTI) crude futures fell as much as 2.1% to $24.05 a barrel and were […]
Nigeria’s oil crisis compounded as India’s fuel demand crash by 60%
Businessam StaffMay 5, 2020
In what may have compounded Nigeria’s energy crisis, India, the country’s largest importer of crude oil, reported a 60% slump in gasoline and diesel demand in April 2020. According to information obtained from oilprice, India, the world’s third-largest oil importer, recorded the crash in demand due to a nationwide lockdown to contain the spread of […]
1,000 NNPC graduate trainees begin work on Monday
Businessam StaffMay 1, 2020
More than 1,000 graduate trainees recently recruited by the Nigerian National Petroleum Corporation are to assume duty from Monday, May 4, 2020. Kennie Obateru, NNPC’s group general manager, group public affairs division, disclosed this on Thursday in a statement issued in Abuja. He said the trainees would assume duty first virtually, while the corporation would […]
Rivers youths protest planned relocation of Shell to Lagos
Samson EchenimApril 24, 2020
Youths under the aegis of the Rivers Youth State Federation (RSYF) on Friday staged a protest at the Logistics Base of Shell Nigeria Exploration and Production Company (SNEPCO) over an alleged plan by the company to relocate its business to Lagos. Saviour Patrick, president of Rivers Youth State Federation (RSYF), who led the peaceful protest, […]
India’s refiner shuns Nigeria’s crude oil in Q1
Businessam StaffApril 24, 2020
India’s Reliance Industries, owner of the world’s biggest refining complex, saw its imports of Nigerian crude oil slump to zero in the first quarter of the year, compared to 9,800 barrels per day in Q1 2019. India has remained the single largest buyer of Nigerian crude oil in the past few years after the United […]
Oil crash may warrant production halt, says NNPC
Businessam StaffApril 23, 2020
Nigeria has not stopped producing crude oil but a persistent crash in oil prices may lead to a halt in production, the Nigerian National Petroleum Corporation has declared. On Tuesday, global oil price benchmark, amid the demand collapse caused by reduced economic activities, Brent, against which Nigeria’s crude oil is priced, fell by $6.34 to […]
FG pays N200bn to offset Gencos’ gas bill
Businessam StaffApril 16, 2020
The federal government has in the past two to three days paid over N200bn for power supply in Nigeria,Mele Kyari, the group managing director, Nigerian National Petroleum Corporation, declared on Wednesday. Also, the Association of Nigerian Electricity Distributors, the umbrella body for Discos, has said the proposed two-month free electricity for customers announced by power […]
Oil hovers around $31 despite OPEC+ cut deal
Businessam StaffApril 14, 2020
The international oil benchmark, Brent crude, wobbled on Monday, despite the historic oil production cut deal sealed by the Organisation of Petroleum Exporting Countries and its allies on Sunday. The OPEC, Russia and other countries agreed on Sunday to cut output by 9.7 million barrels per day in May and June, representing about 10 […]
Crude cuts: Nigeria to earn $10.61bn in eight months
Businessam StaffApril 14, 2020
Nigeria may earn about $10.61bn from crude oil sales between May and December this year following latest decision by members and non-members of the Organisation of Petroleum Exporting Countries to cut production. Also, the country will earn about $22.74bn from crude oil between January 2021 and April 2022 going by the volume of crude […]
Financial boost beckons on African oil producers after OPEC+ slashes production by 23.7mbpd
Samson EchenimApril 13, 2020
African oil producing nations will experience a financial boost following global oil production slash that sees total world production down by 23.7 million barrels per day. In a watershed moment for the oil and gas industry, OPEC and its allies in the OPEC+ group finalized a deal on Easter Sunday that, in conjunction with efforts […]