Nigeria’s $2.8bn OPEC deal largesse meets roadblock in Mexico
Moses Obajemu
April 13, 2020
By Moses Obajemu Nigeria’s hope of raking in a $2.8 billion largesse from its sale of crude oil following last week’s Organisation of Petroleum Exporting Countries (OPEC+) meeting may have just hit a roadblock in Mexico. By production arrangement reached during the meeting, Nigeria was in line to earn the hefty sum from its sale […]
Fuel price: NNPC retail stations in full compliance with PPPRA price template
Businessam StaffApril 10, 2020
The NNPC Retail Ltd., one of the downstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC), has clarified that all its filling stations across Nigeria were selling premium motor spirit (petrol) within the official price band announced by the Petroleum Products Pricing Regulatory Agency (PPPRA) for the month of April. Kennie Obateru, the corporation’s group general […]
Nigeria joins OPEC to cut crude oil production
Businessam StaffApril 10, 2020
The federal government on Friday said crude oil price would rebound by at least $15 per barrel in the short term following the latest intervention of the Organisation of Petroleum Exporting Countries and its allies, jointly referred to as OPEC+. Timipre Sylva, minister of state for petroleum resource, said the rebound could translate to additional […]
Focus shifts to G20 meeting for OPEC++ deal as OPEC+ ends oil price war
Businessam StaffApril 10, 2020
From July to December, overall production cuts will lower to 8 million barrels per day, followed by 6 million barrels per day from January 2021 to April 2022 In a move to save the oil industry — facing the biggest crisis in its history — OPEC and Russia have forged ahead on new production cuts, […]
FG set to legalise modular Refineries – Sen Enang
Businessam StaffApril 9, 2020
Sen. Ita Enang, the Senior Special Assistant to the President on Niger Delta Affairs, has said that the Federal Government was planning to legalise Modular Refineries in the country. Enang made this known when he featured on a News Agency of Nigeria (NAN) Forum on Thursday in Abuja. He said that his office had, over […]
NNPC to hands-off refineries management, adopt NLNG model
Businessam StaffApril 9, 2020
The Nigerian National Petroleum Corporation (NNPC), yesterday, stated that it would no longer be involved in the management of the country’s refineries after their ongoing rehabilitation. In a statement in Abuja, Mallam Mele Kyari, group managing director of the NNPC, disclosed that upon completion of the ongoing rehabilitation exercise, the services of a company world be procured […]
Oil futures rise on hopes of production cuts
Businessam StaffApril 9, 2020
Oil prices strengthened ahead of their settlement on Wednesday, buoyed by hopes that OPEC and its allies will strike a production cut agreement, shrugging off bearish signals from surging U.S. crude inventories. Brent crude was up $1, or 3%, at $32.87 by 2:23 p.m. EDT (1823 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.55 cents […]
Businessam StaffApril 8, 2020
The Nigerian National Petroleum Corporation says demand for Nigeria’s crude oil in March dropped by 6.8 million barrels due to the COVID-19 pandemic. Mele Kyari, the group managing director of NNPC, said this on Channels Television’s Sunrise Daily programme on Wednesday. Kyari said the drop in the demand for oil was not peculiar to Nigeria but global. […]
African Energy Chamber urges OPEC to reach a deal on ending oil price war
Ben EguzozieApril 7, 2020
…organization meets in Vienna on Thursday Ben Eguzozie, with agency report As member-countries of the petroleum producers’ group, OPEC and OPEC+ meet this Thursday April 9 in Vienna, Austria, to try to reach a deal on ending the current oil price war, the African Energy Chamber (AEC) has urged the body to reach a deal […]
Nigeria ready for OPEC talks, says Sylva
Businessam StaffApril 7, 2020
Timipre Sylva, the minister of state for petroleum resources, on Monday pledged Nigeria’s readiness for the deliberations on output cut that the Organization of Petroleum Exporting Countries (OPEC ) has proposed for Thursday. In a statement which he personally issued, he said the “Government of Nigeria wishes to assure the Nigerian and international communities that […]