No end in sight for the oil price crisis, says Daniel Yergin
Businessam StaffMarch 13, 2020
Rebalancing the oil market in a context of dropping demand and rising supply will take a while, energy expert Daniel Yergin told media, as quoted by Reuters. With demand subdued more than usual because of the coronavirus pandemic and the oil price war between Saudi Arabia and Russia adding more barrels to the market, it will be […]
Nigeria, others lose $500m daily to oil price crash
Businessam StaffMarch 12, 2020
With the steep fall in crude oil prices this week, Nigeria and other members of the Organisation of Petroleum Exporting Countries are bleeding over $500m a day in lost revenue. Saudi Arabia launched an oil price war last Saturday following the failure of OPEC and its 10 allies, led by Russia, to broker a deal […]
Oil price crash: SEC boss calls for emergency measures
Businessam StaffMarch 12, 2020
Acting Director-General of the Securities and Exchange Commission, SEC, Ms. Mary Uduk, yesterday, has called for emergency measures to insulate the Nigerian economy against expected shocks from the declining crude oil prices and increasing spread of coronavirus. Addressing newsmen in Abuja, on its forthcoming International conference on Nigeria’s Commodities Market, Uduk stated that with the […]
Dangote set for 100,000 barrels of oil production
Businessam StaffMarch 12, 2020
Africa’s richest man, Alhaji Aliko Dangote is set to diversify his business empire by venturing into the oil sector. The billionaire will reportedly begin oil production in July from the two assets acquired from Royal Dutch Shell Plc. Dangote is also working with Chinese and Malaysian contractors and has completed a development plan for the Kalaekule field on its Oil […]
Saudi Arabia prepares to flood the oil market
Businessam StaffMarch 11, 2020
The Saudi Energy Ministry has told Aramco to increase its oil production capacity to 13 from 12 million bpd, the company’s chief executive Amin Nasser said in a statement. The news comes on the heels of an Aramco filing with the Saudi bourse that it would raise oil production next month to 12.3 million bpd. According to […]
Coronavirus: FG to review budget, adopt new oil benchmark
Businessam StaffMarch 10, 2020
Amid tumbling prices of crude oil, the federal government is set to cut the country’s 2020 budget. President Muhammadu Buhari will get a report today on what his regime can do to salvage the N10.59tn budget. The budget review committee, which was set up by Buhari on Monday, is chaired by Zainab Ahmed, the minister […]
Power sector loses N117.8bn to gas shortage, others
Businessam StaffMarch 9, 2020
Between January 1 and March 6, Nigeria’s power sector lost N117.8bn, investigation has shown. Findings showed that the sector kept losing billions of naira daily, as it lost as much as N2bn daily in some days during the period under review. It was also gathered that the least amount lost by the sector on […]
More revenue worries for Nigeria as oil price crashes to $33, loses $11 in hours
BusinessamliveMarch 9, 2020
The international oil benchmark, Brent crude, which stood at $45.72 per barrel on Sunday, has slumped to $33 per barrel. Oil prices suffered an historic collapse overnight after Saudi Arabia shocked the market by launching a price war against onetime ally Russia. Brent, against which Nigeria’s crude is priced, fell by $11.62 to $33.45 as […]
55 Nigerian oil cargoes unsold as demand tumbles
Businessam StaffMarch 6, 2020
Oil traders are struggling to find buyers for 55 Nigerian crude oil cargoes as the spread of the coronavirus has dampened demand from China and European refiners. Most of Nigeria’s April crude oil export programme have not been sold, while about half Angola’s planned shipments for April have yet to find buyers, according to two […]
Discos reject 17,657MW as power outage persists
Businessam StaffMarch 4, 2020
Power generation on the national grid wobbled continuously in February as electricity distribution companies rejected a total of 17,657.19 megawatts of energy allocated to them by the Transmission Company of Nigeria between February 3 and February 23. Latest industry statistics obtained from the federal ministry of power and TCN in Abuja on Tuesday showed a […]