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Thursday, November 26, 2020

Oil News

Latest news from Nigeria’s energy sector. Nigeria oil news analysis covers Brent fuels, alternative energy and environmental developments.

Ardova seals deal to distribute Shell lubricants in Nigeria

By Itohan Abara-Laserian Lagos, Nov. 15, 2020 Ardova Plc has sealed a deal to be the major distributor of Shell lubricants in Nigeria, its Chief Executive Officer, Mr Olumide Adeosun, said in a statement issued on Sunday in Lagos, The deal followed an earlier Memorandum...

FastTrack domestic refining capacity to end unstable petrol pricing – LCCI DG

By Rukayat Moisemhe Lagos, Nov. 15, 2020 The Lagos Chamber of Commerce and Industry (LCCI) says accelerated domestic refining and processing of petroleum products would end the unstable petroleum pricing in the country, Dr Muda Yusuf, Director-Genera of the Chamber, said in an...

Oil falls 2% on coronavirus surge but gains 8% this week on vaccine hopes

Oil prices fell more than 2% on Friday, pressured by swelling output from Libya and fears that rising coronavirus infections may slow the recovery in the global economy and fuel demand. Hopes for a vaccine kept crude futures on track for a second straight weekly...

Kano IPMAN directs members to sell petrol at N170 per liter

By Muhammad Nur Tijani Kano, Nov. 13, 2020 The Kano zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to sell petrol at N170 a litre, an increase of N10 per litre from the price of N160 per litre.. Bashir...

Why some filling stations in Lagos are not selling fuel – IPMAN

By Solomon Asowata Lagos, Nov. 13, 2020 The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Friday said that filling stations in Lagos were not selling fuel because of uncertainty of the new pump price. IPMAN’s President, Mr Chinedu Okoronkwo, made this known in an...

Oil rises slightly on hopes for COVID-19 vaccine, declining U.S. crude stocks

Oil prices rose slightly on Wednesday as hopes of an effective COVID-19 vaccine continued to bolster sentiment and an industry report showed U.S. crude inventories fell more than expected. Brent crude rose 0.16% to $44.53 a barrel, while U.S. West Texas Intermediate (WTI) crude settled...

Oil gains more than 2% as vaccine hopes outweigh lockdown impact

Oil prices rose on Tuesday as hopes that a COVID-19 vaccine could be on the horizon outweighed the expected negative impact on fuel demand of new lockdowns to curb the virus. Brent crude futures rose 53 cents, or 1.3%, to $42.93, while U.S. West Texas...

Delta communities shut down operations of OML 30

By Edeki Igafe Warri, (Delta), Nov. 9, 2020 The Cluster Management Committee/President Generals Forum of Oil Mining Lease (OML) 30 in Delta, has shut down operations of Heritage Energy Operational Services Ltd (HEOSL), operators of OML 30. The committee made this known in a communiqué signed...

Brent crude tops $40 after Biden’s win lifts risk-takers

Brent crude futures for January climbed $1.06, or 2.7%, to $40.51 a barrel by 0453 GMT and U.S. West Texas Intermediate crude for December was at $38.21 a barrel, up $1.07, or 2.9%. Oil recovered from a 4% decline on Friday, rising along with other...

Oil slumps as Covid-19 infections surge, U.S. vote-count drags on

U.S. oil fell more than 3% on Friday as new lockdowns in Europe to halt surging infections of Covid-19 sparked concern about the outlook for demand, while markets remained on edge over drawn-out vote counting in the U.S. election. West Texas Intermediate was down $1.23,...
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