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Monday, July 13, 2020

Oil News

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

Oil prices inch higher on OPEC output cut

Oil prices inched higher in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand. West Texas Intermediate crude futures climbed 13 cents, or 0.3%, to $40.76 a...

Brent Oil Advances as Upbeat Economic Data Offsets Surging Cases

(Bloomberg) -- Brent crude rose in Asia as some economic data pointed to signs of recovery, though rising virus infections across the globe clouded the outlook for demand. Futures in London climbed 0.6%, after gaining 4.3% last week after buoyant U.S. labor data showed payrolls...

Nigeria’s LNG exports hit 1.8 million tons amidst buyers clause

Nigeria plans to keep its liquefied natural supply at current levels despite prices near record lows, the opposite of what exporters from the U.S. to Australia are doing. State-owned Nigeria LNG Ltd. plans to continue utilization levels and may even boost exports in August and...

Italy prosecutor insists Eni, Shell officials aware of bribes by corrupt Nigerian politicians

MILAN, July 04 - Oil majors Eni and Royal Dutch Shell were aware that most of the money they spent to buy a Nigerian oilfield in 2011 would go in corrupt payments to politicians and officials, a prosecutor said on Thursday. “They were kickbacks....

Pirates kidnaps Nine in hijack of Oil Production Vessel Off Nigeria

Pirates attacked an oil production vessel off Nigeria in the early hours of Thursday and kidnapped nine Nigerian nationals, the ship’s owner BW Offshore said. The vessel, a floating production, storage and offloading vessel (FPSO) that can produce about 50,000 barrels per day, was working...

JUST IN: Nigerian Government Increases Petrol Pump Price

The Petroleum Products Pricing Regulatory Agency has increased the pump price of petrol to N140.80/143.80 per litre from the present N121.50 per litre. The regulatory agency announced the new retail price band to marketers in a circular dated July 1, 2020 and signed by its...

Investors focus on Chinese oil futures to boost yuan’s appeal to loosen dollar’s hold on global commodity pricing

Foreign companies and investors are warming to Chinese oil futures, a boost to a project that Beijing hopes will boost the yuan’s appeal and loosen the dollar’s hold on global commodity pricing. China, the world’s largest importer of crude oil, launched yuan-denominated futures in March...

Chinese broad switch to sweet crudes boosts Nigeria oil

LONDON, July 1 - Unusually slow Chinese buying has led to slow sales of heavier West African grades, while a broad switch in desired crude slates from sour to sweet crudes is boosting Nigerian oil. State Chinese buyers continue to hold off on buying Angolan...

PPPRA Increases Petrol Pump Price To N143.8 Per Litre

The Petroleum Product Pricing Regulatory Agency (PPPRA) has announced an upward review of the retail pump price of petrol from the previous N121.50 . This was revealed in a circular dated July 1st, where the downstream regulator said oil marketers are now expected to sell...

Nigeria makes changes to reduce risk of marginal oilfield disputes

Tife Owolabi YENAGOA, Nigeria June 30 - Nigeria has changed the way marginal oilfields are allocated to avoid legal problems that bedevilled a previous bidding round, the director of the Department of Petroleum Resources (DPR) said on Tuesday. Nigeria in early June launched its first...
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