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Sunday, September 20, 2020

Oil News

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

Alternative fuel: MOMAN seeks special fund for vehicles’ conversion

Lagos, Sept. 9, 2020 The Major Oil Marketers Association of Nigeria (MOMAN) on Wednesday urged the Federal Government to create a special fund to facilitate the conversion of more vehicles in the country from using petrol, otherwise known as Premium Motor Spirit (PMS), to...

Oil marketers list gains of PMS deregulation to Nigerians

By Solomon Asowata Lagos, Sept. 10 2020 The Major Oil Marketers Association of Nigeria (MOMAN) says the deregulation of the sale of Premium Motor Spirit (PMS), also known as petrol, will be beneficial to Nigeria and Nigerians in the long run. MOMAN’s Chairman, Mr Tunji...

Oil drops more than 7% to multi-month low on demand fears

Oil prices tumbled to their lowest level since June on Tuesday amid growing demand concerns as Covid-19 continues to spread. West Texas Intermediate crude, the U.S. oil benchmark, slipped $3.01, or 7.6%, to settle at $36.76 per barrel. “Today’s oil price move is a clear sign...

BREAKING: PMS Price To Be Determined By Forces Of Demand And Supply —Nigeria

The price of Premium Motor Spirit popularly known as petrol will no longer be determined by government but by the forces of demand and supply, Buhari Administration has said. Executive Secretary of Petroleum Products Pricing Regulatory Agency, Abdulkadir Saidu, made this known on Tuesday while...

Oil slips after Saudi price cuts, demand optimism fades

Brent crude was at $42.21 a barrel, down 45 cents or 1.1% by 0439 GMT, after earlier sliding to $41.51, the lowest since July 30. U.S. West Texas Intermediate crude skidded 51 cents, or 1.3%, to $39.26 a barrel after earlier dropping to $38.55, the...

Oil drops more than $1 after Saudi price cuts, demand optimism fades

Singapore, Sept. 7, 2020 (Reuters/Naija247news) Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July. The drop is coming after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about demand recovery...

China’s August crude oil imports jump 13% on year as delayed cargoes clear customs

Beijing, Sept. 7, 2020 (Reuters/Naija247news) China’s crude oil imports in August climbed 13 per cent from a year earlier. The imports are buoyed by hefty orders placed earlier this year when global oil prices collapsed and as cargoes previously delayed by congestion at arrival ports...

NOSDRA confirms spillage of 45,000 barrels of crude at Angiama fields, Bayelsa

By Nathan Nwakamma Yenagoa, Sept. 4, 2020 The National Oil Spills Detection and Response Agency (NOSDRA) on Friday, confirmed the discharge of 45,000 barrels of crude oil at Angiama oilfields in Bayelsa. Naija247news reports that the Angiama oilfield operated by Shell Petroleum Development Company (SPDC) is...

Petrol may cost more in South-East unless FG fixes Enugu depot — IPMAN

By Chimezie Anaso Awka, Sept. 4, 2020 The Independent Petroleum Marketers Association of Nigeria (IPMAN), Enugu depot, has warned that petrol may cost more in the South-East, should the Federal Government fail to reactivate the Emene depot. The Chairman of Enugu depot of the association, Mr...

Fuel hike will affect produce price — Association

By Uchenna Eletuo Lagos, Sept. 4, 2020 Some farm produce distributors on Friday expressed dismay over continuous hike in fuel pump price, saying it would increase produce price to the disadvantage of both sellers and buyers. The distributors spoke with newsmen under the auspices of...
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