25 C
Lagos, South Africa and New York
Monday, July 6, 2020
Home Oil & Energy

Oil & Energy

Discover latest news and analysis, headlines, blogs and videos about Nigeria’s Niger Delta Regions, Nigeria’s Oil wells and locations, Nigeria’s Key Oil companies and local refinery news and updatss

Iraq, Nigeria reduce output but yet to fully comply as OPEC oil output sinks, Saudi, others deepen cut, survey shows

Record OPEC+ oil supply cut took effect on May 1 Saudi Arabia cuts much more than quota, at 138% compliance Output by country: By Alex Lawler LONDON, June 30 (Reuters) - OPEC oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf...

Nigeria oil behemoth chief rejects critics calls for breakup of unprofitable state oil corp

NNPC has published first accounts in 43-year history as critics call for group to be dismantled The head of the Nigeria National Petroleum Corporation promised “a new season of transparency and accountability”, pushing back against critics calling for the break-up of the state oil company...

The Long Road To Global Oil Demand Recovery

Fuel demand in the United States has been gradually increasing in recent weeks, clawing back over half of the consumption lost during the first couple of weeks of lockdowns. Gasoline demand has been rising since early April as lockdowns eased and...

Oil price dips on global spike in coronavirus cases, posts second negative week in three

Oil prices dipped on Friday, erasing earlier gains, as new coronavirus cases spiked in the United States and China, and on growing concerns about rising U.S. output ticking up while crude stockpiles sat at record highs. Brent crude futures were 14 cents lower at $40.9....

Oil discovery in Northern parts of Nigeria will boost local content consumption, Experts say

The recent announcement by the Nigerian National Petroleum Corporation (NNPC) on the prospect for crude oil exploration in Plateau State has added to the growing number of oil exploration sites in the North. Borno, Bauchi, Gombe and Niger states have all been discovered to have...

India emerged highest buyer of Nigeria’s crude oil in Q1 as export dipped by 18.85%

Abuja — Nigeria’s crude oil export dropped by 18.85 per cent to N2.945 trillion in the first quarter of 2020, compared to crude oil export of N3.629 trillion recorded in the fourth quarter of 2019, according to data released by the National Bureau of...

Foreign investment inflow to Nigeria’s oil sector drops to 51% worth $10m

Lagos — Foreign investment inflow into the Nigerian oil and gas industry stood at $10.09 million in the first quarter of 2020, dropping by 51.07 per cent from $17.22 million recorded in the fourth quarter of 2019, according to data released by the National...

Traders see European gasoline cracks spike demand for cheaper Nigerian crude

A sharp improvement to European gasoline cracks could soon lead to an uptick in demand for Nigerian crude, traders said, but differentials remained steady on high storage and mostly bad margins. Increased mobility helped send European gasoline cracks higher and provided a boost to sellers...

Nigeria relieved as China scopes up more cheaper crude

  Nigeria can finally let off a brief sigh of relief as the return of China boosted both export prospects and grade differentials, reports say The submersion of East Asian markets into coronavirus-induced recession has pulled down several major oil producers, most notably Nigeria whose breakeven...

US oil firms slam brakes on return-to-work as virus cases soar

HOUSTON, June 24 (Reuters) - U.S. energy companies slammed the brakes on returning staff to their Houston offices as COVID-19 cases soared and top hospitals warned they could soon run out of beds for the most severely ill patients. A record number of new illnesses...
Open chat
Send us your story