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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

Opec needs output cuts to balance oil market

Cartel’s own forecasts predict supply still threatens to overwhelm demand in 2017

No increase in petrol price, NNPC warns against panic buying

The Nigerian National Petroleum Corporation (NNPC) on Wednesday admonished Nigerians not to engage ‎in panic buying of petrol as there was no plan to increase its price. ‎ In a statement released in Abuja by the Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu,...

OPEC daily basket price close at $52.60/b

18 January 2017, Naija247news, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $52.60 a barrel on Tuesday, compared with $52.17 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the...

Nigeria’s major refineries produce 4.6 m litres of Kerosene, 7.7m litres AGO

The Nigerian National Petroleum Corporation’s (NNPC) three refineries produced additional volumes of 4.6 million litres of Dual Purpose Kerosene otherwise known as kerosene and 7.7 million litres of Automotive Gas Oil otherwise known as diesel as at today (Tuesday). The Chief Operating Officer of the...

U.S. crude discount to Brent widens on Trump tax talk, OPEC

18 January 2017, New York — U.S. oil prices hit their biggest discount to global benchmark Brent crude in five months on Tuesday as President-elect Donald Trump said an oil import tax plan would be too complex and as a global deal to reduce...

World Economic Forum: Dangote canvasses for efforts to tackle Africa’s power deficit

Foremost industrialist and President of Dangote Group, Aliko Dangote yesterday told the audience at the World Economic Forum (WEF) holding in Davos Switzerland that a joint effort between government and private sector to tackle the power deficit remained a key element in boosting the...

Oil price drops at international market – OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) on Tuesday announced a drop in price of crude from 52.64 dollars to 52.17. The report on the organisation’s website did not give reasons for the difference of 0.47 dollars drop. “The price of OPEC basket of 13...

Saipem wins $240m oil drilling contracts

Saipem has been awarded new contracts and the extension of pre-existing agreements in the onshore drilling sector in Saudi Arabia, Morocco, Bolivia and Argentina for a total value of $240 million. In the Middle East, a strategic area for the Company, Saipem boosts its presence...

W. Africa Crude: Angola loading programme released, diffs under pressure

* Angola's crude oil exports are expected to fall to 1.51 million barrels per day (bpd) in March, a loading programme showed on Tuesday. The total monthly volume is actually higher than February at 46.9 million barrels but the greater number of days in...

NLNG floods Lagos with 13,000 tonnes of cooking gas

NNPC, Sahara Energy tackle shortage with vessels The Nigeria Liquefied Natural Gas Limited (NLNG) said it has started the supply of liquefied petroleum gas (LPG), commonly called cooking, to Lagos to ease its shortage and attendant high prices. The firm in a statement endorsed by...
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