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Lagos, South Africa and New York
Saturday, June 6, 2020

Goldman Sachs see Oil Market Heading For Deficit In June

Improving global oil demand and faster-than-expected production curtailments from outside the OPEC+ pact are set to push the oil market into deficit next month, according to Goldman Sachs. Yet, there is little room for an oil price rally in the near term because of the...

Nigeria cutting crude oil output by 417,000 bpd -minister

ABUJA, May 15 - OPEC member Nigeria has reined in oil production to bring Africa’s top crude exporter into line with an agreement among producers to curb output, Minister of State for Petroleum Timipre Sylva said. “The cut for Nigeria is about 417,000 barrels...

Nigeria Oil Industry Scrambles As Price Fall Slams Economy

The collapse in oil prices linked to the coronavirus crisis has seen Nigeria's revenues from crude dry up and left Africa's largest economy more threatened than ever by its dependence on black gold. The crude market may have rebounded in recent days to more than...

IEA still sees record 2020 oil demand fall but easing lockdowns helping

LONDON, May 14 - Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing lockdown measures. Demand is expected to fall by 8.6 million barrels...

NNPC disengages100 contract workers

The services of over 100 workers contracted by selected contractors of the Nigerian National Petroleum Corporation to work at refineries have been discontinued as the oil firm rehabilitates its refineries, The PUNCH gathered on Tuesday. It was learnt that after the NNPC disengaged the contractors,...

Nigeria’s LNG eyes Domestic Supply of LNG

After decades of exporting liquefied natural gas from the country, the Nigeria LNG Limited has said it is engaging market players to begin the domestic supply of the commodity. The NLNG, which is jointly owned by the Federal Government and three international oil companies, was...

OPEC bullish on Oil Market Rebalancing

The rebalancing of the oil market is underway and will accelerate, the OPEC cartel said Wednesday, days after some of its members voluntarily increased their production cuts. The world oil market was thrown into disarray earlier this year as lockdown measures imposed by governments to...

Top Oil Producers Shattered By The COVID-19 Crisis

By Alex Kimani The coronavirus pandemic has rapidly evolved from a global health crisis to a financial one, upending industries, shuttering businesses, and sending financial markets reeling. Amid the crisis, the world's leading oil-producing countries have been having it rougher than most, facing a...

W. Africa Crude-Indian refiners set to mop up some cargoes

LONDON, May 12 - Spot activity was limited on Tuesday but the rise of Indian refining runs will likely keep prices propped up after the dismal levels seen two weeks ago. *...

Offers of Nigeria’s light sweet crude jumps as traders remains bullish on oil recovery

Lagos, Nigeria May 12 - A rapid improvement to some price offers of Nigerian and Angolan crude oil in recent days left traders wondering whether sellers were too optimistic about a recovery of physical oil prices. *...