Crude Oil

Stakeholders in Ogun and Ondo State have urged the Federal Government to shift attention from crude oil to bitumen exploration to generate more foreign exchange and boost the nation’s economy.In Edo they decried the lack of…

The Senate has begun probing crude oil and gas and non-oil export proceeds unrepatriated since the inspection of the Export Act from 1996 to 2019.The upper chamber also mandated its Committee on Banking, Insurance and other…

Mr Ronke Onadeko, an expert in oil and gas, says high exchange rate of Naira to the dollar is responsible for increase in price of Premium Motor Spirit (PMS), also called petrol, in the country. SEE ALSO: DPR Tasks Owners of Filling…

Ahead of Nigeria’s 60th independence on Oct. 1, capital market experts and Organised Private Sector (OPS) players have decried the heavy reliance on oil crude over the years for the nation’s economic development. SEE ALSO: Young innovators…

Oil prices fell on Wednesday after an industry group reported a surprise rise in U.S. crude, adding to worries about demand that led to a steep selloff earlier in the week. SEE ALSO: Cupid Guide: Best Valentine gifts for that special woman…

The National Oil Spills Detection and Response Agency (NOSDRA), on Monday, confirmed that 45 barrels and not 45, 000 barrels of crude oil leaked from a wellhead in Bayelsa on March 17.The News Agency of Nigeria (NAN)…

The Nigerian Government has sent the price of petrol rising through the roof as it has announced an exponential increase in prices less than two months after bringing it down.

Oil rose towards $46 a barrel on Wednesday, gaining for a third day, supported by a report that U.S. crude inventories fell. SEE ALSO: NiMet gets research grant from UK to enhance accuracy This is also on the backdrop of surveys showing…

Brent crude oil prices rose on Wednesday, lifted by U.S. producers shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura and optimism over China-U.S. trade talks. SEE ALSO: Oil Set for Second Weekly Loss…

The US has cut oil imports from Nigeria by 11.67 million barrels between January and May, 2020, down from 21.04 million barrels for the same period in 2019, according to data released by the US Energy Information Administration on Friday.…

The Nigerian National Petroleum Corporation ( NNPC) on Thursday, said the report on missing 48 million barrels of crude oil was unfounded and a total falsehood. SEE ALSO: Nigeria headed for Fourth Quarter recession this year-FG It also…

The rains are heavy in Nigeria and cans of worms are being unveiled in massive quantities as news of corruption, nepotism, abuse of office and outright stealing habits of trusted government officials especially in the oil Industry continue…

The Federal Government on Friday declared that Nigeria is heading towards another recession in the fourth quarter of this year 2020.According to the Government, research has shown that the country's Gross Domestic Product(GDP) for the…

Oil headed for a weekly decline -- only the second since April -- as a surge in U.S. coronavirus cases clouded the demand outlook, though the pessimism was tempered by huge cuts to Russia’s seaborne crude exports.Futures in New York…

Oil prices rose on Friday, extending gains on optimism about a recovery in fuel demand worldwide, despite a surge in coronavirus infections in some U.S. states and signs of a revival in U.S. crude production. SEE ALSO: Fuel Shortage Hurts…

Recent gains in oil, copper buoy producers after coronavirus pandemic hit commodity prices hard. Prices for raw materials including oil and copper are surging as the world economy reopens for business, a signal to many investors that…

The Defence Headquarters says the military is intensifying efforts toward curbing crude oil stealing and economic sabotage in Nigeria’s South-South geo-political zone. SEE ALSO: Gov. Yahaya Bello Lifts Coronavirus Lockdown In Kabba-Bunu…

The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr Mohammad Barkindo has attributed the stability in the global crude oil market and the recent rebound in the price of crude oil to the OPEC+led response to…

Oil prices dropped on Thursday, reversing gains in the previous session, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate…

US WTI Crude Oil settled at $ 35.49/bbl, capping off it best month in history with a 88% increase amid an uptick in demand and record production cuts.  This month's surge follows the steepest downturn on record in April, and WTI is still…

The Nigerian National Petroleum Corporation (NNPC) has defended its decision to appoint new officials in top management positions saying it adhered to the principles of federal character as well as transparency and accountability…

Africa's largest crude producer which relies heavily on the crude oil trade for about half it government revenue project that its oil earnings will dropby at least 80% this year. The deficit could widen to 6.8% of gross domestic product…

The Economic and Financial Crimes Commission (EFCC) has launched an investigation into identifying owners of four massive barges allegedly transporting stolen crude oil in Rivers, an official said.The News Agency of Nigeria…

Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has assured investors of the security of their investments in the country in spite dwindling revenue from the sale of crude oil globally.SEE ALSO: Pregnant Access Bank Employee…

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says Nigeria needs to increase its local refining capacity to mitigate the impact of the crash in global crude oil price on the nation’s economy.IPMAN’s President,…

The Nigerian National Petroleum Corporation( NNPC) says the country recorded crude oil and gas export sale of 434.85million dollars in January.The corporation disclosed this in it’s Monthly Financial and Operations Report…

Most filling stations in Jos and environs are yet to adjust to the new price regime of N125 per litre for Premium Motor Spirit (PMS).The News Agency of Nigeria (NAN) reports that the Federal Government on Wednesday reduced the…