The price of oil made a remarkable comeback on Thursday, after fresh US-Iran tensions erupted. The development also helped equities advance, after US labour market figures provided a glimmer of hope for the world’s top economy. At one point, the US crude oil benchmark, WTI, was up by 20 percent on the day, having earlier […]
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The Nigeria Centre for Disease Control (NCDC), in a tweet on Monday night confirmed 38 new COVID-19 cases. The cases were recorded in five states, bringing Nigeria’s total to 665. According to the breakdown, 23 were recorded in Kano, five in Gombe, three in Kaduna, two in Borno, two in Abia, and one each in the federal capital territory, Sokoto and Ekiti. […]
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The Minister of State for Petroleum Resources, Chief Timipre Slyva, said that about one billion Barrels of Crude oil have been discovered in Northeastern part of Nigeria. Sylva made the disclosure at a news Conference to end the 2020 Nigeria International Petroleum Summit (NIPS), in Abuja on Wednesday. “The figure we are getting, the jury […]
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Brent crude oil prices hit their highest level since November 2014 on Monday ahead of U.S. sanctions against Iran that kick in next month. Brent sweet crude oil futures rose to as much as 83.27 dollars a barrel. U.S. West Texas Intermediate (WTI) crude futures were at 73.57 dollars a barrel. Brent was pushed up […]
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U.S. President Donald Trump, who recently called on OPEC producers to help reduce oil prices, has raised prices through his tweets, Iranian OPEC Governor Hossein Ardebili was quoted as saying by news agency SHANA on Thursday. “Your tweets have increased the prices by at least $10. Please stop this method,” the oil ministry news agency […]
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Brent crude oil rose above 80 dollars a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply. Brent crude futures rose to $80.41 a barrel, by 11:12 a.m. EDT (1512 GMT). U.S. West Texas Intermediate (WTI) crude rose 59 cents to […]
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Governors on Wednesday night expressed displeasure over the handling of affairs at the Nigerian National Petroleum Corporation (NNPC), alleging fraudulent practices. The governors also directed the NNPC to stop payment of any form of royalty to the Federation Account and ordered that every payment should be paid to the Department of Petroleum Resources (DPR), as […]
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International oil benchmark, Brent crude, on Monday hit $75 per barrel and rose further amid growing geopolitical tensions in the world. Brent, against which Nigeria’s crude oil is priced, stood at $75.16 per barrel as of 8:15pm Nigerian time, while the United States’ marker, West Texas Intermediate, traded around $68.36 per barrel. The rise in […]
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An improvement in Nigeria’s oil earnings is on course as prices held firm on Friday near three-year highs reached earlier this week as ongoing OPEC-led supply cuts, as well as strong demand, gradually draw down excess supplies. Brent crude oil futures were up at 73.79 dollars per barrel at 0440 GMT. U.S. West Texas Intermediate (WTI) […]
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A report released by the National Bureau of Statistics, NBS, has shown that Nigeria earned N3.738 trillion from the export of crude oil and petroleum products in three months, from October to December 2017. The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2018, stated that petroleum products export accounted for 95.58 […]
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