An oil farm was on Wednesday gutted by fire in the Ijegun area of Lagos. The Director, Lagos State Fire Service, Mr Rasak Fadipe, said on Wednesday that there was no casualty in the fire incident that gutted a tank farm at Ijegun Ibasa in the Ojoo Local Government Area of Lagos. Fadipe said that […]
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The price of brent crude oil rose to 70 dollars a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in U.S. and Canadian drilling activity that points to higher future output in North America. Brent sweet crude futures, the international benchmark for oil prices, were at […]
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More than 300 persons on Saturday were rendered homeless in Yenagoa, Bayelsa, after fire gutted a neighbourhood in Ekeki suburb of the Bayelsa capital. The News Agency of Nigeria (NAN) learns that the inferno, which occurred at about 2a.m. on this morning, also destroyed valuables worth millions of naira. The cause of the fire has […]
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The Managing Director of Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, on Sunday disclosed that Petrol is being subsidised to the tune of N26 per litre. According to him, the landing cost of petrol (PMS) is N171 per litre; it is being sold at the pump at N145 per litre – a difference of N26. […]
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Oil markets were firm on Monday, with Brent crude opening above $60 per barrel on expectations an OPEC-led production cut due to expire next March would be extended. Brent crude oil futures, the international benchmark for oil prices, were at $60.63 per barrel at 0018 GMT, up 19 cents or 0.3 per cent from their […]
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Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies. Brent crude futures, the international benchmark for oil prices, were at 58.27 dollars at 0131 GMT, up 39 cents, or 0.7 per cent from their last close – and a third […]
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Oil price rose on Wednesday in spite of a rise in U.S. crude inventories with the market heading for its largest 3rd quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts. Brent crude futures rose to 56.20 dollars a barrel by 12:19 […]
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Kaduna State governor, Nasir el-Rufai, says he wants Nigeria’s crude oil to get exhausted so the nation can start to think and develop other revenue sources. The governor made the statement on Saturday in Ibadan while speaking at the 2017 town hall meeting/founder’s day celebration in memory of Ojetunji Aboyade, a renowned economist. “Because Nigeria […]
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A new research has shown that oil workers, having direct contact with crude oil and benzene have a much greater risk of developing skin cancer. This is as revealed by public broadcaster NRK, on Tuesday. Researchers at the Cancer Registry of Norway have investigated the incidence of skin cancer among 25,000 oil workers employed in […]
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Oil prices hit a two-month high on Monday as a result of the tightening of US crude market and the threat of sanctions against OPEC-member, Venezuela. Brent crude futures traded at $52.90 per barrel, its highest since May 25, while West Texas Intermediate (WTI) rose by 16 cents to trade at $49.87 per barrel. Oil […]
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