Oil prices fell more than 3 per cent in the week to August 18 on concerns about slowing economic growth in China, the world’s biggest oil importer, and expectations of further US interest rate hikes. International benchmark Brent crude traded…
By Akinyemi Precious Statistics by the African Energy Chamber (AEC) in its Q2 State of African Energy report has revealed that Nigeria lost 165,000 barrels per day from crude oil production outages between January and May 2023. The daily loss…
The price of crude oil hit a new peak yesterday for the first time since January. The global Brent benchmark soared after a steep drawdown in U.S. fuel stockpiles and Saudi and Russian output cuts offset concerns about slow demand from…
Product on board a vessel, MT PRAISEL, impounded by Tantita Security Service Ltd. (a private security company, engaged by the Nigerian National Petroleum Company, NNPCL), was not stolen crude oil, the Navy has declared. The declaration was made on Sunday…
By Akinyemi Precious According to a report by yesterday, Crude oil supplies across the world are falling as demand outpaces supply. The gap between supply and demand could be attributed to the supply cuts by the Organization of Petroleum Exporting…
By Akinyemi Precious According to a report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s crude oil, blended and unblended and condensate production increased to 1.473 million barrels per day in June. Data from the upstream regulatory body shows…
Following the receipt of credible intelligence, a Private Security Contractor engaged by Nigeria National Petroleum Company (NNPC) Limited., Messrs. Tantita Security Services, intercepted a suspicious Vessel with a Cargo of Crude oil on board on July 7, 2023. The Vessel,…
By Ibiyemi Mathew The Organization of Petroleum Exporting Countries (OPEC) has revealed that Nigeria has emerged as Africa’s top African crude oil producer. Nigeria reclaimed its position from Angola producing 1.184 million barrels of crude oil per day during the…
Nigeria’s revenue from crude oil export increased by N337billion in March, hitting N1.8trillion, according to data obtained. This came as the country attained its crude oil production target of 1.6 million barrels per day in March, from 1.3 million barrels…
Nigeria’s crude oil production for March 2023, edged up to 1.6 million barrels per day(mbpd) which was the country’s target for the first quarter 2023, thereby contributing significantly to the 28.90 mbpd pumped by the Organization of the Petroleum Exporting…
