Senate Passes 2021-2023 MTEF/FSP, Pegs Oil Benchmark At $40           The Senate on Thursday passed the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper. It pegged oil benchmark at $40 and exchange rate at N379 per dollar. The MTEF/FSP is the fiscal document upon which the 2021...

Oil Price Rises To $40   Oil prices rose more than two per cent on Tuesday, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic. Brent crude gained 92 cents, or 2.3...

Oil Rises Slightly To $40, Demand Concerns Persist       Crude oil prices on Wednesday clawed back some of the losses they sustained in the previous session, but a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand. The international oil...

Oil Hits $40 As Nigeria Cuts Production By 216,000bpd   Global oil commodities gained in prices on Wednesday as Brent crude, the benchmark against which Nigeria’s crude is priced, rose to $40 per barrel for the time since March. Brent crude rose by 43 cents, or 1.1...

PETAN Targets 40% Local Vessel Ownership   Petroleum Technology Association of Nigeria has said it will step up efforts to increase indigenous vessel ownership from less than 10 per cent to over 40 per cent. The Chairman, PETAN, Mr Bank-Anthony Okoroafor, said the association was also working...

OPEC's Failure To Deepen Cuts May Drive Oil To $40 - Report   New outlook by international observers has shown that a substantial build of global crude stocks and a corresponding drop in oil prices is imminent if additional oil production cuts by OPEC in 2020,...