Fresh Lockdowns Impacting Oil Demand Recovery - OPEC+         The Organisation of the Petroleum Exporting Countries and its allied have lamented the impact of the resurgence of COVID-19 cases in major economies on crude oil demand. The Joint Ministerial Monitoring Committee of OPEC and its Russia-led allies,...

Nigeria Could Face $20bn Loss In Export Revenue - Report         Nigeria and four other oil producers on the continent could each be facing $20billion or more in lost export revenue this year as global oil demand is estimated never to exceed 2019 levels, with energy...

Nigeria’s Oil Rig Count Rises By 2 As OPEC’s Decreases By 14         Nigeria has for two months now continued to experience rise in oil production as its rig count moved up by two, having recorded 10 in September, as against eight recorded in August. Earlier in...

Nigeria’s Duty-free Export To US Plunges To $300.48m         Nigeria’s export to the United States under a duty-free policy declined in the first eight months of 2020, recording $300.48m from January to August. According to the latest African Growth and Opportunity Act policy trade statistics, exports to...

External Reserves Decline By $50.84m In 10 Days         The country’s external reserves dropped by $50.84m from $35.75bn as of October 2 to $35.69bn as of October 12, figures from the Central Bank of Nigeria have revealed. The CBN disclosed that the reserves, which had continued to...

US Refiners Increase Crude Imports From Nigeria, Others Refiners in the United States have turned to several lesser-used oil suppliers in the wake of US sanctions that restricted usual providers of widely-used grades as they gear up for peak driving season. Nigeria, Iraq, Brazil and Angola...