Oil Prices Drop Below $100 A Barrel Amid Lockdowns In China   Oil prices, on Monday, plunged 4 per cent amid concerns that the pandemic will cut demand in China. Brent crude futures fell 4 5 per cent to $98.16 a barrel by 19:53 GMT +1, while...

Senate To NUPRC: Stop IOCs Evading Tax From Lifting Crude Oil   The Senate Committee on Finance has asked the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to stop international oil companies (IOCs) evading tax from lifting crude oil. The panel said the move has become imperative...

IOCs Fear Collapse As FG Says $3.27bn Crude Stolen In 14 Months   The total value of Nigeria’s crude oil stolen between January 2021 and February 2022 is about $3.27bn (representing N1.361tn at the official exchange rate of N416.25 to the dollar), the Federal Government declared...

With $139m Global Oil Price, Subsidy Payments Threaten Nigeria's Stability As oil prices soar to record levels, many Nigerians, ordinarily, would expect that their country would be raking in billions of dollars and realising accretion in external reserves, as was the case in the past,...

NNPC Vows To Increase Production As Brent Crosses $105/barrel   Brent, the crude against which Nigeria’s oil is priced, crossed the $105/barrel price on Tuesday, as it rose to the highest price ever recorded since about 14 years following the ongoing war in Ukraine after it...

Increasing concerns about Russia attacking Ukraine yesterday sent oil prices to their highest level in over seven years. The price of Brent crude increased by 55 cents to $94.99 a barrel after hitting its highest level since October 2014 at $96.16. U.S. West Texas Intermediate (WTI)...