Refineries Record N5.4bn Deficit, As NNPC Lifts $407.15m Crude Amidst controversy over the state of the nation’s refineries the latest report of the Nigerian National Petroleum Corporation, NNPC, has indicated that Nigeria’s three refineries guzzled a total of N5.86 billion in overhead expenses on zero...

Oil Price Gains For Fifth Consecutive Month     The average global crude oil prices have continued to rise for the fifth consecutive month, the Organisation of the Petroleum Exporting Countries said on Tuesday. OPEC attributed the continued rise in international oil prices to the supportive oil market...

OPEC+ To Lower Oil Demand Forecast Amid COVID-19 Uncertainty       The Organisation of Petroleum Exporting Countries and its allies have agreed to lower the forecast that oil demand would grow by 5.9 million barrels per day this year. A panel of OPEC+ technical experts agreed to revise...

Nigeria’s Daily Oil Production Rises To 1.42m Barrels       Nigeria increased its crude oil production to 1.42 million barrels per day in February, the latest monthly report of the Organisation of the Petroleum Exporting Countries has shown. The country recorded the biggest increase in crude oil production...

Global Growth Estimate Of 4.8% Will Increase Oil Demand, Market Stability In 2021— OPEC         The Organisation of Petroleum Exporting Countries, OPEC, has stressed that the estimated 4.8 per cent global growth will culminate in oil market stability this year. This is even as the price of...

Over N128bn Lost To Crude Oil Diversion — Reps       The House of Representatives has alleged that Nigeria lost $339 million (estimated N128.8 billion) to crude oil diversion since 2018. At a session yesterday, it resolved to create an ad hoc committee to investigate the allocation of...