Oil Records Second Monthly Drop, Unsold Cargoes Increase
Crude oil in the Organisation of Petroleum Exporting Countries reference basket dropped for the second consecutive month in April, shedding 48 per cent of its worth, as cargoes of unsold oil continued to accumulate, OPEC has said.
In...
OPEC+ Wants To Maintain Output Cuts Beyond June
The Organisation of Petroleum Exporting Countries and its allies want to maintain existing oil cuts beyond June to shore up prices and demand, four OPEC+ sources were quoted by Reuters as saying on Tuesday.
Global oil demand has...
NNPC Revises Crude Oil Prices Downward For May
The Nigerian National Petroleum Corporation (NNPC) has released its crude official selling prices (OSPs) for May, cutting values for all its grades from the decades-lows in April.
According to a news report sourced from argusmedia.com, the state-owned oil...
No Buyer Has Rejected Nigeria’s Crude - NNPC
No buyer of Nigerian crude oil has returned or rejected it despite the glut in global crude oil market, the Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, stated on Monday.
Kyari explained that although some vessels...
Nigeria Struggles To Sell Oil Despite Price Cut
Despite the significant reduction in its official selling prices aimed at wooing buyers, Nigeria is still struggling to sell its crude oil as Indian refiners are cutting back on output while European plants are considering closures.
Nigeria, Africa’s...
Nigeria To Suffer $15.4bn Loss In Crude Oil Earnings – Analysts
Nigeria and other African economies are projected to record substantial revenue losses, particularly from the oil and gas sector, as the devastating effects of the Coronavirus pandemic continues its devastating toll on the...
