Nigeria Slashes Crude Selling Prices To Woo Buyers
Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold April-loading cargoes before releasing the May programme on Monday.
The country has had to grapple with an unprecedented...
Crude Oil: Saudi Arabia Dips Into Stockpiles
Saudi Arabia, the world’s largest crude exporter, further dipped into crude stockpiles in January as exports declined for the first time in four months, data released on Wednesday by the Joint Organisations Data Initiative showed.
Exports dropped to 7.29...
Oil Crash: Nigeria May Lose $8.63bn In 6 Months
Nigeria’s economy may slide into another recession as the sudden crash in crude oil prices is set to wipe $8.63bn from the expected earnings accruable to the country in six months.
Already, the nation has lost over...
OPEC Slashes 2020 Global Oil Demand Forecast
The Organisation of Petroleum Exporting Countries still sees a rise in global crude oil demand for 2020 despite the spread of the coronavirus, but now expects an increase of just 60,000 barrels per day, it said on Thursday.
That...
Despite Being Dormant, Refineries Receive N80.74bn Crude Oil
A total of 4,084,560 barrels of crude oil valued at N80.74bn were supplied to Nigeria’s refineries for a period of 13 months despite the poor performance of the often dormant facilities at various intervals.
Latest industry figures obtained...
Refineries Process No Crude Oil In 3 Months
Refineries under the management of the Nigerian National Petroleum Corporation stayed dormant for three consecutive months as they processed no drop of crude oil, latest report on the operations of the facilities has shown.
An analysis of the...
