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...

OPEC+ May Consider Ending Production Cuts In 2020 The Organisation of Petroleum Exporting Countries and non-OPEC allies, including Russia, may consider ending their oil output curtailment deal next year in order to preserve market share and implement projects, according to Russian Energy Minister, Alexander Novak. “As...

Crude Oil, Gas Exports Hit $232.87m – NNPC   The Nigerian National Petroleum Corporation on Sunday announced that crude oil and gas export sales increased by 52.84 per cent to $355.93m in September 2019. NNPC’s crude oil and gas exports in September were $123.06m higher than the...