Crude oil prices have increased on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq. An explosion at a U.S. oil rig and reduced exploration activity also supported prices there. Brent crude futures, the international benchmark for oil prices, were at...

The Nigerian National Petroleum Corporation (NNPC) has recorded more than 100 per cent increase in export revenue of $471.90 million for the month of July 2017 as against $219.34 million posted in June 2017. According to the July edition of the Monthly Financial and Operations...

Global oil benchmark, Brent crude, jumped above $57 per barrel on Monday after 11 non-members of the Organisation of Petroleum Exporting Countries, including Russia, agreed to cut their production by 558,000 barrels per day. Brent, against which Nigeria’s oil is priced, soared to $57.89 a...

Indian state-run oil refiners have indicated interest to increase total crude oil consumption volume next year with additional 2 million metric tonne (mt) of crude oil import from Nigeria in 2017. The Nigerian crude oil term contracts involve the export of around 1.17 million barrels...

Not less than 224 companies have submitted bids to the Nigerian National Petroleum Corporation seeking to purchase and lift Nigerian crude oil grades for the period 2016/2017. Successful companies would participate in the lifting of about 700, 000 barrels per day of crude oil on...

The IEA said it had cut its oil demand growth forecast for 2017 because of a weaker outlook for the world economy following Britain’s vote to leave the European Union. Global oil demand growth is now expected to slow to 1.2 million barrels per day...