Naira May Depreciate To 475/$, Says Rewane         The naira will weaken in the parallel market as oil prices stay at $40-$42 per barrel and likely depreciate to 470-475 against the dollar in November and December, the Managing Director/Chief Executive Officer, Mr Bismarck Rewane, has said. Rewane...

Nigeria, OPEC Peers To Lose $272bn Oil Revenue         Nigeria and other members of the Organisation of the Petroleum Exporting Countries will see their combined net oil export revenue fall this year to its lowest level since 2002, according to the United States Energy Information Administration. The...

Nigeria’s Oil Rig Count Rises By 2 As OPEC’s Decreases By 14         Nigeria has for two months now continued to experience rise in oil production as its rig count moved up by two, having recorded 10 in September, as against eight recorded in August. Earlier in...

OPEC Seeks Quick Resolution Of US, Venezuela, Iran Conflicts The Organisation of the Petroleum Exporting Countries (OPEC) has stressed the need for a quick resolution of the conflicts between the United States, Venezuela and Iran. Following geopolitical conflicts, the U.S. has placed sanctions on Iran and...

Iran Bans Bitcoin, Cryptocurrencies   Iran banned the use of bitcoin and other cryptocurrencies by banks and financial institutions on Monday amid ongoing debate over how best to regulate the technology. “The use of bitcoin and other cryptocurrencies in all the country’s monetary and financial centres was...

Oil Prices Rise as U.S Reduces Drilling Oil prices have been lifted by a drop in U.S. drilling activity as well as by expectations that the United States could re-introduce sanctions against Iran. U.S. WTI crude futures were at 65.18 dollars a barrel at 0025 GMT,...