Oil’ll Retain Largest Share In Global Energy Mix – OPEC       The demand for crude oil is projected to increase by about nine million barrels per day in future, as oil will continue to retain its largest share in the global energy mix, the Organisation of...

Oil Export Revenue Drops By 41%         Revenue from oil export fell by a whopping 41.44 percent to $2.033 billion in the first nine months of 2020, compared to $3.47 billion received in the corresponding period of 2019, data from the Nigerian National Petroleum Corporation, NNPC,...

Oil: Nigeria Overtakes US As India’s 4th Biggest Supplier       Nigeria emerged as the fourth biggest supplier of crude oil to India in December, pushing the United States down to the sixth position just after Brazil. Reuters reported on Wednesday that India’s crude oil imports in December...

Nigeria’s Oil Rig Count Down 29% To 135 In 2020       There are indications that limited investment has taken a toll on exploration, as Nigeria’s rig count dropped year-on-year by 27.8 per cent to 135 in the year 2020, from 187 in 2019. The oil rig count,...

Oil Nears $56, Fed Govt May Reintroduce Fuel Subsidy       The sustained increase in global crude oil prices has pushed up the landing cost of imported petrol closer to the current pump prices of the product in Nigeria, and appears to have triggered a return to...

Oil Woes, As Bonny Light Drops By 34.8% In 11 Months         The average price of Bonny Light, Nigeria’s premium oil grade, has dropped by 34.8 percent to $42.9 per barrel in the past 11 months of 2020, due mainly to the prolonged Coronavirus pandemic, drop...