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...

Fed Govt May Exceed N7.89trn 2021 Revenue Target As Oil Prices Soars         There are indications that the Federal Government may be on course to meet and perhaps, surpass the projected oil revenue target in the 2021 budget if the recent rise in the prices of...

Oil Revenue To Remain Subdued As Output Plunges By 15%       Despite the recent rise in oil prices, there are strong indications that Nigeria is not likely to be out of the woods in its petroleum revenue performance and budget funding, due, mainly to the significant...

Oil Prices: Afreximbank Predicts 10% Rise In 2021       Oil prices are expected to rise around 10 per cent over the next year, according to the Afreximbank African Commodity Index for the third quarter of 2020. The index, which measures commodity prices every quarter, said the oil...