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...

Nigeria’s Oil Faces Threat As Electric Vehicle Sales Rise         The rising number of countries gradually shifting from fossil fuels and encouraging the adoption of electric vehicles may pose a major threat to Nigeria’s crude oil exports. Sales of electric cars topped 2.1 million globally in 2019,...

Oil Contributes 81% To N2.99trn Q3 Exports - NBS       Despite efforts made at boosting non-oil earnings, crude contributed N2.42 trillion to the country’s 2.99 trillion Q3 2020 export earnings, data released by the National Bureau of Statistics (NBS) yesterday showed. With the figure, crude’s share of...

Petrol Price May Hit N180 As Oil Nears $50         The pump price of Premium Motor Spirit, popularly known as petrol, may hit N180 per litre this month, according to marketers, as oil prices extended their rally on Monday, with Brent crude trading near $50 per...

COVID-19: Oil Rises Above $48 On Vaccine Hope         The international oil benchmark, Brent crude, rose above $48 per barrel on Wednesday, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand. Brent, against which Nigerian’s oil is priced, rose for a fourth...

We Begged People To Buy Oil At $9, Say Kyari       The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, said buyers were begged to purchase the Nigerian crude oil at $9 per barrel in April. The global oil benchmark, Brent crude, plunged...