Nigeria Loses N1.06trn Oil Revenue Target – NNPC         Nigeria’s N2.6 trillion oil revenue target declined by 40 per cent (N1.06) as a result of twin shocks of COVID-19 and low crude oil price, the Nigeria National Petroleum Corporation (NNPC) has disclosed. The Group Managing Director of...

Nigeria’s Oil Deposit Down By 2.16% To 36 Barrels - NNPC       The Nigerian National Petroleum Corporation (NNPC) has disclosed that the volume of oil deposits Nigeria holds declined by 2.16 per cent between 2018 and 2019 and is now 36.89 barrels (bbls). While the country’s oil...

Oil Price Rises To $43       Oil gained more than one per cent on Tuesday on the prospect the United States nearing a deal on coronavirus relief, but the threat to demand from rising COVID-19 cases worldwide and increased Libyan output kept prices from moving higher. Reuters...

OPEC Raises 2020 Demand Forecast Over China’s Recovery       The Organization of the Petroleum Exporting Countries (OPEC), has raised its global oil demand forecast for 2020 by 60,000 barrels per day (b/d) from last month to 90.29 million b/d in October, as it sees an improvement...

Oil Firms’ Debts Near N5trn Amid Price Collapse     The debts owed by oil and gas companies to Nigerian banks rose by N90bn in the second quarter of this year to nearly N5tn as many operators struggle to stay afloat in the face of depressed prices...

Oil, Gas Suppliers Risk N320bn Loss       The Natural Oil and Gas suppliers Association of Nigeria (NOGASA) have pleaded with the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) that the planned protest over the new petrol pump prices will make them lose N320billion. In a...