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...

Fresh Concern Over Contract Secrecy In Nigeria’s Oil, Gas Sector       The secrecy shrouding terms and conditions of contracts in Nigeria’s extractive sector has, once again raised concern for stakeholders, especially as the country fights corruption. Although a signatory to the London Anticorruption Summit, and the Open...

FG Monthly Oil Sales Revenue Plunges By 75%       The Federal Government saw its crude oil sales revenue plunge by 74.89 per cent in July to a record low of $55.29m, according to the Nigerian National Petroleum Corporation. The NNPC’s latest data on the Federal Government’s export...

Oil Overproduction: OPEC+ Asked To Extend Compensation Period       Several underperforming participating countries in the oil production cut deal by the Organisation of the Petroleum Exporting Countries and its allies have asked the group to extend the compensation period till the end of December 2020. OPEC and...