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...

Oil Price Rises To $40   Oil prices rose more than two per cent on Tuesday, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic. Brent crude gained 92 cents, or 2.3...

Oil Drops To $39, Nigeria’s Output Rises     The international oil benchmark, Brent crude, fell below the $40 per barrel mark on Monday, amid demand worries, as the Organisation of the Petroleum Exporting Countries further cut its outlook for demand growth. Nigeria, Africa’s biggest oil producer, said...

Oil Slides After Saudi Price Cuts     Oil prices dropped on Monday after earlier hitting their lowest since July as Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months. Optimism about demand recovery also cooled amid the coronavirus pandemic. Brent crude...