Oil Hits $40 As Nigeria Cuts Production By 216,000bpd   Global oil commodities gained in prices on Wednesday as Brent crude, the benchmark against which Nigeria’s crude is priced, rose to $40 per barrel for the time since March. Brent crude rose by 43 cents, or 1.1...

Oil Rises To $38 As OPEC+ Discusses Production Cut Extension   The Organisation of Petroleum Exporting Countries and its allies led by Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for...

Oil Revenue May Drop Further To 25% Of Budget     With Nigeria’s revenue from oil and gas dropping by N425.52billion in the first quarter (Q1) of 2020 to N940.91billion, according to the Minister of Finance, Budget and National Planning, Zainab Ahmed, operators have noted revenue from...

Nigeria Loses N125bn Oil Revenue To COVID-19      Nigeria’s oil revenue target fell by N125.52 billion in the first quarter (Q1, 2020) to N940.91 billion, according to figures released yesterday by Minister of Finance, Mrs. Zainab Ahmed. The shortfall, attributed to the double whammy of the headwind...

DPR Yet To Issue Guidelines On Marginal Field Bid Rounds   The Federal Government, through the Department of the Petroleum Resources (DPR), yesterday, said it is yet to issue guidelines on the proposed bid rounds in Nigeria’s marginal oil fields, adding that such exercise cannot be...

Canada Trade Deficit Widens As Oil, Car Exports Drop   Despite keeping its borders open for goods shipments during the coronavirus pandemic, Canadian trade fell in March while its trade deficit widened to Can$1.4 billion (US$1 billion), according to data released Tuesday. The figure, up from a...