NNPC Earns $5.18bn from Oil, Gas Export   The Nigerian National Petroleum Corporation (NNPC) said Wednesday that the country exported oil and gas worth about $5.18 billion from January 2019 to January 2020. Nigeria also recorded crude oil and gas export sales revenue of $434.85 million in...

OPEC Daily Basket Price Stands At $14.63 Per Barrel   The Organisation of the Petroleum Exporting Countries (OPEC) daily basket price stood at 14.63 U.S. dollars a barrel on Tuesday, compared with 14.19 dollars on Monday. This is according to OPEC Secretariat calculations released on Wednesday. Also known...

Oil Crash May Warrant Production Halt - NNPC   Nigeria has not stopped producing crude oil but a persistent crash in oil prices may lead to a halt in production, the Nigerian National Petroleum Corporation has declared. On Tuesday, global oil price benchmark, amid the demand collapse...

Undestanding First-Ever Negative oil price By Ahmed Adamu, PhD   As I write this article, the famous American crude oil called West Texas Intermediate (WTI) is sold at -$13 per barrel, which means, suppliers of oil have to give $13 to whoever is willing to take one...

Oil Continues Slide On Dismal Global Demand Outlook   Oil prices are seeing further downward momentum as gloomy demand outlooks continue amid economic pain caused by the coronavirus pandemic. United States West Texas Intermediate (WTI) fell as much as 13 per cent to $17.31 per barrel at...

Oil: Nigeria Shouldn’t Expect Price Rebound Soon — Experts   Nigeria should not expect to see a significant increase in crude oil prices anytime soon despite the production cut deal by the Organisation of Petroleum Exporting Countries and its allies, industry experts have said. The group, known...