Oil: Prices Dip To $55 Over Fears Of Demand Disruption   Oil prices fell on Tuesday as fears of demand disruption amid the coronavirus outbreak continue to weigh on market sentiment. Brent Crude was traded down 0.81 per cent at $55.32 while WTI was down 1.01 per...

Nigeria’s Oil Reserves’ll Be Depleted In 49 Years – DPR   The nation’s crude oil reserves of 37 billion barrels, two per cent of which is being produced annually, will be depleted in 49 years, according to the Department of Petroleum Resources. The reserves, which stood at...

Nigeria’s Oil Exports Drops As Explosion Shuts Pipeline   The nation’s oil exports have suffered a setback as an oil pipeline explosion forced the Nigeria Agip Oil Company, a subsidiary of Eni, to close a pipeline feeding the Brass oil export terminal. Reuters reported on Thursday that...

One Billion Oil Barrels Discovered In North-East, Says FG     The Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Wednesday that the nation’s oil and gas sector has worsened as the uncertain fiscal environment put a damper on investment. The minister also disclosed that...

Oil Prices Jump By 4% After Reports On Coronavirus Drug   Oil prices jumped by four per cent on Wednesday on media reports that scientists had developed a drug against the fast-spreading coronavirus, an outbreak that continues to weigh heavily on global economic activity and oil...

Nigeria’s Daily Oil Production Decreases To 1.57m Barrels   Nigeria’s crude oil production fell to a record low of 1.57 million barrels per day last month, the Organisation of Petroleum Exporting Countries has said. The producer group said in its monthly oil market report published on Wednesday...