BREAKING: Oil Price Crashes To $33, Loses $11 In Hours   The international oil benchmark, Brent crude, which stood at $45.72 per barrel on Sunday, has slumped to $33 per barrel. Oil prices suffered an historic collapse overnight after Saudi Arabia shocked the market by launching a...

Oil Plunges Lowest On Russia Rejection Of OPEC Cut   Oil prices tanked more than seven per cent at the weekend to their lowest levels since mid-2017 after Russia balked at Organisation of Petroleum Exporting Countries’ (OPEC’s) proposed steep production cuts to stabilise prices. Brent futures fell...

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...