Oil Price Rises Above $70, OPEC Projects Demand Growth       The international oil price, Brent crude, rose above the $70 per barrel mark on Tuesday, with the Organization of the Petroleum Exporting Countries projecting that demand for the commodity is bound to improve. Brent, against which Nigeria’s...

7,000 Oil Reserves Discovered, Only 1,700 Producing – Fed Govt       The Federal Government on Monday disclosed that out of 7,000 oil reserves that have been discovered in the country, only 1,700 of the reserves are currently producing crude oil. The government disclosed this in Abuja through...

DPR Backs Marginal Field Investors On Quicker Oil Find     The Department of Petroleum Resources (DPR) said it has developed a strategy to ensure that marginal field investors strike the first oil on record time. Director of DPR, Engr. Sarki Auwalu, disclosed this when the agency awarded...

COVID-19: Virus Resurgence Threat To Oil Demand Recovery – OPEC       The resurgence of the COVID-19 pandemic in many countries is posing a threat to economic and oil demand recovery, the Organisation of Petroleum Exporting Countries has said. It disclosed this at the 16th OPEC and non-OPEC...

Oil Price Gains For Fifth Consecutive Month     The average global crude oil prices have continued to rise for the fifth consecutive month, the Organisation of the Petroleum Exporting Countries said on Tuesday. OPEC attributed the continued rise in international oil prices to the supportive oil market...

Oil Tumbles To $60 On Concerns Over Vaccine Rollouts       The international oil benchmark, Brent crude, fell more than six per cent on Tuesday, tumbling as concerns over new pandemic curbs and slow vaccine rollouts in Europe compounded additional crude volumes. Brent, against which Nigeria’s crude oil...