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...

Marginal Oilfields: FG Receives 50% Of Signature Bonuses       The Federal Government said on Tuesday that it had received signature bonuses from 50 per cent of the winners of marginal oilfields following the conclusion of the bid process. The Minister of State for Petroleum Resources, Chief Timipre...

Missing Oil: Shell Remains Mute As Aiteo Alleges Media Attacks Over $2.7bn Case       There are indications that the dispute between Aiteo Group, and Shell Petroleum Development Company, SPDC, has exacerbated as the former, weekend, accused the International Oil Company, IOC, of allegedly planning a media...

Oil and the Nigerian Economy: Can We Learn from Norway?  By Abdulhaleem Ishaq Ringim       Whether or not Nigeria has utilized its oil wealth in a prudent manner is still a topic for national debate. However, considering how dependent the country’s economy has become on oil...

Nigeria’s Revenue Prospects Brighten As Oil Hits $67       The international oil benchmark, Brent crude, rose further on Wednesday to $67 per barrel, compared to Nigeria’s budget benchmark of $40 per barrel. For Nigeria, which relies on crude oil for about 50 per cent of government revenues...