Crude Oil Price Drops to $74.18     Brent, the oil against which Nigeria’s crude is priced, dropped marginally on Tuesday, shedding 32 cents to close at $74.18 per barrel as of 4pm Nigerian time. Industry figures showed that the commodity dipped in price by 0.43 per cent...

OPEC+ Crude Oil Production Raise Begins August       The Organisation of Petroleum Exporting Countries and its allies known as OPEC+ have upwardly adjusted their overall production by 0.4 million barrels per day (mbd). The decision was taken at the end of the 19th OPEC and non-OPEC Ministerial...

Oil Price Plunges To $74 Amid OPEC+ Crisis       The international oil benchmark, Brent crude, pared some of its recent gains on Tuesday, after the Organisation of the Petroleum Exporting Countries and its allies cancelled a meeting due to clashes over plan to increase supply to...

Rise In Oil Price Continues, Inches Closer To $75pb     The price of crude oil crept higher yesterday, almost hitting the $75 per barrel mark as industry data pointed to a substantial decline in United States crude stockpiles coupled with rising fuel sales in India as...

Oil Price: Experts Dismiss Gains As Subsidy Nears N200bn       After the international crude oil benchmark, Brent advanced above $70 as the PUNCH reported earlier in the month, industry experts see meagre benefits as subsidy payments gulp revenues. The Federal Account Allocation Committee report for May, value...

Nigeria, Others Lost $1trn Oil Revenue In Two Years – OPEC       Nigeria and other members of the Organization of the Petroleum Exporting Countries lost about $1tn in revenue due to the plunge in oil prices in 2015 and 2016. OPEC’s Secretary-General, Sanusi Barkindo, who disclosed this...