OPEC Ministers Meet On Oil Cuts       Top energy decision makers from across the Organisation of Petroleum Exporting Country (OPEC) are scheduled to meet today in furtherance of the 23-nation network’s consideration oil output. Today’s full OPEC ministerial meeting comes ahead of tomorrow’s meeting between OPEC and...

Oil Drops To $47 As Fate Of OPEC+ Deal Uncertain         The international oil benchmark, Brent crude, pared some of its recent gains on Thursday as what seemed to be shaping up as a smooth OPEC+ meeting has hit some turbulence with an airing of grievances. Brent,...

COVID-19: Oil Rises Above $48 On Vaccine Hope         The international oil benchmark, Brent crude, rose above $48 per barrel on Wednesday, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand. Brent, against which Nigerian’s oil is priced, rose for a fourth...

Naira Continues Further Decline       The naira depreciated against the dollar across the official and parallel markets yesterday with many pundits predicting further decline of the national currency. At the official Investors and Exporters (I & E) Window, naira declined by 2.0 per cent to N393.25 per...

Nigeria’s Oil Rig Count Declines By 30%         Nigeria’s active rig count witnessed a downward movement with a 30 percent dip to seven in October, 2020 from 10 recorded in September. The rig count is a reflection of the level of exploration, development, production and general activities...

UK Petrol Car Ban Threatens Nigeria’s Oil Sales       Except the country finds new buyers, the plan to ban petrol and diesel vehicle sales by the United Kingdom government will threaten Nigeria market share of crude oil. UK imports Nigeria’s crude oil, which is a major revenue...