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...
Nigeria’s Oil Rigs Decline By 30% As Exploration Drops
The number of active oil rigs in Nigeria declined by 30 per cent in October, with stakeholders lamenting the reduction in exploration activities in the nation’s oil and gas industry.
Data obtained by our correspondent from the...
We Must Reduce Oil Production Cost, Says Osinbajo
The Vice-President, Prof. Yemi Osinbajo, has said the oil production cut deal by the Organisation of the Petroleum Exporting Countries and its allies have resulted in lower revenue generation for the Federal Government.
Osinbajo said on Tuesday that...
