Nigeria, Others Cut Oil Output To 30-year Low
Nigeria and other members of the Organisation of Petroleum Exporting Countries slashed their combined crude output in June to a three-decade low, according to an S&P Global Platts survey.
The 13-member group pumped 22.31 million barrels per day,...
OPEC Oil Production Hits 20-year Low Amid Cuts
The Organisation of Petroleum Exporting Countries saw its oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a survey by Reuters found.
The group compliance in...
US Import Of Nigerian Oil Drops By 63%
The United States’ import of Nigeria crude oil plunged by 63.03 per cent in the first quarter of this year, compared to the last quarter of 2019.
Latest data from the US Energy Information Administration showed that the...
Nigeria’s Oil Revenue To Drop By N140bn Following OPEC Cut
The revenue accruable to the Federal Government from the sale of crude oil is estimated to drop by a cumulative sum of about N140bn in May and June this year following oil production cuts by...
Oil Rises To $38 As OPEC+ Discusses Production Cut Extension
The Organisation of Petroleum Exporting Countries and its allies led by Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for...
Nigeria Loses N160bn To OPEC Production Cut
Nigeria is projected to have lost over N160 billion in deferred revenue to a cut in the daily crude oil production by members of the Organisation of Petroleum Exporting Countries (OPEC) in May.
However, the impact on gross receipts...
