Oil Hits $40 As Nigeria Cuts Production By 216,000bpd   Global oil commodities gained in prices on Wednesday as Brent crude, the benchmark against which Nigeria’s crude is priced, rose to $40 per barrel for the time since March. Brent crude rose by 43 cents, or 1.1...

417,000bpd Oil Cut’ll Deepen Nigeria’s Recession - Fitch   A global credit ratings agency, Fitch Ratings, has said Nigeria’s compliance with the oil production cut deal led by the Organisation of Petroleum Exporting Countries will lead to deeper economic contraction and fiscal deficits. It also said the...

Nigerians To Start Renting Cooking Gas Cylinders, Says FG   The Federal Government on Thursday announced that it was creating micro-distribution centres where users of cooking gas would access the commodity at affordable rates and rent cylinders. It also disclosed that the Nigerian National Petroleum Corporation and...

Crude Cuts: Nigeria To Earn $10.61bn In Eight Months   Nigeria may earn about $10.61bn from crude oil sales between May and December this year following latest decision by members and non-members of the Organisation of Petroleum Exporting Countries to cut production. Also, the country will earn...

Nigeria Joins OPEC To Cut Crude Oil Production   The Federal Government on Friday said crude oil price would rebound by at least $15 per barrel in the short term following the latest intervention of the Organisation of Petroleum Exporting Countries and its allies, jointly referred...

Nigeria Rich In Gas, Lowest In Usage – Fed Govt   Nigeria has the lowest penetration of liquefied petroleum gas, popularly called cooking gas, despite being rich in gas resources, the Federal Government has said. The Minister of State for Petroleum Resources, Timipre Sylva, who said this...