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Oil price hits new low at $69 as OPEC predicts demand growth to increase by 1.5mb/d

THE price of crude oil, which has been falling in the past three weeks, further dropped from $71 per barrel to $69 per barrel, yesterday as the Organisation of Petroleum Exporting Countries, OPEC, predicted oil demand growth to increase by 1.50 mb/d y-o-y, a downward revision from the previous month of 40 tb/d, mainly due to weaker-than-expected oil demand data from the Middle East and, to a lesser extent, China during 3Q18.
Continue reading Oil price hits new low at $69 as OPEC predicts demand growth to increase by 1.5mb/d at Vanguard News Nigeria. …

Saudi: No consensus yet among oil producers to cut output

Saudi Arabia said oil-producing countries have not yet reached an agreement on cutting output, as major producers met in Abu Dhabi on Sunday. “There is no consensus yet among oil producers about cutting production,” Saudi Energy Minister Khalid al-Falih said at the meeting of their Joint Ministerial Monitoring Committee. It was “premature to talk about […] …

Manufacturing: Understanding the importance of Oil and Gas Free Zones

In a presentation to the 2018 Oil and Gas Forum hosted at the Lagos Sheraton Hotel in October by the Institute of Oil & Gas Research and Hydrocarbon Studies, the Managing Director/CEO of the Oil and Gas Free Zones Authority, Mr Umana Okon Umana, brought into global context with local relevance, the place of the oil and gas free zones in the diversification of the Nigerian economy.
Continue reading Manufacturing: Understanding the importance of Oil and Gas Free Zones at Vanguard News Nigeria. …

Imo oil communities to engage politicians on manifestos

Owerri—Stakeholders from oil communities in Imo State, yesterday said they would engage politicians seeking their votes, to explain to them the development programmes which they have for their communities.
Continue reading Imo oil communities to engage politicians on manifestos at Vanguard News Nigeria. …

Oil prices slip on rising supply, trade tensions

Oil prices slipped on Tuesday, depressed by concerns that the U.S.-China trade dispute will dent economic growth and by signs of rising global supply in spite of upcoming sanctions against Iran.
Continue reading Oil prices slip on rising supply, trade tensions at Vanguard News. …

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