THE price of Bonny Light, Nigeria’s premium oil grade, yesterday, leaped to $68.00 per barrel in the international market as Saudi Arabia cuts supply in order to realise a target price of $70 per barrel. The oil grade opened the week’s trading at $67.00.
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Indigenous players roll out strategies to grow oil sector
The indigenous players in Nigerian oil and gas down-stream sector have stated that for sustainable growth in the Nigeria Oil & Gas Industry, a paradigm shift is required. The Managing Director/CEO, First Exploration & Petroleum Development Co. Ltd, who doubles as the Chairman, Independent Petroleum Producers Group (IPPG), Ademola Adeyemi-Bero disclosed this recently in Lagos, at 16th Annual […] …
Oil hits 2019 highs amid OPEC-led supply cuts, U.S. sanctions on Iran, Venezuela
Oil prices reached their highest so far for 2019 on Thursday as global markets tightened amid supply cuts led by producer club OPEC and U.S. government sanctions against Iran and Venezuela.
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Oil reaches $68 on falling supplies
Oil prices rallied ysterday after data showed falling stockpiles of crude as refined fuels also plunged last week. International Brent crude oil futures were up 74 cents, or 1.2 per cent, at $68.35 a barrel hitting a new high going back to Nov. 13. U.S. West Texas Intermediate crude futures rose $1, or 1.7 per […] …
Bonny Light price hits $68.09, as Nigeria’s output declines
THE Federal Government’s 2019 budgetary estimates may still be sustained despite a significant cut in output as price of Bonny Light, Nigeria’s premium oil grade has risen to $68.09 per barrel in the global market, about $8.09 above the $60 budgeted benchmark.
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FG cuts oil output by 400,000 bpd
There are indications that Nigeria may amend its N8.9 billion 2019 budget, following the recent oil output cut by about 400,000 barrels per day, bpd, in conformity with the Organisation of Petroleum Exporting Countries, OPEC, policy.
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Oil producers to decide in June on extending cuts
Oil prices stable as impact of supply cuts dented by fuel demand growth fears
Oil prices were stable on Friday, propped up by production cuts led by OPEC and as U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.
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Nigeria, Sao Tome move to exploit 500m barrels of oil
A new production sharing contract (PSC) yesterday entered into by Nigeria, Sao Tome and Principe Joint Development Authority (JDA) and Total Nigeria Plc is to exploit over 500 million untapped barrels of crude oil in West Africa. Coming 18 years after an earlier treaty was struck, Total and major stakeholders from the two nations as […]
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Oil rises on ongoing OPEC-led supply cuts, fall in U.S. rig count
Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall U.S. drilling activity.
Continue reading Oil rises on ongoing OPEC-led supply cuts, fall in U.S. rig count at Vanguard News Nigeria. …