Indigenous Firms Plan To Increase Oil Output

Indigenous Firms Plan To Increase Oil Output

  Data from the Ministry of Petroleum Resources has shown that indigenous oil producers are planning to increase crude oil output by almost 250,000 barrels a day by 2020. This comes despite efforts by the Organisation of Petroleum Exporting Countries (OPEC) and Russia to restrict oil supply and raise prices. Nigeria’s third-biggest indep...
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Naira untouched as stocks, crude oil record losses

Naira untouched as stocks, crude oil record losses

The naira remained stable on Tuesday despite losses recorded on the Nigerian Stock Exchange and global crude oil market. The naira appreciated against the dollar to exchange at N361/$ against The post Naira untouched as stocks, crude oil record losses...
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Dogara: Fuel scarcity won’t stop until we’re able to refine crude locally

Dogara: Fuel scarcity won’t stop until we’re able to refine crude locally

Yakubu Dogara, speaker of the house of representatives, says the solution to incessant fuel scarcity in the country is the ability of the country to refine crude locally. He said The post Dogara: Fuel scarcity won’t stop until we’re able...
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Adeosun: We don’t care if oil prices rise or fall

Adeosun: We don’t care if oil prices rise or fall

Kemi Adeosun, minister of finance, says Nigeria has got to a point where it does not care if oil prices rise or fall. In an interview with Bloomberg, the minister The post Adeosun: We don’t care if oil prices rise...
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Nigeria earns N1.213tr from crude oil export in one year

Nigeria earns N1.213tr from crude oil export in one year

Nigeria's oil and gas export receipt for the period of November 2016 to November 2017 stood at $3.73 billion (N1.213 trillion), out of which the $2.60 billion... ...
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Oil prices hit $70 per barrel amid OPEC cuts

Oil prices hit $70 per barrel amid OPEC cuts

Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth and supply restrictions led by the Organisation of the Petroleum Exporting Countries (OPEC) and Russia. NAN reports The post Oil prices hit $70 per barrel amid OPEC...
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US to overtake Saudi as crude oil producer

US to overtake Saudi as crude oil producer

The United States are set to overtake Saudi Arabia as the world's number two oil producer after Russia this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said on Friday. "This year promises to be a reco...
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Oil price will ‘remain between $40-$60’ despite OPEC cut

Oil price will ‘remain between $40-$60’ despite OPEC cut

Moody’s, US-based ratings agency, says crude oil prices will remain within the range of $40 to $60 despite the extension of the supply cuts agreed on by the Organisation of The post Oil price will ‘remain between $40-$60’ despite OPEC...
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Nigeria loses 54.6% of its potential oil revenue in 2015 – NEITI

Nigeria loses 54.6% of its potential oil revenue in 2015 – NEITI

The Nigeria Extractive Industries Transparency Initiative on Friday said Nigeria lost 54.6 per cent of oil revenue, amounting to 29.7 billion dollars in 2015. NEITI said this in Abuja in its audit-covered operations in the country’s oil and gas industry for ...
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TIMELINE: How naira moved from N520/$ to N360/$

TIMELINE: How naira moved from N520/$ to N360/$

The strength of a nation’s currency is crucial because it affects the purchasing power of its citizens and domestic and foreign trade. Nigeria experienced its worst recession in 29 years The post TIMELINE: How naira moved from N520/$ to N360/$...
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