Oil prices rose on Tuesday, ahead of the weekly crude inventory data releases, but traders remain concerned about the pace of the recovery in global oil markets. After a sobering Organisation of Petroleum Exporting Countries (OPEC) report on Monday, the International Energy Administration (IEA) published its updated demand forecast for the year, revising its previous…

Roger Brown, new CEO of leading indigenous oil and gas company, Seplat Petroleum Development Company Plc said local oil companies deserve some respite from government if oil production restrictions, which requires reducing their output is prolonged. The Organisation of Petroleum Exporting Countries (OPEC) and its allies agreed in July to lower their current crude oil…

It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets. Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coronavirus has thwarted their best efforts to keep the market…

Daniel Oyelesi, who runs a laundry business in Nigeria’s capital Abuja, is reeling from the double whammy of price rises for petrol and electricity imposed in recent weeks that he says will harm his two-year-old business. Earlier this month Nigeria’s president said the increases, announced days apart in early September, were needed to bolster Africa’s…

The coming on stream of Dangote Refinery may not result in lower price of petrol products as the federal government says Nigeria will still buy the product from the Lagos based refinery at international price. Minister of Finance, Budget and National Planning, Zainab Ahmed who made the remarks yesterday said the Dangote Refinery may not…

The total expenses made on transportation and freight costs of oil products by three major oil marketing companies in the country in the first six months of the year amounted to N1.5bn. This is in contrast to the N1.9bn the oil firms spent for the same purpose in 2019. The oil marketing companies, Total Nigeria…

With the negative impact of the Coronavirus pandemic on global economy which had led to an unprecedented decline in the global price of crude oil, cutting the cost of oil production by Nigerian oil companies had become imperative. Based on official statistics, Nigeria is one of the oil producing countries that has the highest cost…

Oil fell to near $37 a barrel in New York while a slew of downbeat predictions from OPEC to BP Plc reinforced concerns that a resurgent pandemic is pressuring fuel demand. Prices are near their lowest since June as the Organization of Petroleum Exporting Countries downgraded its outlook for the market just as the cartel…

The Nigerian National Petroleum Corporation (NNPC) has said that it will soon begin activation of Compressed Natural Gas (CNG) refill stations for motorists across the country. The corporation disclosed this in a statement by the Group General Manager Public Affairs Division, Kennie Obateru, in Abuja, on Sunday. The CNG (methane stored at high pressure) is…