Tag Archives: Crude oil

Crude Oil Extends Losses

Oil prices extended losses on Monday, falling more than 1%, after the world’s top exporter Saudi Arabia slashed crude prices for Asia over the weekend, signalling demand concerns and that global markets are well supplied.

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Nigeria’s Economic Recession: Reasons, Implications, Solutions


Sometimes to a lay man, a recession means nothing more than shortage of food on the table and shortage of money in the pocket but explaining a recession goes beyond these. Dr. Kemdi Chino Opara a Financial/Marketing Analyst, resident in the United States recently spoke with our correspondent on the meaning, causes, implications and way out. Basically, a recession is …

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Hope Rises For Nigeria As Crude Revives To $60 Per Barrel


Hope may be rising for Nigeria as price of crude oil rose to $60 on Wednesday. On 27th December 2018, oil price had dropped at the international market to $50 per barrel, showing $9 below the 2019 budget projection. The worrisome development had prompted book makers to predict a turbulent year for the economy largely dependent on oil. Nigeria’s President …

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Crude Oil Production Rises by 9%

Nigeria’s crude oil daily production recorded an upward swing of about 2.09 million barrels in 2018, translating to a nine per cent increment, compared with the 2017 average daily production of 1.86million barrels. Pitched against the low-level daily crude oil production in 2016 and what obtains now, Nigerian National Petroleum Corporation’s (NNPC) Group Managing Director, Dr. Maikanti Baru, said the …

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254 Firms Submit Bids To Buy, Sell Nigeria’s Crude


Nigeria’s crude and condensate production stood at 2.25 million barrels per day on Tuesday, while 254 companies submitted bids for the sale and purchase of the country’s crude oil grades for the 2018/2019 Crude Term Contract. According to the Nigerian National Petroleum Corporation, about 40 cargoes of crude volumes will be offered monthly to winners of the term contract, adding …

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Living on the pipelines: How oil vandals make Nigerian economy bleed

Nigeria lost over N51.28bn worth of oil to activities of petroleum pipeline vandals in 2015, the Nigerian National Petroleum Corporation (NNPC) has said. Oil, the mainstay of Africa’s largest economy has been the bone of contention between the government and the Niger Delta militants. The contention is responsible for the loss of national revenue, which has hindered the production of 2.2 million …

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Naira suffers marginal loss against US Dollar

The Naira on Friday suffered marginal loss against the US Dollar at the parallel market in spite of CBN’s intervention at the foreign exchange market, vanguardngr.com has reported. The Nigerian local currency lost one point to exchange at N366, weaker than N365 traded on Thursday, while the pound sterling and the Euro closed at N468 and N412, respectively. At the …

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Hunger looms as harvesting in Nigeria’s forests soars

  Tayo Olanipekun Indiscriminate harvesting of forest produce will increase the level of poverty accompanied with food shortages in Nigeria and unless something drastic is done about it, the nation will miss out on the attainment of the Sustainable Development Goals (SDGs). This is owing to the illegal logging activities causing a yearly loss of 400,000 hectares of arable lands …

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