Tag Archives: Oil

The World Bank Thursday projected that oil prices would average $65 a barrel in 2018, up from an average of $53 a barrel in 2017. Meanwhile, OPAC Refinery in Kwale, Delta State, will come on stream in the third quarter of 2018 as the Department of Petroleum Resources (DPR) has granted it requisite approvals — Approval to Relocate Plant (ARP) and Approval to Construct (ATC) plant …

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It is an open secret that very soon, the much lucrative oil and gas industry would soon cease to dominate the global economy. As a matter of fact, in some climes, the economy has been diversified from oil and gas. Israel and Singapore for instance have their economies fixed in other sectors other than oil and gas despite the huge …

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• NPDC eyes 500,000bpd oil production Oil prices hit a more than two-year high yesterday after major producers said the global market was on its way toward rebalancing, while Turkey threatened to cut oil flows from Iraq’s Kurdistan region toward its ports. The November Brent crude futures contract was up $1.51, or 2.5 per cent, at $58.37 a barrel, its …

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Oil prices settled up 2 percent on Wednesday despite a rise in U.S. crude inventories, with the market heading for its largest third-quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts. Brent crude futures rose $1.06, or 1.9 percent, to $56.20 a barrel, while U.S. West Texas …

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The Nigeria’s oil and gas industry would require $10 billion (N3.05 trillion) over the next three years to increase crude oil production from 2.2 million barrels per day (bpd) to 3 million bpd. The Minister of State for Petroleum Resources, Ibe Kachikwu, who made this disclosure in the current Organisation of the Petroleum Exporting Countries (OPEC) Bulletin, said investment is needed …

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Oil prices hit a two-month high on Monday lifted by a tightening US crude market and the threat of sanctions against OPEC-member Venezuela. Brent crude futures were 52.90 dollars per barrel earlier in the day, their highest since May 25. It will be recall that proceed from oil sales forms over 80per cent of Nigeria’s revenue generation. U.S. West Texas …

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Libya and Nigeria, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon in an effort to help re-balance the market, Kuwait Oil Minister Issam Almarzooq said. OPEC and non-OPEC producers have invited the two African nations to their committee meeting in St. Petersburg, Russia, on …

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Oil prices began the week on a positive note, as Saudi Arabia and Russia, the world’s largest producers, agreed to extend the historic OPEC deal till March 2018. In a joint statement to journalists on Monday, Khalid al-Falih, Saudi’s energy minister and Alexander Novak, said they would do whatever it took to curb oversupply. “There has been a marked reduction to …

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Global oil benchmark, Brent crude, recouped some of the losses it recorded in recent days on Wednesday and traded above the $50 per barrel mark. Oil prices were bolstered by the biggest one-week drop in the United States’ inventories so far this year, and after Iraq and Algeria joined Saudi Arabia in supporting an extension to supply cuts by the …

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Nigeria has lost some of its market share in Europe, its biggest regional market, as crude oil exports from the United States penetrate more destinations. The US had in December 2015 removed the 40-year-old restrictions on its crude exports following the rapid growth of its oil production from 2013 to 2015. The US Energy Information Administration said on Tuesday that …

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