Crude Oil Slumps One Day After OPEC Deal to Cut Output

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Despite the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut crude oil production by 200,000-700,000 barrels per day to achieve price recovery, oil prices fell yesterday after the gains recorded on Wednesday. This was just as Royal Dutch Shell on Thursday in Rio de Janeiro, Brazil, launched its “#makethefuture” programme, where it unveiled six new technologies from … Read More

Fresh Concerns Over Importation Of Toxic Fuel Into Nigeria

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The challenges bedevilling the Nigeria’s petroleum industry took a new twist last week Thursday with the report from Public Eye and Africa Network for Environmental and Economic Justice (ANEEJ), a non-governmental organisation (NGO) in Nigeria released a report claiming importation of dirty fuel into the country. Public Eye, a group previously known as the Bern Declaration stormed the world with … Read More

Federal Government Sues Agip and Total for $635m

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The Federal Government is demanding $635 million from two multinational oil companies, Agip and Total, for undeclared crude oil shipped out of the country between 2011 and 2014. Two cases have been filed at the Federal High court in Lagos by senior lawyer and Senior advocate of Nigeria, Professor Fabian Ajogwu, who had handled several cases for the Federal Government … Read More

Oil Set for Weekly Drop as Resilient Supply Seen Sustaining Glut

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Oil headed for a weekly loss on speculation a global crude glut will persist as disrupted supply returns and demand growth slows. Futures fell 1.3 percent in New York, extending a weekly decline to 5.5 percent. OPEC members Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. The oil surplus will last longer … Read More

The Ceasefire in Niger Delta Threatened by Local Anger at Military

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An agreed ceasefire in the Nigeria’s oil-producing Niger Delta is in danger of being derailed by anger at the military over the death of an elderly local leader. The Niger Delta Avengers group, whose attacks on oil pipelines in the southern region crippled crude output earlier this year and pushed Africa’s biggest economy into recession, said in August it agreed … Read More

Global Oil Glut Set to Worsen as Nigeria, Libya Fields Restart

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Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks. Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 bpd … Read More

Nigerdock Boss Seeks End To Monopoly In Oil & Gas Logistics

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The Chairman of Nigerdock, Anwar Jarmakani, has called for the end of monopoly in the oil & gas logistics describing it as a threat to the sector. Jarmakani disclosed this when he hosted the Managing Director, Nigerian Ports Authority (NPA), Ms Hadiza Bala Usman who paid a courtesy visit to the Nigerdock Snake Island Free Zone in Lagos, recently. The … Read More

ExxonMobil Resumes Export, Three Months After Force Majeure.

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Mobil Producing Nigeria Unlimited, a unit of ExxonMobil, will resume shipment of Qua Iboe crude, Nigeria’s largest grade of crude oil in October, three months after the company had declared force majeure on the exports of the grade. This is coming as oil prices slumped three per cent tuesday following another gloomy prediction by the International Energy Agency (IEA) on … Read More

It’s Vital to Restore Pre-sanctions Oil Output – Iran President

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Iran’s President said he supports efforts by OPEC to stabilize oil prices, while reiterating that the country must restore production lost during years of sanctions.  “Iran had suffered greatly under sanctions,” Hassan Rouhani said, according to a statement on OPEC’s website citing the Iranian president. Therefore it is “vital for the country to make up its lost oil production,” he … Read More