The recent call by former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) faulting the N145 petrol price cap has stirred a new wave of controversy among stakeholders and Nigerians in general. The NNPC GMDs forum, a body comprising former GMDs of NNPC and the incumbent NNPC GMD, Dr. Maikanti Baru, had last week, expressed reservation over the … Read More
Hike in PMS Price Is Inevitable, Says IPMAN
The speculation about possible increase in price of Premium Motor Spirit, PMS, otherwise known as petrol, may hold some substance as the Independent Petroleum Marketers Association of Nigeria, IPMAN, yesterday warned of threat to product availability in the country. This came as expert blamed marketers of insensitivity to price moderation when government placed a cap on petrol price in May. … Read More
Global LNG Prices Slip, as Nigeria Shakes Off Output Problems
Asian liquefied natural gas (LNG) prices fell in a slow week as traders awaited the outcome of two tenders and Argentina turned away shipments due to mild weather curbing demand. A major tender expected from Egyptian Natural Gas Holding (EGAS) to buy 120 cargoes for 2017, which sources said could be launched this weekend, was the market focus. Bids under … Read More
Oil Pessimists Exit as OPEC Cap Talk Spurs Bets Glut Easing
For a second week, money managers slashed bets on falling prices by a record and boosted wagers on a rally. Futures have climbed 23% in less than three weeks as some OPEC members raised the possibility of an output freeze amid signs the global glut is easing. “This is a lot of running from one side of the boat to … Read More
Crude Oil Price Gain Reversed on Nigeria, Iraq Supply Boost
Oil retreated, halting the longest run of gains in four years as Iraq sought to increase exports amid a global oversupply and Nigerian militants called an end to hostilities. Futures fell 3% in New York after climbing 16% the previous seven sessions. Iraq will boost crude shipments by about 5% in the next few days following an agreement to … Read More
OPEC’s Planned Oil Production Freeze Won’t be Potent
Even if OPEC strikes a deal with Russia next month in Algiers to freeze oil production, success will mean a lot less than when they tried and failed four months ago. Oil has rallied more than 10% since the Organization of Petroleum Exporting Countries said that it will hold an informal meeting in the Algerian capital, fanning speculation the group … Read More
Naira Weakens Against the Dollar Despite Oil Price Rise
The Naira, yesterday, depreciated against the dollar at the parallel market, just as crude oil price hit five-week high, gaining about 10 per cent in a three-day rally to close at $48.05 as speculations intensified over potential producer action to support prices amid a crude glut. Data from market intelligence firm, Genscape, estimating a draw of more than 350,000 barrels … Read More
OPEC Predicts Oil Price Rise, Meets in September
The Organisation of Petroleum Exporting Countries (OPEC), is hopeful that oil prices will rise in September through December, following expectations of higher oil demand. Analysts have said this should put pressure on oil producing nations to raise production for the expected increase in demand which will prompt the price increase. OPEC president, Mohammad Al-Sada, who made the projection, yesterday, also … Read More
Oil & Gas Industry Records 26 Percent Job Cut Globally
Data obtained from the United States, US, Energy Information Administration, EIA, has put the continued decline of employment in the oil and natural gas production across the world at 26 percent between 2014 and 2016. The report, which captured between October 2014 and May 2016, stated that employment in oil and gas production reached a height of 538,000 jobs in … Read More
Nigerian Oil & Gas Companies Face Possible Zero Revenue Generation
The recent upsurge in militant attacks on oil & gas infrastructure in the Niger Delta has significantly reduced production activities of indigenous companies, industry players have said. The Managing Director, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, said about 70 per cent of the nation’s production from the traditional terrain of onshore and shallow water had been locked in. … Read More
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