Oil & Gas

Crude oil price rises over $74 as U.S. sanctions tighten supply

DailyTimesNGR DailyTimesNGR 31 March 2025 0

Brent crude futures climbed 8 cents (0.1%) to $74.11 per barrel as of 0949 GMT on Friday, extending an eight-day winning streak—the longest since May 2022. U.S. West Texas Intermediate (WTI) crude also edged up 5 cents (0.1%) to $69.97 per barrel. Both benchmarks have gained about 2.5 per cent

News

Nigerian crude remains competitive with Europe, US grades

DailyTimesNGR DailyTimesNGR 15 February 2024 0

By Motolani Oseni Nigerian differentials edged up at the weekend staying competitive with European and U.S. grades, traders said. Cargoes of Nigerian Bonny Light and Qua Iboe crude were being offered for around Brent plus $2.50 a barrel. Purchases of light and medium Nigerian crude were consistent in the United States in Europe, traders said […]

Business

Nigeria optimistic of price rebound after crude sold for $12

Ihesiulo Grace 20 April 2020 0

Despite the slide of the crude oil reference price for Bonny Light to about $12 per barrel last week, Nigeria remains optimistic the situation at the international oil market would still rebound. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, in an interview with  journalists on Saturday in Abuja said […]

News

U.S. could start buying crude for Strategic Petroleum Reserve in 2 weeks

Ihesiulo Grace 16 March 2020 0

Washington – The U.S. could begin purchasing U.S. produced crude oil for the Strategic Petroleum Reserve in two weeks from now, and fill it in several months, an Energy Department source said on Monday. President Donald Trump said on Friday that he had ordered the Energy Department to fill the reserve “to the top.” The […]

Business

FG justifies $1bn for Boko Haram fight

Ihesiulo Grace 26 December 2017 0

…Says funds also to battle bunkering, cattle rustling, others The Federal Government has described the criticisms trailing the approval of $1 billion for the fight against insurgency and other violent crimes in the country as unnecessary and unhelpful. The Minister of Information, Culture and and Tourism, Alhaji Lai Mohammed, expressed this position at a news […]

News

Coalition commends Governors over Approval Of $1bn To Fight Insurgency

Ihesiulo Grace 19 December 2017 0

The 36 Governors of the country under the aegis of Governors’ Forum has been commended for its resolve to use $1 billion out of the savings from the nation’s Excess Crude Account (ECA) to fight insurgency and terrorism. Coalition Against Terrorism and Extremism in a statement signed by its national President, Comrade Gabriel Onoja, said […]

Business

2.3m daily crude oil production is achievable

Ihesiulo Grace 28 November 2017 0

The Nigerian National Petroleum Corporation (NNPC) has said the Federal Government’s 2.3 million barrels per day (bpd) crude oil projection for the 2018 budget is achievable. The NNPC Group General Manager, Corporate Planning and Strategy, Mr. Bala Wunti, said in Abuja that the projection is realistic. A statement by Group General Manager Public Affairs Division […]

Business Oil & Gas

Total to Raise Nigerian Output by 60,000bpd in 2015

Ihesiulo Grace 23 March 2015 0

The Chief Executive Officer of Total’s Nigerian producing unit, Elizabeth Proust has said that the French oil firm plans to see to the completion of two major projects in Nigeria this year that will add 60,000 barrel per day (b/d) of oil output to its portfolio despite the fall in oil prices. Proust said on […]

Business Oil & Gas

Nigeria Looks to Asia as US Ends Crude Import

Ihesiulo Grace 23 March 2015 0

The federal government has disclosed that it has turned its main focus to Asian markets as the United States has stopped buying crude oil from Nigeria and other African oil producers, having attained self-sufficiency. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Joseph Dawha made this disclosure in Abuja while making […]