…Medicinal cannabis market worth $3.7bn annually …It’s illegal to possess cannabis for now – NDLEA …Religious leaders wary of drug abuse and side effects By Philip Clement It is no longer news that the current slump in crude oil prices, Nigeria’s huge exchange earner, is currently rattling the economic team of the Federal Government. This […]
…As Buhari okays import duty waivers for pharmaceuticals, medical equipment …Waivers must be temporal to avoid rendering local pharmaceutical firms useless- Mailafia The excruciating impact of Coronavirus in the global oil economy is currently dealing a blow to Nigeria’s economy as the Federal Government has proposed to further review crude oil price downwards from $30 […]
…Says it has no capacity to impact Nigeria’s oil production The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has told Nigerians not to be apprehensive over the slump in the US crude oil below $0 per barrel. According to the NNPC boss, the development has no capacity to impact Nigeria’s […]
That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried up as lockdowns across the world have kept people inside. As a result, oil firms have resorted to renting tankers to store the surplus […]
Washington – United States crude oil prices fell sharply, plummeting to their lowest levels since 1986, as a collapse in demand because of the coronavirus and the resulting economic shutdowns comes atop shortages in storage capacity. West Texas Intermediate, the U.S. benchmark, dropped to nearly 10 dollars a barrel, a 45-per-cent decline, before ticking up […]
Abuja – The Minister of State for Petroleum Resources, Chief Timipre Sylva, said Nigeria joined the OPEC+ to cut crude oil supply by 10 million Barrel Per Day. Sylva disclosed this at the ongoing 9th Organisation of Petroleum Exporting Countries (OPEC) and Non OPEC ministerial webinar meeting. “Nigeria joined OPEC+ to cut supply by up […]
Despite the crumbling of the global economy due to Coronavirus pandemic, especially the sharp fall in the prices of crude oil, the Federal Inland Revenue Service (FIRS) has recorded an increase of 7.3 per cent revenue collection target for the First Quarter (Q1) of 2020, compared to the corresponding period of 2019. The spokesperson of […]
Following the global economic challenges resulting from the COVID-19 pandemic and the crash in the prices of crude oil, the Ogun state Governor, Dapo Abiodun has announced a number of measures to mitigate the imminent reduction in monthly federal allocation to the state. Gov. Abiodun according to a statement from the governor’s office made this […]
Oluwadele Bolutife For full disclosure, I operate in two oil-driven environments, Alberta in Canada, and Nigeria. Whereas the challenges in both places differ in context and purpose, the main thrust in difficulties are nonetheless situated within the paradigms of crude oil and its prices. For sometimes, the main issue in Alberta is the ‘unholy’ war, […]
Abuja – The Buhari Media Organisation (BMO) has allayed the fear of Nigerians over the drop in the price of crude oil, saying that President Muhammadu Buhari has a capable team to manage the current crisis in the global oil market. The BMO Chairman, Mr Niyi Akinsiju, who, said this in a statement issued in […]
Umuahia – The Commandant of the Nigeria Security and Civil Defence Corps (NSCDC) in Abia, Mr Nnamdi Nwannukwu, said the command impounded two trucks allegedly laden with large quantities of crude oil. Nwannukwu stated this in a statement signed by the command’s spokesman, DSC Egwu Agu, and made available in Umuahia on Sunday. He stated […]
Abuja -The Minister of State for Petroleum Resources, Chief Timipre Slyva, said that about one billion Barrels of Crude oil have been discovered in Northeastern part of Nigeria. Sylva made the disclosure at a news Conference to end the 2020 Nigeria International Petroleum Summit (NIPS), in Abuja on Wednesday. “The figure we are getting, the […]
The revelation that about 22 million barrels of crude oil were stolen in the first six months of this year should worry every well-meaning Nigerian and calls to question the effectiveness of measures put in place to checkmate the menace. It is either that the measures are not working or there are collaborators within the […]
Crude oil futures fell on Friday amid lingering uncertainty on whether, and when, the U.S. and China will agree a long-awaited deal to end their bitter trade dispute, the gloom compounded by rising crude inventories in the United States. Brent crude, the global benchmark, was down 16 cents, or 0.3 per cent, at 62.13 dollars […]
Crude oil prices slipped back a little in Asia on Monday, possibly with investors taking some cash off the table ahead of important US and European data. Prices gained as the preceding week bowed out, boosted by a much stronger-than-expected US jobs report on Friday. There was also a degree of optimism that US-China trade talks may […]
The Federal Government says it will increase crude oil production to the national target of three million barrels per day and reserves of 40 million barrels before 2023. Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, said this while addressing the House of Representatives Committee on Petroleum Upstream chaired by Rep. Musa […]
Due to its support and contributions to the nation’s sustainable economic growth and diversification, gas production has identified as key to unlocking Nigeria’s economic potentials. The President, Nigerian Gas Association (NGA), Mrs Audrey Joe-Ezigbo, made this disclosure in Lagos, while appraising the performance of the oil and gas industry as Nigeria marks her 59th Independence […]
Philip Clement – Abuja The Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, has dismissed any insinuation that Nigeria will adjust her crude oil price projections in the 2020 budget. Following the bombings on oil installations in Saudi Arabia, crude oil prices had surged to its highest of about $70 bar barrel. However, […]
Mochael Ajayi The Organisation of Petroleum Exporting Countries (OPEC), the world’s biggest oil cartel, pumped its fewest barrels of crude oil in over 5 years (Apr 2014 – 29.70mb/d), latest data released by the S&P Global Platts survey has revealed. According to the data, OPEC oil output slumped by 210,000 b/d to 29.88mb/d in the […]
Michael Ajayi The Nigerian National Petroleum Corporation (NNPC) has revealed that it would increase Nigeria’s crude oil reserves to 40 billion barrels by the year 2025. The Group Managing Director of NNPC, Mele Kolo Kyari, disclosed this at the opening of 2019 annual conference and exhibition organised by the Society of Petroleum Engineers (SPE) in […]
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