Headlines News Nigeria Oil & Gas

OPEC agrees with Kachikwu, endorses Nigeria’s exemption from oil quotas

Ihesiulo Grace 22 September 2017 0

The meeting of the Joint Ministerial Monitoring Committee of OPEC and Non OPEC Countries in Vienna on Friday endorsed Nigeria’s position that the exemption granted it at last year’s conference be sustained until the country stabilises its crude oil production. Dr. Emmanuel Ibe Kachikwu,

Business News

OPEC Meets As Oil Prices Hit $57

Ihesiulo Grace 22 September 2017 0

Oil prices were largely up yesterday as traders waited to see whether oil- producing countries set to meet in Vienna, Austria would extend production limits to reduce the global crude glut. The brent crude was trading at $56.29 dollars a barrel. U.S. crude was 50.64 dollars. Ministers from the Organisation of Petroleum Exporting Countries (OPEC), […]

Business

OPEC: Nigeria, Libya know fate soon over oil exempt

Ihesiulo Grace 6 September 2017 0

Abiodun Oyindamola, with Agency report With the relative peace in the Niger Delta and some level of stability attained in oil production, the exemption granted to Nigeria by the Organisation of Petroleum Exporting Countries, OPEC, is due for review. The cartel’s committee will on September 22 meet to review oil sector developments in Nigeria and […]

Maritime

Oil falls as banks cut price forecasts

Ihesiulo Grace 12 July 2017 0

Oil prices fell on Tuesday, as global oversupply encouraged several banks to cut their forecasts for crude for this year and 2018. Benchmark Brent crude was down 15 cents at $46.73 a barrel by 1310 GMT. U.S. light, sweet crude was 15 cents lower at $44.25. The fundamental mood has taken a turn for the […]

Business

Oil prices stabilize as Russia joins OPEC in production cut

Ihesiulo Grace 1 February 2017 0

Oil steadied on Wednesday as Russia joined OPEC in cutting production to try to balance the market, although plentiful supply in places such as the United States dragged on prices. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.63 per barrel at 0749 GMT (02:49 a.m. ET), up 5 cents […]

Business Energy

Inform buyers of cut, UAE tells OPEC

Ihesiulo Grace 26 December 2016 0

The United Arab Emirates (UAE) has urged the Organization of Petroleum Exporting Countries (OPEC) to inform its buyers about production cut figures by member-countries.  In November, OPEC agreed to cut production by 1.2 million barrels per day in order to increase oil prices. “As you saw, the GCC [Gulf Cooperation Council] companies announced to the […]

Business Headlines

Hope rises for Nigeria as OPEC okays 1.2mb/d production cut

Ihesiulo Grace 1 December 2016 0

…Oil Price Shoots above $50p/b   Nigeria’s economy might be on its way back to the top as the Organisation for Petroleum Exporting Countries, OPEC, has finally agreed to reduce output by 1.2 million barrels a day. Following on the heels of the announcement, benchmark Brent crude prices resumed climb to top $50 a barrel. […]

Business

Diversification, Only Strategy for Economic Stability – NACCIMA

Ihesiulo Grace 28 April 2015 0

Diversifying the Nigerian’s economy from over-dependence on crude oil has been described by the Nigerian Assoccition of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) as the only strategy to effectively resuscitate and bring stability to the economy of our nation. In a media chat held in Lagos, the Chamber’s Acting National president Bassey Edem, […]

Business Headlines

New Projection for Global Oil Demand Trends Upward

Ihesiulo Grace 21 April 2015 0

The IEA Oil Market Report for April raised its forecast of 2015 global oil demand by 90 000 bpd to 93.6 million bpd, a gain of 1.1 million bpd on the year. The notable acceleration from 2014’s 0.7 million bpd growth builds on cold first quarter temperatures and a steadily improving global economic backdrop.   […]

Business Oil & Gas

Saudi Oil Minister Predicts Higher Demand for Oil

Ihesiulo Grace 13 April 2015 0

Ibrahim al-Muhanna, Saudi Arabia’s oil minister said the decline in oil prices is “temporary,” and crude is steadying at $55–60/bbl amid stronger global demand.   The oil Minister made this remark in a speech he gave in Riyadh, adding that economic expansion in the U.S. and many developing countries together with growth in populations and […]

Business

Further Depression of Oil Price Looms

Ihesiulo Grace 1 April 2015 0

Fears that introduction of one million barrels of Iranian oil into the already saturated crude market would force further depression of oil price, peaked Tuesday – the self-imposed deadline by involved parties for a deal to lift sanctions on Iran. The marathon negotiations have been going on for some time now between Iran and foreign […]

Opinion

Wanted: Strategic Plan for Oil Sector

Ihesiulo Grace 31 March 2015 0

Oil is first and fore­most a commodity. As a commodity, oil is the larg­est traded commodity in ton miles globally. Besides being com­modity, oil also had been variously describe as “a weapon, a strategic asset, a course and a maker and spoiler of fortunes. Crude oil prices like prices of other commodities are controlled by […]

Oil & Gas

OPEC's Gulf Core Steels for Longer Wait, Lower Prices in Shale Struggle

Ihesiulo Grace 21 March 2015 0

U.S. shale drilling may be slowing, but not fast enough for OPEC to change policy at its June meeting or to prevent oil prices maybe falling more, in the view of the group’s Gulf members. Actual oil output from the United States could prove harder to beat back, sources in the Gulf say after poring […]