Oil

Oil marketers have asked the Federal Government to implement a transition plan in preparation for fuel subsidy removal after May 29. At the just-concluded Nigerian International Energy Summit in Abuja, the former Chairman of the Major Oil…

A Danish tanker flying the Liberian flag was attacked by pirates off Congo-Brazzaville in the Gulf of Guinea and contact was lost for three days with the crew of 16 sailors, its owner announced. During this attack, which took place on…

From February 5, the European Union, the G-7 and its allies will attempt to impose a cap on the price of Russia’s fuel exports — the latest punishment for its invasion of Ukraine. That will coincide with an EU prohibition on…

The energy ministers of Saudi Arabia and Iraq met on Thursday to stress the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday. Iraq's energy minister…

The Organisation of Petroleum Exporting Countries, OPEC+ has agreed to adjust downward, the overall production of crude oil by 2 mb/d, from the August 2022 required production levels. This will commence from November 2022 for OPEC and…

The Bank of Industry, BOI has said that increased focus on non-oil sector will boost Nigeria's forex exchange earnings on sustainable basis. The Managing Director and Chief Executive Officer of BOI, Mr. Olukayode Pitan observed that…

The Nigerian National Petroleum Company Limited has remitted a total of N2.7bn into its accounts with the Central Bank of Nigeria from January to June this year, a document on NNPC remittances to CBN has showed. The document stated that…

The Federal Government, has approved a new revenue generation scheme aiming to annually generate N3.8tn and N160bn from non-oil and oil ventures respectively. The Senior Special Assistant to the Vice President on Media and Publicity,…

World oil demand growth will slow in 2023, OPEC delegates and industry sources have said. This is expected as surging crude and fuel prices help drive up inflation and act as a drag on the global economy. Fuel use has rebounded from…

OPEC+ is working on making up for a drop in Russian oil output, two OPEC+ sources said on Thursday. Russia's production has fallen by around 1 million barrels per day as a result of Western sanctions on Moscow over Ukraine. One OPEC+…