The Department of Petroleum Resources (DPR), yesterday, said the Federal Government is making efforts to upgrade the downstream of the petroleum industry to a global standard. The downstream has the capacity to improve revenue from the oil and gas sector, increase contribution to Gross Domestic Product (GDP), and create massive employment, but has been bedeviled […]
Nigeria to upgrade oil downstream sector — DPR Read More »
OIL MARKET: Recent tension in the Middle East posses uncertainty in the market — IEA The recent tension in the Middle East has once again added a layer of uncertainty to the oil market outlook, according to the International Energy Agency, IEA. In its latest Oil Marker report, obtained by The Daily, www.thedaily-ng.com, the IEA, stated: “The
OIL MARKET: Recent tension in the Middle East posses uncertainty in the market — IEA Read More »
By Alison Godswill The price of Nigeria’s Bonny Light has risen to $60.52 per barrel, apparently the highest in 2021, as the Organisation of Petroleum Exporting Countries, OPEC continues to pursue its oil cut deal. The prices of other crudes, including Brent, OPEC Basket, and the Urals also rose from over $50 to $61.14, $60.28,
OIL MARKET: Bonny Light price hits $60.52 per barrel Read More »
The Organisation of Petroleum Exporting Countries, OPEC, has revised non-OPEC supply growth in 2021 down by about 0.2 million barrels per day, mb/d, indicating an increase of 0.7 mb/d, to average 63.3 mb/d. In its February 2021 report obtained by The Daily, www.thedaily-ng.com, OPEC stated: “The forecast for non-OPEC supply growth in 2021 has been
The Organisation of Petroleum Exporting Countries, OPEC said it is well-pleased with Crude oil Price Movements since January, this year. In its February 2021 report obtained by The Daily, www.thedaily-ng.com, OPEC stated: “Crude oil spot prices rose firmly in January, along with a steady rise in futures markets. Major physical crude benchmarks increased about 10%
JUST IN: OPEC pleased as Crude Oil Price Movements rise further Read More »
The Department of Petroleum Resources, DPR has launched a new digital system to monitor the distribution of petroleum products in Nigeria. Speaking at the launch in Abuja, DPR Director/CEO, Engr. Auwalu Sarki, said: “Out very good information of how the products are been taken out of the borders. To do that, you need to know
DPR launches new system to monitor petroleum products distribution, smuggling, hoarding Read More »
By Adetunji Oyebanji The public, which includes the downstream operators are key stakeholders in the Nigerian oil and gas industry. We believe that as a country, we have and should move beyond the debate on the arguments for the removal of petrol price subsidies. The discussion we should be having today is how best to
After Deregulation, what next? Read More »
The Organisation of Petroleum Exporting Countries, OPEC, has predicted that global demand will rise by 5.8 million barrels per day, mb/d in 2021, as the world continues its battle against the Coronavirus pandemic, which culminated in lockdown, and low demand for oil. In its report obtained by The Daily, www.thedaily-ng.com, it stated: “For 2021, oil
OIL MARKET: Global demand to rise by 5.8 mb/d in 2021 —OPEC Read More »
.As Bonny Light price rises to $60.52 per barrel THE Major Marketers Association of Nigeria, MOMAN has disclosed that Nigeria’s fuel subsidy, currently incurred by the Federal Government through the Nigerian National Petroleum Corporation, NNPC was not unsustainable. The price of Bonny Light rose from $59 to $60.52, on February 11, 2021, thus increasing the
Fuel subsidy is unsustainable in Nigeria — MOMAN Read More »
OIL PRODUCTION: FG puts the cost at $10 per barrel in Nigeria, seeks IOCs, others cooperation The Federal Government has set $10 or less per barrel as the cost of oil production in Nigeria. Speaking at the launch of the Nigerian Upstream Cost Optimisation Programme, NUCOP in Abuja, Nigeria, the Minister of State, Petroleum Resources,
