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Oil prices have edged down after President Donald Trump bans passenger travel from Europe to US due to coronavirus (Covid-19). The 30-day travel ban follows a declaration by the World Health Organization (WHO) that the coronavirus outbreak can be ‘characterised’ as a pandemic. The restriction, which does not include Britain, is...
Occidental Petroleum plans to cut capital spending after oil futures plummeted below some of its hedging levels and threatened its dividend, according to people familiar with the matter. The company’s shares tumbled by a record. The Houston-based explorer is reacting to crude’s plunge of more than 30% on Monday to protect the payout, which...
Saudi Arabia plans to unilaterally increase oil output next month, a move that could further reduce prices, reliable sources told Bloomberg. Such a move could make matters worse for oil-dependent countries like Nigeria. PREMIUM TIMES reported how the price of crude reduced Friday after oil producers failed to agree on oil cuts at an...
Oil clawed back some of its biggest drop in a generation as investors grappled with the most volatile market on record in the midst of simultaneous supply and demand shocks. Futures rose about 4% in early Asian trading on Tuesday after collapsing by a quarter on Monday -- the biggest price drop since the...
- The Trump administration suspended a planned sale of 12 MMbbl of oil from the nation’s emergency reserves after world crude prices plunged the most since 1991. “Given current oil markets, this is not the optimal time for the sale,” Jess Szymanski, a spokeswoman for the Energy Department, said in a statement on Tuesday.
Dangote Industries Limited on Sunday promised that its ongoing subsea gas pipeline project would on completion, cut the amount of flared gas in the country considerably while delivering gas supply in enormous quantities to enhance industrial operations. A key component of the company’s capital-intensive fertiliser, petrochemical and refinery projects, the 1,100 kilometre pipeline is...
There are strong indications that financial troubles await Nigeria as crude oil price fell to $46.31 per barrel, $11 below the 2020 oil benchmark which is $57 per barrel. More so, Nigeria’s ambitious N10.6trillion budget for 2020 May also suffer another setback as many Nigeria’s cargoes remained unsold due to shortfall in demand and...
The resuscitation of Nigeria’s under-performing refineries is a Key Performance Indicator for the current administration of the Nigerian National Petroleum Corporation (NNPC). Mele Kyari, the Group Managing Director, upon assumption of office promised to fix the four refineries before the end of May 2023 and transform Nigeria into a net exporter...
Members of the Organisation of the Petroleum Exporting Countries (OPEC) have put a deal to other countries to further cut oil production throughout 2020. However, Russia has not agreed, and oil prices continue to plummet, losing more than 4% on Friday. According to figures from Reuters, at 11:24 UTC Brent crude prices had fallen...
Major stakeholders in the international shipping community have said they are confident of the measures and satisfied with the effectiveness of Nigeria’s efforts to contain piracy and armed robbery on the country’s maritime environment. They also expressed confidence in the abilities of the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA),...

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Nigeria joins oil war, makes brutal price cuts

…Selling barrels at record discounts to Brent…Traders see lackluster buying, weak demand from refiners Nigeria opened a new front...

Oil slips as OPEC-Texas agreement looks less likely

Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to...

Oxy nears truce with Icahn, adding new directors to its board

Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil...

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