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Following the unveiling of its range of lubricants late last year, the NNPC Retail Ltd, one of the Downstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC), has commenced the roll-out of its Nitro and Rhino range of engine oils into the market. Group Managing Director of NNPC, Mallam Mele Kyari, disclosed this at ...
Nigeria’s budget estimate appears threatened as oil price drops $5 below the 2020 benchmark on global fears over the impact of the Coronavirus epidemic. Brent crude which is the international benchmark for crude oil, traded at $51.95 per barrel. This figure is $5 lower than Nigeria’s $57 crude oil price benchmark...
Oil prices have today increased due to short-covering and hopes for greater output cuts by oil-producing countries, despite continuing coronavirus fears. Reuters reported that Brent crude rose $0.33 to $55.28 per barrel while US West Texas Intermediate crude gained $0.41 to $50.31 a barrel. The news agency said investors covered short...
Renewed fears that the coronavirus will harm global growth rocked commodity markets again on Monday, with oil and metals prices tumbling while gold soared toward $1,700 an ounce amid a flight to haven assets. As the deadly virus spreads more widely outside China, raising the threat of a global pandemic, finance chiefs and central...
Chevron’s future growth prospects may be dimming after the oil explorer pumped more crude than it discovered or bought last year, eroding its portfolio of untapped fields. New finds, acquisitions and expansions of existing oil and natural gas holdings were equivalent to just 44% of the company’s 2019 production, according to a regulatory filing...
Exxon Mobil fell to a 15-year low on Monday just over a week before CEO Darren Woods is scheduled to present the oil explorer’s long-term strategic plan to investors and analysts. The shares have been under pressure since Exxon disclosed disappointing fourth-quarter results in late January and prospects for a near-term recovery were dimmed...
Schlumberger announced today the opening of a world-class manufacturing center in King Salman Energy Park (SPARK) that supports Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program to promote economic growth. The center will manufacture well completions technologies including liner hangers and packers and isolation valve technologies, such as GROVE* valves and ORBIT* rising stem ball valves, to...
Oil rose to a two-week high on hopes that economic stimulus from China can revive demand battered by the coronavirus, and as a number of OPEC nations faced threats to their production. Brent futures increased for a seventh day, the longest run of gains since early 2019, even as Chinese refineries slashed processing by...
A five-day rally in oil prices ended as investors found new reasons to worry about how fuel demand will be affected by the impact of Asia’s deadly coronavirus. Brent futures fell 1.8% to trade below $57 a barrel in London. Citigroup Inc. said that markets are overconfident in expecting a v-shaped recovery and oil...
A long-running oil dispute between Russia and Belarus has for the first time threatened to disrupt supplies to Europe. Belarus will start taking crude from its transit pipeline if shipments from Russia are below the agreed 2 million tons this month, state news agency Belta reported Friday, citing President Alexander Lukashenko. That could jeopardize...

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