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...
International Oil and Gas News
Chevron reports lowest reserve-replacement ratio since 2010
energypost -
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...
International Oil and Gas News
Oil reaches two-week high on hope for Chinese demand revival
energypost -
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...
International Oil and Gas News
Oil’s five day rally ends, revealing longer-term price weakness
energypost -
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...
International Oil and Gas News
Russia-Belarus oil dispute begins to threaten supplies to Europe
energypost -
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...
Latest article
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...