Oil Prices

The price of OPEC basket of thirteen crudes stood at $55.75 a barrel on Wednesday, compared with $54.85 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following:…

Oil prices extended gains on Wednesday, rising to their highest since late February, after Saudi Arabia announced a big voluntary production cut, and as an industry report showed US inventories fell last week. Brent crude rose 25 cents,…

The resurgence of the coronavirus at different pace, in different parts of the world is projected to occasion a 20 per cent drop in value of oil in 2020. Global crude oil markets had lost about a fifth of their value in 2020 as…

The amount spent on the importation of petroleum products into Nigeria rose to N700.46bn in the third quarter of this year, moving closer to the pre-COVID-19 level, the latest data from the National Bureau of Statistics have shown. The…

Oil prices climbed nearly 3% on Thursday, with Brent surging above $50 a barrel for the first time since early March, fueled by hopes of a faster demand recovery as countries start to roll out COVID-19 vaccines. The bullish sentiment…

Oil prices fell on Tuesday, adding to losses from the previous session that came as California tightened its pandemic lockdown through Christmas and coronavirus cases continued to surge in the United States and Europe. Brent crude…

…Observers say it shows boost in demandPrice of crude oil peaked at $49.25/barrel in the international market, coming to sector players in Nigeria as good news as it was considered as evidence of a boost in demand…

Oil prices fell on Tuesday as concerns over mounting supply returned to the fore after leading producers delayed talks on 2021 output policy, while the coronavirus pandemic continues to sap fuel demand. Brent crude was down by 35 cents,…

More than 200 million Nigerians will slide further into poverty as the coronavirus pandemic has sent oil prices tumbling and pushed Africa’s largest economy into recession. To many in oil-rich Nigeria, Saturday’s announcement of a…

Oil producers in Arab Gulf are reportedly losing billions of U.S. dollars from oil revenues this year due to the impact of the Covid-19 pandemic that crippled global oil demand and oil prices. Oilprice.com reported last weekend that as…

Kenya has slashed the prices of super petrol, diesel and kerosene by Sh1.42, Sh2.21 and Sh2.10 per litre respectively, with immediate effect. The Energy and Petroleum Regulatory Authority for Residents, said Nairobi residents will…

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre. The PPMC…

The significant progress reported on the development of a Covid-19 vaccine by pharmaceutical company Pfizer, triggered a leap in oil prices, agencies reported on Monday.The news of the vaccine saw the biggest daily jump in the price of…

Oil fell to a four-month low, deepening Wednesday’s slump as Covid-19 lockdown restrictions grow in Europe. Futures in London lost 3.9%, declining as the dollar reversed an earlier loss to trade higher. Germany and France, the…

In 2021, Gabon’s oil production will drop by more than 10,000 bpd, according to the budget bill currently under review. A situation which will above all be the result of better adherence to OPEC + production cuts. The average price per…

Crude oil production in Nigeria dropped by 1.74 million barrels in September, figures from the just released oil market report of the Organisation of Petroleum Exporting Countries (OPEC) showed in a recent report. In the OPEC report,…

Oil price slips on Thursday as new restrictions to stem a surge in COVID-19 infections have increased uncertainty over the outlook for economic growth and a recovery in fuel demand. Brent crude LCOc1 futures dropped 70 cents, or 1.6% to…

Organisation of Petroleum Exporting Countries (OPEC+) alliance has assured that it will ensure that oil prices do not plunge steeply again when it meets at the end of November to set policy. OPEC’s Secretary General, Mohammad Barkindo,…

Oil prices fell yesterday almost 4% to their lowest in two weeks on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections. Reuters reported that stock and…

Chad has asked Glencore Plc to suspend payments on its oil-for-cash loan this year, but Bloomberg reported yesterday that the move could prove a precedent for private creditors worried about being dragged into a global debt-relief push for…