Tag Archives: Crude oil

AS May approaches, over half of Nigeria’s crude oil cargoes remain unsold, signaling potential economic turbulence and underscoring the impact of global market dynamics on Africa’s once leading oil producer. With more than 30 out of 53 scheduled cargoes yet to find buyers, Nigeria faces significant challenges in a competitive …

Oil & Gas expert, James Arukhe emphasizes that Nigeria needs collaboration between government and private entities, alongside strategic investments, to fulfil its domestic and international energy commitments. “Meeting these obligations requires investments in infrastructure, technology, security, environmental sustainability, and human capital,” Arukhe stated. “Policy reforms are also crucial.” He emphasizes …

Angola has now emerged the topmost crude oil producer in Africa, upstaging Nigeria as the latter’s output level hits a new low. The direct communication data in the April 2023 monthly oil market report (MOMR) of the Organization of Petroleum Exporting Countries (OPEC) shows that Angola recorded 1.06 million barrels …

The Federal Government earned N586.71 billion from the sale of crude from January to November last year. The earnings were 74.3 per cent short of the prorata target for the period. Oil revenue performance has fallen short of targets in recent years, as the sector buckled under crude theft and …

As the push from fossil fuels continues in the developed countries with reduced buyers for Nigeria and other African crude, there are indications that Dangote Refinery and about ten others across Africa may, from next year, will provide an immediate market for African crude oil. About 11 refineries coming on …

The Indigenous People of Biafra (IPOB) has said Biafra can exist now as a sovereign state following the discovery of crude oil in the North. IPOB said this in a statement on Friday adding that the discovery was an answer to the prayers of its leader, Nnamdi Kanu who had …

The American Petroleum Institute (API) reported a small draw in crude oil inventory of 812,000 barrels for the week ending June 13, but still coming in over analyst expectations of a much bigger 2.033-million barrel drawdown in inventories. Last week, the API reported a surprise build of 4.852 million barrels. A day later, …

President of the Dangote Group, Alhaji Aliko Dangote, has vowed to crash the price of fertilizer before the end of next year, so as to boost agricultural production and guarantee food security in the country. Speaking at a forum in Abuja, Dangote said Nigeria’s fertilizer production would rise by about three …