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Tag: crude oil

Oil and Gas

Nigeria to introduce new crude grade ‘Obodo’ in April

Nigeria is set to introduce a new medium sweet crude grade, Obodo in April 2024, as reported by Argus Media, which provides business intelligence, market data, and price assessments for global industries. Obodo crude has a gravity of 27.65°API and a sulfur content of 0.05%, according to an assay seen by the company. A source […]

Oil and Gas

Oil prices rise slightly amid optimism from China

Oil prices saw modest gains in light holiday trading on Thursday, supported by optimism about potential fiscal stimulus in China and expectations of declining United States crude inventories. Brent crude futures edged up by 13 cents (0.2%) to $73.71 per barrel, while U.S. West Texas Intermediate crude rose by 11 cents (0.2%) to $70.21 per […]

News

Crude prices drop as dollar strengthens

Oil prices extended their decline on Thursday, driven by a stronger dollar and reduced crude imports in China, which outweighed potential supply disruptions linked to Donald Trump’s presidential win and output cuts from Hurricane Rafael. Initially, Trump’s election triggered a sell-off, pushing oil prices down over $2 as the dollar surged. However, prices later recovered […]

News Oil and Gas

Oil prices surge over $1 amid escalating Middle-East tensions

Oil prices surged over a dollar in early trading today amid rising concerns about potential disruptions to crude production due to escalating tensions in the Middle East, particularly following Iran’s significant military strike against Israel. Brent futures increased by $1, or 1.36%, reaching $74.56 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by […]

News

ICYMI: Spanish firm wins tenders for Nigeria’s new crude oil

Spanish oil firm, Repsol has won the tender for the first shipment of 950,000 barrels of Nigeria’s new low-sulfur crude oil blend, known as Utapate. In addition, another top crude oil trader, Gulf Transport and Trading, obtained the cargo tenders for August and September of 2024. This was disclosed in a signed statement by the […]

16 missing as oil tanker capsizes off Oman coast
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16 missing as oil tanker capsizes off Oman coast

At least 16 crew have been declared missing after a Comorian-flagged oil tanker capsized off Oman on Monday, the sultanate’s Maritime Security Centre (MSC) said, adding that a search was underway for survivors. The MSC, which is run by the Omani defence ministry, did not specify the cause of the capsize.In a post on social […]

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Nigeria’s crude oil output drops 7% in February – OPEC

Nigeria’s crude oil production, excluding condensate decreased month-on-month by 7 per cent to 1.3 million barrel per day in February 2024, from 1.4 million barrels per day recorded in January; despite the efforts of the federal government to increase oil production. This was disclosed by the Organization of the Petroleum Exporting Countries in its March […]

News

Nigeria’s oil export revenue surges to N29bn

Melvin onwubuke   Nigeria’s total oil export revenue reached N29 billion in 2023, which was a 37 per cent increase from the amount of N21.1 billion achieved last year. This is contained in the recently released foreign trade report by the National Bureau of Statistics. Further analysis showed that 80.64% of the exports recorded in […]

Army discovers stolen 1m litres crude oil in Rivers
Oil and Gas

Army discovers stolen 1m litres crude oil in Rivers

The reservoir was discovered during a raid in Akwa-Odagwa in Rivers State, according to Brigadier General Garrison Commander of the 6 Division and Sector 3 Commander of Operation Niger Delta Safe, EU Effiong. According to Channels TV, near the Akwa-Odagwa Etche Local Government Area in Rivers State’s Port Harcourt, the Nigerian Army’s 6 Division has […]

Crude hits $83 as Nigeria's export passes 1.4mbpd
Oil and Gas

Crude hits $83 as Nigeria’s export passes 1.4mbpd

Data from the Federal Government indicates Nigeria’s oil output surged to 1,426,574 barrels per day in January 2024. This news caused the global benchmark for crude, Brent, to rise to $83.19/barrel on Tuesday evening, moving up $1.19 from its overnight price. The PUNCH stated that, Nigeria would receive more foreign cash due to the small […]

Oil and Gas

Nigerian oil firms mandated to supply 483,000 bpd of crude oil to local refineries

The Nigeria Upstream Petroleum Regulatory Council has issued new regulations requiring oil producers to send around 483,000 barrels per day of crude oil to nearby refineries during the first half of 2024. This program is part of the efforts of Africa’s largest crude oil exporter to secure a steady supply for domestic processing. The Dangote oil refinery and […]

Monthly petrol import drops by 990m litres - Minister
Business

Oil prices surge following Red Sea attacks

Oil prices shot up three per cent Monday as more companies suspended shipping through the Red Sea following attacks on vessels by Yemen’s Iran-backed Huthi rebels. US stocks meanwhile sought to continue last week’s rally on expectations that the US Federal Reserve will cut interest rates next year, though it appears to have lost steam […]

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