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Tag: oil prices

With Massive Oil Windfall, Saudi Arabia Pours $7.5bn Into US Stocks

Organisation of the Petroleum Exporting Countries (OPEC)
A top member of the Organisation of Petroleum Exporting Countries (OPEC) Saudi Arabia, has through its Sovereign Wealth Fund (SWF) invested $7.5 billion in blue-chip American companies on the backRead More

Report: Nigerian Businesses Turn To Solar As Diesel Costs Bite

Solar panels
Nigeria’s solar companies are seeing a surge in demand for mini-grids and equipment as businesses in Africa’s biggest oil producer look for alternative power sources, a Reuters report disclosed. TheRead More

Fuel Subsidy, Nigeria Merely Struggling To Service Its Debts, Finance Minister Laments

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed
Declares policy hurting economy W’Bank estimates country may lose N5trn oil revenue to subsidy in 2022 Says seven million Nigerians may slip into poverty this year Soludo harps on fuelRead More

Oil Price Surge: As NNPC Falters, Saudi Aramco’s Q1 Profit Jumps 82% To $40bn

Nigerian National Petroleum Corporation (NNPC)
As the Nigerian National Petroleum Corporation (NNPC) continues to default in its contribution to the federation account, Saudi Aramco, owned by the Saudi Arabian government yesterday posted an 82-per centRead More

Shell, Eni Declare Force Majeure After Attacks On Oil Facilities In N’Delta

Shell Plc and Eni SpA
Shell Plc and Eni SpA both declared force majeure on key oil flows from Nigeria, threatening to disrupt supplies in a market already fretting about the impact of Russia’s invasionRead More

FG Rejects Two Cargoes Of Adulterated Petrol Imported From Belgium

Organisation of the Petroleum Exporting Countries (OPEC)
STI SYMPHONY makes U-turn off coast of Guinea OPEC’s production drops by 700,000bpd Following the circulation of adulterated petrol in Nigeria, which damaged vehicle engines last week, the federal governmentRead More

Moody’s Forecasts Phased Fuel Subsidy Removal Will Pose Challenge To Incoming Govt

Fuel Subsidy
States economy susceptible to shocks without more revenue One of the leading global ratings agencies, Moody’s has predicted that the phased removal of subsidy paid on petrol in Nigeria willRead More

Oil Defies 2022 Surplus Forecast, Continues Bullish Run On Fading Virus Fears

Crude oil
May worsen inflationary pains by major consumers Although still early in the year, oil prices have started off 2022 on a positive note, defying experts’ prediction of a ballooning surplus,Read More

Oil Prices Bullish As 2022 Market Outlook Remains Positive

Crude oil
Kuwaiti’s Al-Ghais appointed to succeed Barkindo as OPEC’s secretary-general Oil prices remained bullish yesterday rising above $79 per barrel, spurred mainly by tight supply and hopes that demand would furtherRead More

NNPC’s Monthly Deductions From FAAC Hit N200bn In December

Nigerian National Petroleum Corporation (NNPC)
Nine-month petrol subsidy payments gulp N1.027tn FG vows to tackle cooking gas price hike Says PIA will boost per capita consumption of the product The Nigerian National Petroleum Corporation (NNPC)Read More