Why Nigeria Should Pull Out Of OPEC – NPA

  The General Manager, Western Ports, Nigeria Ports Authority, Chief Michael Ajayi, has said that continued naira devaluation is a key factor that would ensure Nigeria’s exit from Organisation of Oil Producing Countries (OPEC). Ajayi stated this in a paper titled: “Nigeria’s Economy and Way Forward” during the Induction of new members of the Institute […]

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Nigeria, Others Record 26% Job Cut In Oil Production

Data obtained from the United States, US, Energy Information Administration, EIA, has put the continued decline of employment in the oil and natural gas production across the world at 26 percent between 2014 and 2016. The report, which captured between October 2014 and May 2016, stated that employment in oil and gas production reached a […]

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Lagarde Urges Nigeria to Diversify Its Economy Away From Oil

The head of the IMF, Christine Lagarde, is meeting with Nigerian President Buhari and industry leaders to discuss the country’s economy and the challenge posed by falling oil prices. Christine Lagarde, Managing Director of the International Monetary Fund, is in the Nigerian capital, Abuja, for a visit aimed at strengthening the body’s partnership with the […]

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US Demand For Nigerian Crude Rises

Nigerian crude oil differentials were stable on Thursday, with traders saying that demand from Europe and the United States has offset weaker demand from Asian buyers. According to Reuters, traders said purchases of Nigerian oil for October from the US were at significantly higher levels than for earlier months. The Nigerian National Petroleum Corporation (NNPC) […]

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Shell Aborts $7b Arctic Oil Exploration

Royal Dutch Shell says it has abandoned its Arctic search for oil after failing to find enough crude. In a statement on Monday in London, Shell said it had found indications of oil and gas in the Burger J well “but these are not sufficient to warrant further exploration.” It said the decision to withdraw […]

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OPEC’s October Oil Output Drops By 12mbpd

OPEC oil output fell in Oc­tober from the previous month with top producers such as Saudi Arabia and Iraq leading countries with lower sup­plies to the market, a Reuters sur­vey has confirmed. The drops are not indicative of deliberate supply cuts to prop up prices, sources in the survey said, and the Organization of the […]

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DPR Cautions Marketers Against Profiteering

The Director of DPR, Mr. Mordecai Ladan has warned Petroleum Prod­ucts Depots and Filling Sta­tions owners against products diversion, hoarding, pump ma­nipulation and selling products above government approved prices. Ladan gave the warning in Abuja while speaking against the backdrop of the purported resurgence of fuel scarcity in some parts of the country. The Director […]

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