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OPEC, DPR, NNPC Target $8 Billion from Crude Transport Optimisation

…seek expansion of oil, maritime contribution to economy…… Stakeholders in the oil and gas industry, as well as the maritime sector, have stated that the country can boost the sectors’ contribution to the economy by about $8 billion via crude oil transportation. Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari; Director of the Department of Petroleum ...

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Oil Price Exceeds $73 on Improving Demand Outlook

The international price of crude oil continued its rise yesterday, extending three weeks of gains on the back of improving outlook for fuel demand as countries ramp up the lifting of travel restrictions, leading to tightening commodity supply. While Brent crude, Nigeria’s oil benchmark, was up by over 35 cents, or more than 0.7 per cent, at $73.47, the highest ...

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Oil Price Hits $70 as OPEC Projects Increase in Demand

The international oil price, Brent crude, rose above the $70 per barrel mark on Tuesday, with the Organization of the Petroleum Exporting Countries projecting that demand for the commodity is bound to improve. Brent, against which Nigeria’s oil is priced, increased by $1.38 to $70.70 per barrel as of 4.32pm Nigerian time on Tuesday while the United States West Texas ...

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Economy Gain Traction by 0.5 Percent First Quarter Due to Crude Oil – NBS

……..by Jenifer Dike…….Nigeria’s economy grew 0.5 percent in the first quarter of this year due to the higher crude production and oil prices. According to officials from from the National Bureau of Statistics (NBS) the marginal growth saw activities slowly gain momentum after the gradual easing of coronavirus lockdowns.As the largest economy in Africa Nigeria exited its second recession since ...

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