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Oil Price Surges Above $85 Amid Tight Supply

The international oil benchmark, Brent crude, climbed above $84 per barrel on Wednesday on tight supply and easing concerns about the potential impact of Omicron coronavirus variant on demand. Brent, against which Nigeria’s crude oil is priced, rose by $1.42 to $85.14 per barrel as of 7.00pm Nigerian time on Wednesday. The Senior Market Analyst, Asia Pacific at OANDA, Jeffrey ...

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Oil Prices Dip As China Considers Market Intervention

Oil prices dropped early on Wednesday after China said it was considering an intervention on the domestic coal market to reduce the record prices down to a “reasonable range.” As of 7:56 a.m. EDT on Wednesday, before the weekly EIA inventory report, WTI Crude prices were down 1.11% at $82.04, and Brent Crude was trading down by 0.96% to $84.26. ...

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Brent Oil Hits $85 as Price Continue to Soar

For the first time since 2018, Brent crude on Friday topped $85 a barrel in London, the latest milestone in a global energy crisis that has seen prices soar. Bloomberg reports that the global benchmark rose above the key level in intraday trading, but did not settle above it. U.S. crude futures posted an eighth straight weekly gain, the longest ...

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Nigeria Pumps Additional 155,000 BPD in September

Nigeria pumped about 155,000 additional barrels of crude oil per day (bpd) in September, to hit an average of 1.451 million bpd, latest data from the Monthly Oil Market Report (MOMR) published by the Organisation of Petroleum Exporting Countries (OPEC), indicated yesterday. It was a major improvement when compared to the 1.296 million barrels per day produced averagely in August, ...

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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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