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Oil rebounds above $14 after massive sell-off

Oil rebounds above $14 after massive sell-off

US oil prices rebounded above $14 a barrel Wednesday, a day after a sell-off sparked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns. West Texas Intermediate, the US benchmark, for June delivery jumped ...

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NNPC delays oil export plans, negotiates with producers

NNPC launches App for COVID-19 contacts tracing, begins sale of products online

The Nigerian National Petroleum Corporation has delayed publishing its future oil export plans as it negotiates with international oil companies and local players on how to cut output in line with a global deal on production curbs. The official selling ...

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Be ready to pay higher for fuel –PPPRA

• IPMAN asks for time to finish old stock

 Engages CBN on forex rate for petrol importation Nigerians should be ready to pay high or low prices for petrol following the price liberalisation scheme currently in place, the Petroleum Products Pricing Regulatory Agency said on Monday. The PPPRA is ...

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US oil slips below $15 a barrel on storage worries

US slashes imports of Nigerian oil by 60%

US oil prices fell heavily on Monday and slipped below $15 a barrel on renewed storage concerns as the coronavirus throttles demand, even as producers start slashing output to boost markets. American benchmark West Texas Intermediate dropped 15 percent to ...

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NNPC, partners to build medical facilities in states

NNPC increases June selling prices of crude oil

The Nigerian National Petroleum Corporation on Sunday announced plans of delivering medical infrastructure in all states across the country. NNPC’s Group Managing Director, Mallam Mele Kyari, disclosed this when the hhhj aviond its partners handed over an ambulance and medical ...

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Budget: FG to retain $30 benchmark despite oil price fall

…says Nigeria’s oil, gas exports to fall by $26.5bn

The Federal Government is not considering tinkering with the $30 per barrel oil price benchmark for the 2020 budget despite the drop in crude oil price, investigations have revealed. Crude oil prices had dropped from about $46.64 per barrel in ...

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NNPC, partners donate ambulances, others to South-West states

NNPC increases June selling prices of crude oil

The Nigerian National Petroleum Corporation and its partners handed over six ambulances and medical consumables to South-West states on Thursday. NNPC said the donation was presented by the Minister of State for Petroleum Resources, Chief Timipre Sylva, on behalf of ...

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India’s refiner shuns Nigeria’s crude oil in Q1

US slashes imports of Nigerian oil by 60%

India’s Reliance Industries, owner of the world’s biggest refining complex, saw its imports of Nigerian crude oil slump to zero in the first quarter of the year, compared to 9,800 barrels per day in Q1 2019. India has remained the ...

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Oil crash may warrant production halt, says NNPC

Government moves for $10 oil production cost

Nigeria has not stopped producing crude oil but a persistent crash in oil prices may lead to a halt in production, the Nigerian National Petroleum Corporation has declared. On Tuesday, global oil price benchmark, amid the demand collapse caused by ...

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Brent crude crashes to $25, US oil falls below $1

Oil records second monthly drop, unsold cargoes increase

The international oil benchmark, Brent crude, fell to $26 per barrel on Monday, as the demand collapse triggered by the COVID-19 pandemic has caused a massive oversupply in the global oil markets. The lockdowns imposed in many of the world’s ...

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US oil price drops to $10 per barrel as coronavirus hits demand

…says Nigeria’s oil, gas exports to fall by $26.5bn

US oil prices dived to 22-year lows under $11 Monday after crashing 40 per cent in a market flooded with crude as demand evaporates in the face of the coronavirus pandemic. Ahead of Wall Street opening the US benchmark West ...

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OPEC expects recovery in Q4, fall in demand to 19.73 mil b/d in Q2

OPEC expects recovery in Q4, fall in demand to 19.73 mil b/d in Q2

• Extraordinary macroeconomic action key to faster recovery, says IMF OPEC is banking on global oil demand recovering by more than 10 million b/d from the second quarter to the fourth quarter of 2020 as it embarks on a global ...

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Nigeria-Saudi Arabia investment plan in limbo as FG fumbles

Nigeria-Saudi Arabia investment plan in limbo as FG fumbles

A much trumpeted oil and gas investment plan between Nigeria and Saudi Arabia that would have addressed key challenges in the downstream sector, including establishment of refinery has been left in limbo. The development, hinged on the inability of the ...

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Free electricity, mere propaganda, says TCN

Electricity workers’ union threatens strike over president’s sack

• Reps, DisCos raise panel The recent announcement of plan to give Nigerians two months of free electricity as part of palliatives for COVID-19 is nothing more than propaganda that cannot work, the Transmission Company of Nigeria has said. The ...

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Oil firms’ N4.58tn loan repayment under threat – Investigation

Oil firms’ N4.58tn loan repayment under threat – Investigation

The coronavirus-induced sharp fall in global oil prices poses a threat to the ability of oil and gas companies in the country to repay a total loan of N4.58tn, investigation has shown. The loans advanced to oil and gas companies ...

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60 Nigerian oil cargoes unsold despite price cut

FG’ll offer small oil fields for licensing –NNPC

A total of 60 Nigerian crude oil cargoes have not been sold despite the reduction of the official selling prices by the Nigerian National Petroleum Corporation. A glut of Nigerian and Angolan crude weighed on the market on Tuesday with ...

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Crude cuts: Nigeria to earn $10.61bn in eight months

Crude cuts: Nigeria to earn $10.61bn in eight months

Nigeria may earn about $10.61bn from crude oil sales between May and December this year following latest decision by members and non-members of the Organisation of Petroleum Exporting Countries to cut production. Also, the country will earn about $22.74bn from ...

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Nigeria’s COVID-19 management to determine level of recession – World Bank

Nigeria’s COVID-19 management to determine level of recession – World Bank

Following the outbreak of COVID-19 in Nigeria, it has been projected that the three tiers of government could lose more than N2tn in revenues. Giving this huge revenue deficit, the World Bank says the extent of contraction in the economy ...

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Petrol price could further drop by N8/litre –Marketers

• IPMAN asks for time to finish old stock

The pump price of petrol could drop further by between N5 and N8 per litre, operators in the downstream oil sector have said. According to oil marketers, the crash in crude oil price warranted the recent slashes in petrol price ...

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FG, NASS to pay for two-month ‘free electricity’ –Discos

Nigerians’ll pay higher electricity tariffs, FG promises IMF

Power distribution companies on Thursday said that the two-month free electricity to customers announced on Wednesday would be paid for by the National Assembly and the Federal Government. Speaking through their umbrella body, the Association of Nigerian Electricity Distributors, the ...

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