Nigeria may lose its largest crude oil buyers, China and India, as both countries plan to negotiate Russian oil at discount prices. India is said to be asking Russia for below $70 per barrel discount price. The duo’s move comes as Europe considers banning Russian oil due to the country’s …
Read More »OPEC Warns Disruption to Global Trade Flows could Offset Positive Oil Impact in Nigeria
The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s crude oil production fell to 1.417 million barrels per day in the month of February compared to 1.427 for the month of January. OPEC revealed this in its Monthly Oil Market report, warning that disruption to global trade flows …
Read More »OPEC Agreement: Nigeria to Raise Oil Production
Nigeria is to ramp up crude oil production following the agreement reached by members and allies of the Organisation of Petroleum Exporting Countries to increase output. Nigeria is a long time member of OPEC, collaborating with the organisation for more than 50 years running. OPEC and its allies had agreed …
Read More »Oil Majors’ Green Energy Pivot Hammers Africa’s Largest Economies
The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping more than war-torn Libya today, shows the heavy toll of a slump in oil-industry investment. The nation’s production has fallen by more than a third since 2015, when international oil companies started slashing investment …
Read More »Global Offshore Oil Industry Is Struggling, Nigeria not Immune
For Africa’s biggest oil-producing country, the idea of looking for oil miles into the sea may be off the table this year, thanks to a wave of bankruptcies facing the global offshore industry. The global offshore industry is currently struggling as some of the biggest offshore drillers struggle with low …
Read More »Nigeria Reduces Oil Production to 1.4 mb/d
For the first time in many years, the Organisation of Petroleum Exporting Countries, OPEC, has confirmed Nigeria’s ability to cut its output from 1.7 million barrels per day, mb/d in May to 1.4mb/d in June 2020. In its July Oil Market Report obtained by Vanguard, OPEC stated that the data …
Read More »OPEC’s Next Domino to Fall could Be Nigeria
Again, experts are warning that Nigeria as a country is slipping away in the face of global competition among the oil-producing countries. They are of the opinion that Nigeria remains a country to watch in view of the global COVID19 Pandemic. Because she may not be able to withstand the …
Read More »Iran. Nigeria to Establish Joint Economic Commission
Iran and Nigeria have agreed to establish a joint economic commission to promote their trades. and cooperation in the fields of investment. agriculture and technology transfer.
Read More »Nigeria’s Largest Oil Independent to Spend $5 Billion to Boost Output
Nigeria’s largest independent oil producer plans to spend as much as $5 billion to boost its oil and natural gas production in the next five years.
Read More »Samsung’s Egina Project Wins ‘Project of the Year’ Award in France
SHIN received the award. along with its client Total. for the Egina Floating Production Storage and Offloading unit (FPSO).
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