TIDE. The subsidy on Premium Motor Spirit (PMS), popularly called petrol, between January and March 2022 has risen to N675.93bn, according to the latest data obtained from the Nigerian National Petroleum Company (NNPC) Limited on Wednesday. Also, the NNPC has…
THIS DAY Shell Plc and Eni SpA both declared force majeure on key oil flows from Nigeria, threatening to disrupt supplies in a market already fretting about the impact of Russia’s invasion of Ukraine. Shell’s measure had been in place…
VANGUARD NEWS There are indications that the subsidy burden on the 2022 budget may worsen as oil industry experts forecast higher landing costs for imported petrol in the days ahead. The prices of imports have been on the rise, following…
PUNCH NEWS A new monthly report of the Organization of the Petroleum Exporting Countries has shown a plunge in Nigeria’s crude oil production in December 2021, triggering a loss of about N74.51bn in oil earnings. According to OPEC data, Nigeria…
BUSINESS POST The Organisation for the Petroleum Exporting Countries (OPEC) may consider reducing the oil production quota of Nigeria and some other African producers failing to meet their current output cuts, the African Energy Chamber fears. The price of crude…
THIS DAY The inability of Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC) to pump enough crude oil has resulted in the overall failure of the group to meet its target production for December 2021, according…
VANGUARD NEWS NIGERIA’s crude oil exploration has suffered a setback as the rig count, a global index for measuring activities in the upstream sector, decreased by 38 per cent to 80 in the first 11 months of 2021, from 129,…
PUNCH NEWS Crude oil production in Nigeria increased by about 2.55 million barrels in the month of November 2021, the Organization of Petroleum Exporting Countries announced on Tuesday. According to OPEC, the country’s crude oil production rose by 85,000 barrels…
PUNCH NEWS Nigeria has lost its Africa’s top oil producer status to Libya as its crude oil production fell further last month amid lingering supply disruptions, according to a new report by the Organization of the Petroleum Exporting Countries. Nigeria…
NAIRAMETRICS Nigeria has officially written to the Organization of Petroleum Exporting Countries (OPEC), requesting a higher production quota based on the OPEC+ agreement. Despite previous attempts to effect the same output increase, the Federal Government is quite hopeful that the…
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