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Farooq

Archive by Category "Oil"

HomeArchive by Category "Oil"
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Brent crude reached fresh 2016 highs on Friday and was poised for its biggest monthly gain in seven years as a weak dollar and falling U.S. production tempered concerns about a lingering excess of physical oil. A looming rise in Middle East output capped gains, but investor sentiment held the optimism that has helped lift […]

By Ugo Nwagwu The best time for Nigeria to industrialize was 35 years ago. The second best time; NOW! Pre Independence Malaysia was rich in natural resources such as porcelain, spices (which were then traded as currency) and large deposits of Tin. As part of the British Empire, the British took over administration of the […]

  • gas opportunities

Amid improving market sentiment and a weakening dollar, the World Bank is raising its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook, as the oversupply in markets is expected to recede. The crude oil market rebounded from a low of $25 per barrel […]

Vice-President Yemi Osinbajo says privately-run refineries perform better than state-owned refineries, adding that it is a problem to have only public refineries. Speaking at a town hall meeting in Lagos on Saturday, the professor of law said the pains Nigerians are currently facing are just birth pains. “President Muhammadu Buhari and I are completely committed […]

Oil prices rose in Asian trade on Friday, setting crude futures on course for solid weekly gains, as market sentiment becomes more upbeat despite ongoing oversupply. International benchmark Brent crude futures LCOc1 were trading at $44.98 per barrel at 0418 GMT, up 45 cents or 1 percent from their last settlement. U.S. West Texas Intermediate […]

LONDON, April 20 (Reuters) – * Oil prices rebounded to a 2016 high Wednesday as U.S. stocks of crude posted a smaller-than-expected build and there was a drawdown in gasoline and distillate stocks. * Russia said on Wednesday it was prepared to push oil production to new historic highs, just days after a global deal […]

  • Shell

Shell Petroleum Development Company (SPDC) and the Joint Venture (JV) partners remitted $42 billion to the Nigerian Government between 2011 and 2015. Nigeria’s Nation newspaper report on Tuesday said that Royal Dutch Shell’s 2015 Sustainability Report released on Monday stated the oil giant also paid royalties and corporate taxes worth $1.1 billion to the Nigerian […]

DUBAI, April 18 (Reuters) – Iran urged other oil producers on Monday to continue talks on an output freeze to prop up crude prices, but insisted it was justified in not freezing its own output. Iranian OPEC Governor Hossein Kazempour Ardebilli was speaking to his oil ministry’s Shana news agency after talks on Sunday between […]

Crude-oil prices pared some losses in mid-Asia trade Monday after tumbling more than 6% in the opening hour following a failure of the key producers to agree on a production cap that could have tightened up the supply market. On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at […]

MOSCOW, April 16 (Reuters) – A draft of an agreement prepared for the meeting between OPEC and non-OPEC member countries in Qatar on Sunday sees oil production being frozen at the January level until October, TASS news agency quoted the Azeri energy minister as saying on Saturday. The minister, Natig Aliyev, described the draft as […]