The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. An OPEC technical committee is discussing a possible six-month duration for Continue Reading
Economy shrank year-on-year for three consecutive quarters IMF forecasts Nigeria economy will contract 1.7% in 2016 Nigeria’s economic slump continued in the third quarter on low oil revenue and foreign Continue Reading
Nigeria’s economic slump deepened in the third quarter as oil production continued to fall and factory output was hit by a shortage of dollars. Gross domestic product in Africa’s most Continue Reading
Market stall vendors in Yenagoa, Nigeria. Economy shrank year-on-year for three consecutive quarters IMF forecasts Nigeria economy will contract 1.7% in 2016 Nigeria’s economic slump continued in the third quarter Continue Reading
Nigeria’s hopes of ramping up its oil output this year have been diminished, as renewed attacks on oil infrastructure in the Niger Delta have shut-in production of popular export grade Continue Reading
Amount to be settled through crude oil sales over five years Agreement is less than the $6.8 billion previously discussed Nigeria reached a $5.1 billion settlement to reimburse foreign oil Continue Reading
Niger Delta Avengers, NDA, yesterday blew up the Nembe 1, 2 and 3 trunk line jointly operated by Agip, Oando and Shell Petroleum Development Company, SPDC, disrupting the supply of Continue Reading
Port Harcourt — Militant groups are fighting for a greater share of the Niger Delta’s vast oil wealth The sand is still hot under our feet. The oil thieves must Continue Reading
A group calling itself the Niger Delta Avengers said it was the one responding to terrorism and tyranny with its latest attack on crude oil export pipeline. The militant group Continue Reading
The Minister of State for Petroleum Resources, Ibe Kachikwu, has expressed government’s disappointment at the spate of attacks on Forcados export pipeline by armed militant groups despite the ongoing dialogue Continue Reading
Inflation rate of 18.3% may not be peak, Time Economics says Nigerian inflation accelerated for the 12th consecutive month in October as exchange-rate pressures persisted on the prices of goods Continue Reading
Port Harcourt — Rivers State Governor Nyesom Wike has blamed the Federal Government for the unending sabotage of oil and gas pipelines by militants. Wike said the Federal Government had Continue Reading
A militant group waging war on Nigeria’s oil sector said U.S. President-elect Donald Trump can help eradicate what it sees as Islamic fundamentalists in power. Trump was confirmed to have Continue Reading
Oil pipeline fire Nigeria’s most notorious militants sabotaging oil infrastructure, the Niger Delta Avengers (NDA), have said they bombed late on Tuesday the Trans Forcados pipeline, in the third attack Continue Reading
Aggrieved indigenes of Ogidigben, Ajudaibo and Mandagho, Itsekiri riverine communities in Warri South West Local Government Area, Delta State, protesting alleged abandonment by Shell Petroleum Development Company, SPDC, have shut Continue Reading
Nigeria’s population reached 182 million this year with more than half of its people under 30 years of age, putting a severe strain on a nation suffering from a slowing Continue Reading
The Federal Government has been going cap-in-hand begging for loans around the world, without making much success because of the global financial crunch. Besides, Nigeria’s economic recession make such venture Continue Reading
A Nigerian militant group admitted to an attack on a crude oil export pipeline, but blamed a rogue member for violating a truce, a Nigerian newspaper reported. A spokesman for Continue Reading
The upper house of Nigeria’s parliament, the Senate, has finally approved the long-awaited second reading of an oil industry overhaul bill that has been stagnate for ten years—a necessary step Continue Reading
With an eye on the national budget, Nigeria’s state oil company said it would work closely with police in an effort to tackle militant threats. The Nigerian National Petroleum Corp. Continue Reading
American oil giant, ExxonMobil, has announced the discovery of about 1 billion barrels of crude oil in a Nigerian offshore oilfield. In an emailed statement on Thursday, the firm described Continue Reading
Warri — After about three months of quiet, the Niger Delta Avengers resumed destruction of oil and gas infrastructure yesterday, when it bombed a Chevron-operated export pipeline at Escravos in Continue Reading
There has been mass sack of over 3,000 workers in Nigeria’s oil industry as the country’s economic recession bites harder, two unions have said. The two major unions in the Continue Reading
Oil firms operating in Nigeria have sacked about 3,000 workers, a labor union official said on Wednesday, calling on the government to file a protest with foreign oil operators. “The Continue Reading
Nigerian crude oil exports disrupted after the Niger Delta Avengers militant group attacked a pipeline operated by a subsidiary of Chevron. Photo by vanhurck/Shutterstock ABUJA, Nigeria, Oct. 25 (UPI) — Continue Reading
NDA Attack Nigeria has managed to increase its daily crude oil production to 1.9 million barrels , according to a tweet from the Petroleum Ministry. That’s still short of the Continue Reading
Nigeria’s offshore rig count from June till September has reduced to seven from 11 recorded as at end first half 2016, H1’16, indicating that four rigs were shut down in Continue Reading
Nigeria’s oil production has risen to 1.9 million b/d, the oil ministry said Tuesday, even as the government has begun moves for all-inclusive talks with Niger Delta leaders to end Continue Reading
NDA combatants The Nigerian presidency on Tuesday issued a statement affirming that Royal Dutch Shell will resume exports from the Forcados terminal in the Niger Delta region. “The Shell Director, Continue Reading
Oil exports have resumed at Forcados terminal, a key platform attacked by the Niger Delta Avengers in early 2016. The director of Shell Oil Company’s Global Upstream, Andrew Brown, confirmed Continue Reading
Declining oil production and export volumes due to militancy and large-scale crude theft cut the Nigerian government’s gross revenue in September by about 12% from August to Naira 279.75 billion Continue Reading
Official selling prices lowered for all published grades Nigeria seeking to regain market share lost during attacks Nigeria cut the price of every type of crude it sells in an Continue Reading
Nigeria, other states withholding payments to foreign airlines CEO says ‘not a good idea’ to carry on serving offender states Persian Gulf airline Emirates said it could scrap flights to Continue Reading
Inflation rate rose to 17.9% from 17.6% the previous month Interest rates kept at nine-year high of 14% in October Nigerian inflation accelerated for the 11th consecutive month in September Continue Reading
Nigeria has filed a law suit against Eni, Chevron, Shell, Total and Petrobras accusing the oil majors of $12.7 billion in illegal oil exports. Per the Associated Press, these companies Continue Reading
Nigerian banks all face a varying degree of uncertainty moving forward through the era of lower crude oil prices. Photo by vanhurck/Shutterstock The ability of Nigerian banks to face economic Continue Reading
The Minister of State for Petroleum, Ibe Kachikwu, has revealed that the country is close to securing a U.S.$4 billion loan from China. Nigeria says it expects to get as Continue Reading
Nigeria says it expects to get as much as $4 billion in investment facilities for oil industry infrastructure as a 40-member Chinese investment team arrives the country at the end Continue Reading
Nigerian military forces OPEC may have given Nigeria a pass on the output cuts expected to be divvied out officially at the close of November, but it’s D-Day for the Continue Reading
The Nigerian government is demanding $406.75 million minimum from Shell Petroleum Development Company of Nigeria Limited and its surrogate Shell Western Supply & Trading Limited over alleged crude oil theft. Continue Reading
Offshore rig Nigeria’s daily crude oil output may increase by 200,000 barrels by the end of March 2018, the Nigerian National Petroleum Corporation said. The new output will come from Continue Reading
If the Nigerian government wants to fight militants blowing up oil pipelines, it should send troops into the creeks and mangrove swamps of the Niger River delta. Not the city. Continue Reading
Shell among buyers for first time since February halt Pipeline stopped after militant attack led to force majeure The oil market gave the clearest sign yet that Nigeria’s Forcados crude Continue Reading
An employee talks on a radio aboard the Agbami floating oil production, storage and offloading… Nigeria’s cash-strapped government is suing some of the world’s biggest oil companies on claims they Continue Reading
Oil storage Royal Dutch Shell (NYSE:RDS.A) and two other companies have acquired around 1 million barrels of Nigeria’s Forcados crude grade for delivery in late November, in what may be Continue Reading
Warri — The Niger Delta Greenland Justice Mandate (NDGJM) yesterday claimed it blew up an oil pipeline belonging to the Nigerian Petroleum Development Company (NPDC) in Delta State. The group Continue Reading
Rating lowered from B+ to B, outlook now stable from negative GDP seen contracting 1 percent in 2016, grow 2 percent in 2017 S&P Global Ratings downgraded Nigeria further into Continue Reading
Exxon said to be on brink of resumption of top Nigeria grade Libya lifts export restriction on ports halted for months Amid the most enduring global oil glut in decades, Continue Reading
The new OPEC Monthly Oil Market Report is out with crude only production numbers for August 2016. All charts are through August 2016. (Click to enlarge) OPEC crude only production Continue Reading
Mobil Producing Nigeria Unlimited, a unit of ExxonMobil, will resume shipment of Qua Iboe crude, Nigeria’s largest grade of crude oil in October, three months after the company had declared Continue Reading
