Nigerian crude in dire straits, gasping for buyers
The sheer weakness of the physical oil market can be best explained by the state of the Nigerian crude market. The once coveted light sweet Nigerian barrel is facing one Continue Reading
Nigeria: Coronavirus – More Troubles for Nigeria As Oil Price Crashes Below $20 – – Lowest in 18 Years
As countries of the world continue to battle the spread of coronavirus , oil prices crashed below $20 amid a supply glut on Monday. Brent crude fell to $22.58 per Continue Reading
Nigeria: Govt Directs Oil Firms to Cut Offshore Workforce
Offshore drilling. Oil rig. The federal government has directed oil and gas companies to reduce the workforce on their offshore platforms in view of COVID-19 pandemic in the country. Director, Continue Reading
Nigeria Can’t Cope With Global Pandemics Amid Vanishing Oil Revenue
Earlier this month, shortly before the global outbreak of the Coronavirus, also known as COVID-19, the price of oil tumbled from $68 to $30 per barrel. It’s a double whammy Continue Reading
Nigeria Shuts Borders for Four Weeks to Curb Coronavirus
Nigeria, Africa’s top oil producer, announced a one-month lockdown to limit the spread of the coronavirus, banning all international flights and shutting land borders. Authorities are advising residents of the commercial Continue Reading
Nigeria: Coronavirus – Low Crude Oil Prices May Force Nigeria to Abandon Production
Nigeria may soon slip out of reckoning as a profitable oil producer in the Organisation of Petroleum Exporting Countries ( OPEC ) if crude oil prices decline further by at Continue Reading
Nigeria, Others Risk 85% Drop in Oil Revenue, Opec, IEA Warn
Nigeria and other developing countries that rely heavily on oil revenue are set to witness a decline as their income from oil and gas is projected to fall by between Continue Reading
Nigeria: Black Smoke and No Jobs in the Oil-Rich Niger Delta
Decades of exposure to gas flaring by the foreign oil refineries in Niger Delta has harmed the health of residents. The harmful plumes of smoke are their constant reminder of Continue Reading
Nigeria: Coronavirus – Oil Price Drops Below Nigeria’s 2020 Budget Benchmark
Nigeria’s budget estimate appears threatened as oil price drops $5 below the 2020 benchmark on global fears over the impact of the Coronavirus epidemic. Brent crude which is the international Continue Reading
Nigeria: Why Excess Crude Account Dropped 78% in Two Months – Official
Oil field State governors, who are members of the National Economic Council (NEC), on Thursday explained why the Excess Crude Account ( ECA ) balance dropped by about 78.2 per Continue Reading