The Organisation of Petroleum Exporting Countries and its allies want to maintain existing oil cuts beyond June to shore up prices and demand, four OPEC+ sources were quoted by Reuters as saying on Tuesday.Global oil demand has slumped by about 30 per cent as the COVID-19 crisis has curtailed travel

The Nigerian National Petroleum Corporation on Tuesday announced that its downstream subsidiary company in charge of bulk sales and distribution of petroleum products, Petroleum Products Marketing Company, recorded N211.62bn sale of white products in February 2020. The February 2020 report also indicated that total revenues recorded from the sale of

Some economists  have  expressed divergent views on plans by the Federal Government to further rework the 2020 Budget to reflect an oil benchmark of $20 per barrel.In an interviews in Lagos, some of them said that periodic review of the situation was very critical while others cautioned  against it.The Minister

The Nigeria Liquified Natural Gas Limited (NLNG) has signed the Engineering, Procurement and Construction (EPC) Contracts for its Train 7 Project with the SCD JV Consortium.Mrs Eyono Fatayi-Williams, NLNG General Manager, External Relations, disclosed this in a statement in Abuja, on Wednesday.She said that the consortium comprised affiliates of Saipem,

Presidency says the recently repatriated Sani Abacha loot will go towards three of the Federal Government’s five priority projects, excluding the Mambilla power and East-West road projects. Malam Garba Shehu, the President’s Senior Special Assistant on Media and Publicity, gave this clarification in a statement in Abuja on Wednesday.The statement

Fixes exchange rate at N360 to $1 The Federal Government said yesterday it was still looking forward to borrowing locally as well as tapping the international capital markets to finance its N5.36 trillion budget deficit for 2020 further threatened by the coronavirus pandemic. Minister of Finance and National Planning, Zainab Ahmed, who

**** Brent appreciates marginally to $30.40/barrelCrude oil in the Organisation of Petroleum Exporting Countries reference basket dropped for the second consecutive month in April, shedding 48 per cent of its worth, as cargoes of unsold oil continued to accumulate, OPEC has said.In its just released Monthly Oil Market Report for

The National Oil Spills Detection and Response Agency (NOSDRA) Thursday said its investigation of the death of tonnes of fishes along the Atlantic Ocean coastline in Nigeria was caused by the discharge of toxic waste into the ocean. The Director-General of NOSDRA, Mr. Idris Musa, said in a statement that

The Minister of State for Petroleum Resources, Chief Timipre Sylva, says  the Federal Government will roll out its policy on Liquefied Petroleum Gas (LPG),  also known as Cooking Gas, toward the end of June 2020, to ensure its penetration across the country. Sylva made the disclosure in Abuja on Thursday

Former Niger Delta Affairs Minister Godsday Orubebe’s wife Maureen, has been grilled by the Economic and Financial Crimes Commission (EFCC) over a N500 million deal linked to the $1.092 billion Malabu Oil Block scandal.Mrs. Orubebe is also being investigated for alleged money laundering.She was alleged to have bought three assets