NNPC meets Marketers as the Impact of the Petrol Shortage Grows.
Petrol, known as premium motor spirit, has becoming more scarce throughout numerous states. Among other places, it got worse in…
Category: Commodities
Excess Crude Account Decreases by 89% to $472,513.
In the previous eight years, Nigeria’s surplus crude account has decreased by 89%, from $4. 1 billion in November 2014…
Nigeria Lost $2 billion Due to Oil Theft Between January and August.
According to a Senate study, Nigeria lost more than $2 billion to oil theft in the first eight months of…
Oil Increases as Saudi Comments overcome Economic Worries.
Oil increased as the top exporter Saudi Arabia indicated OPEC+ was continuing to output curbs and might take more measures…
Kenyan Traders Pull Sh1.5 billion Worth of Tea Amid a Lower Bidding Price.
Tea was withdrawn from the market for Sh1. 5 billion worth of the beverage after the value of the commodity…
Nigeria Slides to Seventh on the List of OPEC Producers.
According to the organization’s Monthly Oil Market Report for November, which looked at oil production results in October, Nigeria is…
Buhari to Officiate First Oil Drill in Northern Nigeria.
Nigeria’s first crude oil well will be launched and inaugurated by President Muhammadu Buhari. This marks the beginning of the…
A Fuel Depot in Southern Russia has Exploded.
According to Russian authorities, a fuel depot exploded in southern Russia near Ukraine. This is a result of a suspected…
A Scarcity of Raw Resources Affects Manufacturing Enterprises.
Due to a lack of foreign currency, manufacturers are experiencing severe raw material shortages, which is hurting the sector’s production…
Kenyan Businessmen Pay Exorbitant Prices for Ethiopian Miraa for the Somalia Market.
As high prices in Kenya drive them to give up the local crop, Miraa dealers have moved to Ethiopia as…
Uganda Shilling Increases as Oil Prices Decline.
The rise in the import bill brought on by a significant increase in oil imports and the high cost of…
FG Charges 16 Foreigners with Oil Theft and Detains the Vessel.
16 foreigners have been charged by a Federal High Court in Port Harcourt, Rivers State, with offenses that include conspiracy,…
Nigeria’s Oil Production Increases to 1million Barrels Per Day.
For the first time since June of this year, Nigeria’s oil output increased in October to 1. 02 million barrels…
Queues Persist as Petrol Stock Dips by 5.48m litres
According to market statistics issued, the Nigerian National Petroleum Company Limited’s stock of Premium Motor Spirit, often known as gasoline,…
Oil Theft: Vessel Arrested In Equatorial Guinea Is On Its Way Back To Nigeria, Says Navy
A supertanker detained by Equatorial Guinean authorities for allegedly transporting crude into Nigeria, is the subject of an inquiry, according…
OPEC: Half of Africa’s Refining Output will come from Dangote’s 650,000 bpd Facility.
According to the Organization of Petroleum Exporting Countries (OPEC), more than half of Africa’s total extra distillations would be by…
Nigeria Loses 120million Barrels of Petroleum and $12.6billion in Nine Months.
Between January and September of this year, Nigeria lost no less than 120 million barrels of crude oil; due to…
Segilola Produced 85,000 Ounces of Gold.
The Segilola Gold Mine, which Thor Exploration Limited commissioned in December 2021, has so far produced 85,000 ounces of gold;…
Ukraine Charges Russia of Impeding the Full Execution of the Grain Agreement.
Ukraine said that seven ships left its ports with grain intended for Asia and Europe; but claimed that Russia was…
In September, Nigeria’s Daily Crude Oil Production Decreased to 937,766bpd.
Due to theft, Nigeria’s crude oil production output for the year remained dismal in September, with an average of 937,766…
Russia will Benefit the Most from OPEC+’s Reduction in Oil Production.
Deep oil production cuts unexpectedly agreed to by OPEC+ this week are expected to benefit Russia the most while restricting…
Nigerian Senate Authorizes The $73 per barrel Oil price.
Prior to the President presenting his proposed budget for 2023, the Senate adopted the Fiscal Strategic Paper and the 23-25…
Oil Pipeline Operating Illegally for Nine Years Found by NNPC.
The Nigerian National Petroleum Company Limited (NNPC) claims to have discovered a loading port; and a 4-kilometer (km) illicit pipeline…
OPEC+ Plans Significant Production Cutbacks.
Notwithstanding demands from the United States and others to generate more oil, OPEC+ appears prepared to significantly reduce its oil…
Oil and Gold Suffered Significant Q3 Losses.
After a surprise stronger U.S. Inflation reading for August bolstered predictions for more astronomical Federal Reserve rate rises, oil investors…
NNPC Recorded 8million Barrels of Oil Production Losses In July.
According to the Nigerian National Petroleum Company (NNPC) Limited; output losses at crude oil terminals totaled 8.14 million barrels in…
Oil Drops To $86 Per Barrel.
When compared to the number of operational rigs in July 2022, statistics from the September 2022 Oil Market Report of…
Oil Prices Increase As Additional Troops Are Mobilized By Putin.
Following Vladimir Putin’s announcement that there will be a partial military deployment across the nation, oil futures increased by 3%.…
Nigerian Petrol Suppliers Are Closing Down For Green Energy.
Due to a demand for green energy, the majority of refineries supplying Premium Motor Spirit to Nigeria are ceasing operations.…
According To NNPC, Nigerians Will Not Face Fuel shortages.
According to the chief financial officer of NNPC Ltd. In Abuja, the Corporation has taken steps to maintain the supply…