Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said that the United States failed in sanctioning Iranian oil. “Today, it has been clear for everyone that the United States has been defeated in sanctioning Iranian oil and minimizing it into zero level completely under any pretext.” He made the above remarks on his…
Presented on October 1 by the Minister of Finance, Colm Imbert, the 2019 budget forecasts GDP to increase by 1.9 percent this year before rising to 2.1 percent by 2021, reversing a trend that has seen the economy contract by 1 percent and 6 percent in the previous two years, respectively. The expansion is projected…
By Nick Cunningham OPEC and the United States are together adding enormous volumes of new supply, which together have softened the oil market. In October, OPEC hiked oil production to the highest level since 2016, back before the oil production cuts went into effect, according to a recent Reuters survey. The higher output, led by…
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC), on Thursday, said it has signed a six-month crude-for-product swap agreement otherwise known as Direct Sale-Direct Purchase (DSDP) with BP Oil International Limited, the trading arm of British Petroleum (BP), for the supply of Premium Motor Spirit (PMS) also known as petrol. In a statement…
John Paul – Abuja A fresh round of tremor measuring 3.0 Mercalli Intensity Scale, MIS, hit Maitama District in Abuja on Thursday, Nigerian Geological Survey Agency, (NGSA), has disclosed after receiving distress calls from residents in the area. Already, Federal Government has dispatched rescue and technical teams to the area to ascertain the level of…
Damilola Shittu – Abuja To further grow the nation’s economic fortunes, the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikati Baru, has charged members of the Nigerian Association of Petroleum Explorationists (NAPE) to deploy their wealth of knowledge and experience to find more crude oil to meet the 40 million…
By Tsvetana Paraskova Libya has restarted three small oil fields and added around 10,000 bpd to its oil production—which has been steadily rising over the past two months—a spokesman for Libya’s National Oil Corporation (NOC) told Reuters on Wednesday. Late on Tuesday, Libya restarted the al-Bayda oil field, an engineer told Reuters, while the NOC…
The Kaduna Refining and Petrochemical Company, one of the country’s crude oil refineries being managed by the Nigerian National Petroleum Corporation (NNPC) has remained dormant. According to the corporation, the refinery’s capacity utilisation has remained at zero for months, as the KRPC is not refining crude oil despite receiving the commodity. In its latest monthly…
By Oke Peter Power generation in the country plunged to 2,390.20 megawatts on Monday, as the number of idle power plants rose from seven to 15, according to the latest data from the Federal Ministry of Power, Works and Housing. Total electricity generation has been hovering below 4,000MW in recent months and stood at 3,741.30MW…
Esther Abiola with Agency Report Dangote Oil Refinery Company (DORC) says the 650,000 barrels per day refinery has been designed to process a variety of light and medium grades of crude and produce extremely clean fuels that meet Euro V specification. Nigeria has remained a home for dirty fuels (with sulphur), which results in vehicle…
