Lagos Commodities and Futures Exchange has projected that Nigeria will generate $4 billion annually from trading about 50 million barrels on Nigeria’s Commodities exchange. The Chief Executive of LCFE, Akinsola Akeredolu-Ale, disclosed this recently during a meeting with the Nigerian Security and Exchange Commission in Abuja. He explained that the consideration is that 10 to […]
Nigerian govt reveals reason for drop in crude oil production
The Nigerian government says its encountered problems on the Trans Niger Pipeline and other maintenance activities are the reason for the drop in crude oil production in the first quarter of 2024. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this on Friday through a statement by his Media Aide, Nneamaka Okafor. […]
Oil price hits $90 first time since October amid heightened geopolitical tensions
Crude oil price surged further on Thursday, hitting $90.65 per barrel amid geopolitical tensions. Brent crude futures for June settled up $1.30, or 1.5 per cent to $90.65 a barrel, while US West Texas Intermediate (WTI) futures for May settled up $1.16, or 1.4 per cent, to $86.59 a barrel. Both contracts closed on Thursday […]
Nigeria’s daily crude oil production up to 1.65mbpd – Edun
The Minister of Finance, Olawale Edun, says the country’s daily crude oil production is up to 1.65 million barrels per day, against the 1.25 million bpd previously recorded. Edun disclosed this in Abuja on a podcast hosted by Bruit Costaud in collaboration with Ballard Partners of USA. According to him, improved security in the Niger […]
Nigeria’s crude oil production dropped by 3,000 barrels per day in January 2024 – OPEC
Nigeria’s crude oil production marginally dropped in January 2024 to 1.419 million barrels per day (mbpd) from 1.422mbpd in December last year. The Organisation of Petroleum Exporting Countries, OPEC, disclosed this on Tuesday in its February Monthly Oil Report. Accordingly, the figure represents a 3,000 bpd decrease in Nigeria’s crude oil production, OPEC said, quoting […]
We will destroy vessels caught stealing crude oil – Nigerian Army warns
The Nigerian Army has vowed to destroy an arrested vessel, Harbor Spirit, suspected of crude oil theft in line with laid down rules of engagement. The Army added that all arrested crew members on board the vessel would be evacuated to Abuja for investigation by the Defense Intelligence. Commander of the Nigerian Army, 63 Brigade, […]
Naira Free Fall: Nigeria’s crude oil sales should be in Dollars – Economist, Alaje
An economist has advised the Nigerian government to ensure that every litre of crude oil sold is receipted in foreign currency as a quick fix to the free fall of the Naira at the foreign exchange market. Paul Alaje, the Chief Economist at SPM Professionals, gave the advice during an interview with Channels Television on […]