Month: June 2020

OPEC daily basket oil price closes at $37.18 per barrel

Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $37.18 a barrel on Thursday, compared with $38.17 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey...

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Buhari to flag off construction of $2.8bn AKK pipeline on June 30

Jun 26, 2020 Barring unforeseen circumstances, President Muhammadu Buhari will on June 30 flag off the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline construction. The project is a 614km-long natural gas pipeline currently being developed by the Nigerian National Petroleum Corporation (NNPC). Minister of State, Petroleum Resources, Mr Timipre Sylva, made the disclosure in Abuja on Tuesday while inaugurating a ‘Committee on Gas Sector-wide Review of the Domestic Gas Pricing Framework, with the responsibility of evaluating and reviewing the price of gas in the country. The minister underscored the need for an appropriate price regime that will be beneficial to...

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