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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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Oil Prices: OPEC to hold emergency meeting with Russia, others on output cut

The Organization of Petroleum Exporting Countries hasinvited Nigeria and other members of the group for an emergency meeting. The meeting, which is expected to be via video conference, would be coming days after OPEC daily basket crude oil price made a marginal recovery to $18.93 per barrel on Thursday, after crashing to an all-time low level of $16.87 per barrel on Wednesday. OPEC secretariat officials said the meeting called by Saudi Arabia, the group’s largest producer, would involve Russia and other non-OPEC allies to attempt to reach a consensus on output cuts to halt the rapid slide in crude...

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Fuel scarcity looms as NUPENG hints sit-at-home order from Friday

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has expressed concern over the coronavirus outbreak. The cases of the global pandemic in the country have risen to 44 in Nigeria. The body said it may order its members and those of affiliates to stay at home from Friday if the well-being of tanker drivers, marketers, suppliers among others was not guaranteed. This was contained in a statement Tuesday night by National President, Williams Eniredonana Akporeha and General Secretary, Afolabi Olawale. NUPENG observed that its members were rendering critical services to the nation on a daily basis in these...

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Nigeria Set for Highest Oil Exports to Europe

OPEC to rollover output cut deal Ejiofor Alike with agency reports Nigeria is set to export highest volume of crude oil to Europe in June following production outages being experienced by producers in the UK’s North Sea oilfields, according to oil traders. This is coming as the Organisation of Petroleum Exporting Countries (OPEC) is expected to roll over a deal on cutting crude supplies at a meeting next week and discuss deepening the production curbs that have been in place since January 1, 2019. Reuters reported that Nigeria is set to export about 905,000 barrels per day (bpd) to...

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