Saudi To Boost Oil Output Capacity By One Million Barrels Per Day

Energy giant Saudi Aramco said Wednesday it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies. The decision came a day after Saudi Arabia, the...

Russia To Increase Oil Production To 300,000 Bpd

Energy Minister Alexander Novak on Tuesday said Russia would likely raise its oil production to between 200,000 and 300,000 barrels per day in the short term. Mr Novak who cited the country’s competitiveness in the global market. added that the...

NPA boss, Hadiza Usman Explains Relationship With El-Rufai

The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Usman, has denied having a romantic relationship with the governor of Kaduna State, Nasir El-Rufai, saying no such affair helped her clinch the NPA top job. Ms Usman, chief of...

Marketers Want Dollar At N306 To Import Petrol

Oil marketers under the aegis of the Major Oil Marketers Association of Nigeria have said access to the dollar at N306 will enable them to resume importation of Premium Motor Spirit (petrol). The marketers also said there was an urgent...

Oil Price Crashes To $33, Loses $11 In Hours

The international oil benchmark, Brent crude, which stood at $45.72 per barrel on Sunday, has slumped to $33 per barrel. Oil prices suffered an historic collapse overnight after Saudi Arabia shocked the market by launching a price war against onetime...

Maritime Should Be a Major Contributor To Nigeria’s Economy — SIFAX GMD

How will you assess the performance of the logistics sector in 2019? Logistics sector appraisal from last year is not good enough, because we are a maritime country. As a nation, the major economic activity of the country would come...

55 Nigerian Oil Cargoes Unsold As Demand Tumbles

Oil traders are struggling to find buyers for 55 Nigerian crude oil cargoes as the spread of the coronavirus has dampened demand from China and European refiners. Most of Nigeria’s April crude oil export programme have not been sold, while...

Lagos-Ibadan Rail Held By Coronavirus Outbreak- Amaechi

The ongoing construction work on the Lagos-Ibadan rail project has been put on hold due to the outbreak of the novel coronavirus, the Federal Government declared on Thursday. Minister of Transportation, Rotimi Amaechi, disclosed this during a live television...

Global Oil Demand Set To Decline- Analysts

Oil demand is set to contract in 2020 as the coronavirus outbreak widened to 72 countries outside China as of Wednesday, threatening to put more pressure on the global economy and fuel demand, according to analyst projections this week. This...

Reps Probe N4bn Demurrage On NIMASA’s N50bn Floating Dock

The House of Representatives on Wednesday resolved to investigate payment of $30,000 daily or N4bn annually as demurrage on a floating dock acquired by the Nigerian Maritime Administration and Safety Agency for N50bn. The House urged the management of NIMASA...