The United Nations has said Nigeria lost an estimated $2.8 billion in revenues in 2018 mainly due to oil-related crimes.
Browsing: crude oil
Oil prices were stable on Tuesday, supported by hopes that talks in Beijing between US and Chinese officials might defuse trade disputes between the world’s biggest economies.
Oil markets dropped by around one per cent in 2019’s first trading on Wednesday, pulled down by surging US output and concerns about an economic slowdown in 2019 as factory activity in China, the world’s biggest oil importer, contracted.
Oil prices fell on Friday ahead of the New Year holiday as global crude benchmarks moved back toward their lowest levels in more than a year.
Following the discovery of crude oil by Shell D’Arcy Petroleum, pioneer production began in 1958 from the company’s oil field in Oloibiri in the eastern Niger Delta. By the late sixties and early seventies, Nigeria had attained a production level of over two million barrels of crude oil a day.
Falana spoke at an interactive Media Roundtable on Impact of Non-payment of Capital Gain Tax and Other Levies in the Oil and Gas Sector on the Socio-Economic Development of the country on Tuesday in Lagos.
OPEC sees the oil market as well supplied and is wary of revisiting a glut next year, the group’s secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output.
Raising of output would offset the potential sanction hit to global supply.
The Minister of Energy and Industry of United Arab Emirates, Suhail Al Mazrouei, made the decision known at a news conference after the 4th OPEC and non-OPEC Ministerial Meeting in Vienna on Saturday.
They told the News Agency of Nigeria in separate interviews with in Lagos that the trade war between China and United States had led to the reduction of the price of crude oil at the international market.
The Director-General of LCCI, Muda Yusuf, gave the commendation in an interview with the News Agency of Nigeria in Lagos.
President Donald Trump’s decision this month to withdraw the United States from an international nuclear deal with Iran and revive sanctions that could limit crude exports from OPEC’s third-largest producer has given strong tailwind to oil prices.
The Head of Research at BudgiT, Atiku Samuel, told the News Agency of Nigeria on Thursday that the Federal Government was likely to fall short in 2018 performance for over estimating its revenue.
Both oil futures contracts hit their highest since November 2014 last week at 78 dollars and 71.89 dollars a barrel, respectively as markets anticipated a sharp fall in Iranian crude supply once US sanctions bite later this year.
Emmanuel met with Vice President, Yemi Osinbajo, who is the chairman of the National Economic Council, where both discussed the implications of the new oil price and the way forward for Nigeria.
Brent crude futures were up at $70.97 a barrel by 2:10pm EST (1810 GMT).
I have always said it privately and in public. If President Muhammadu Buhari decides to run for a second term in 2019, I would support him. It doesn’t matter whether I am in government or not
The NBS revealed this in its Foreign Trade Statistics for the Fourth Quarter of 2017
Capt. Victor Choji, the Executive Officer of the Nigerian Navy Ship Pathfinder, Port Harcourt, told newsmen on Friday that the product was suspected to have been stolen from pipelines in Niger Delta.
Brent crude rose by 3.3 per cent in January, its strongest start to the year for five years, in line with a broad rise in other risk-linked assets such as US equities, which hit record highs last month and marked their biggest January increase since 1997.