The Economic and Financial Crimes Commission had arraigned them for dealing in petroleum products in Nigeria without license.
Browsing: crude oil
Seeded with funding from Royal Dutch Shell (Shell), All On works with partners to increase access to commercial energy products and services for underserved and unserved off-grid energy markets in Nigeria, with a special focus on the Niger Delta.
For over three decades, Nigeria pursued this model. But things are changing, with the election of President Muhammadu Buhari in 2015, who was propelled into office under the mantra of “change”. That clamour for change, in the areas of governance, security and economy, coincided with the collapse of global oil prices and a consequent huge deficit in government revenues. These circumstances provided the ingredients for an overhaul of the entire economic model. The first and rather numbing conclusion of that exercise was that Nigeria is not actually an ‘oil economy’. With just 2 million barrels of oil per day and over 180 million people, simple mathematics tells us that 90 Nigerians share a barrel of oil compared to three Saudis, 1.44 Kuwaitis and 1.69 Qataris. With oil at just 10 per cent of GDP, Nigeria simply does not fit into the mould of the traditional oil economies.
The amount of US oil rigs drilling for new production fell by seven to 736 in the week to October 20, the lowest level since June, General Electric Co’s Baker Hughes energy services firm said on Friday.
Traders said prices were pushed up by a drop in US crude inventories as well as concerns that fighting in Iraq and mounting tensions between the United States and Iran could affect supplies
Brent crude futures, the international benchmark for oil prices, were at $57.85
The minister said at the inauguration of the Advanced Bio-resources Laboratory and Livestock Feed Mill that the technology would assist in tracing stolen crude
The Ministers from the Organization of the Petroleum Exporting Countries, Russia and other producers would meet in Vienna on Friday to consider extending an agreement to reduce output by about 1.8 million barrels per day.
US West Texas Intermediate crude futures were at $50 per barrel at 0547 GMT, and close to the more than three-month high of $50.50 reached last Thursday.
U.S. West Texas Intermediate crude was above 50 dollars on hitting a four-month high and finished 1.2 per cent higher at 49.89 dollars, the highest since July 31.
According to him, 2018 looks like a better year for crude in terms of pricing but countries are focusing on alternative energy.
Brent crude futures climbed 58 cents to $52.45 a barrel by 12:12pm, while United States West Texas Intermediate crude futures were trading at $48.34 dollars, up 51 cents.
“U.S. crude oil stocks have been falling consistently in recent weeks,” said Fawad Razaqzada, market analyst at futures brokerage Forex.com.
Wednesday’s focus will be on the U.S. government report to see whether it confirms the figures from the API, an industry group.
Its Group Managing Director, Dr. Maikanti Baru, said this at the inauguration of the members of the corporation’s re-constituted anti-corruption committee in Abuja.
The US Energy Information Administration reported record gasoline demand of 9.84 million barrels per day for last week and a fall in commercial crude inventories of 1.5 million barrels to 481.9 million barrels.
Brent crude futures were $52.90 per barrel earlier in the day, their highest since May 25.
Brent crude futures rose 40 cents to $50.60 a barrel by 1213 GMT after rallying more than three per cent on Tuesday.
Investors were also taking positions ahead of a meeting between Organisation of Petroleum Exporting Countries and non-OPEC members in Russia on Monday at which they will discuss compliance with agreed production cuts.
According to Reuters, fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supplies will undermine the Organization of Petroleum Exporting Countries-led production cuts.