Crude oil theft and illegal refineries have become a significant menace in Nigeria, causing massive economic losses and environmental degradation. The illegal activities have resulted in the theft of millions of barrels of crude oil, worth billions of dollars, which…
Again, Army discovers 5-million litre capacity illegal oil bunkering facilities in Rivers
The 6-Division of the Nigerian Army on Wednesday discovered and confiscated 15 boilers and 9 reservoirs with capacity to hold 5-million litres of crude oil from illegal refinery operators at Obuama and Uzuama communities in Kom Kom area of Oyigbo…
NSCDC destroys four illegal oil refining sites
The Nigeria Security and Civil Defence Corps said its men destroyed four illegal oil refining sites in Cawthome Channel One in Degema Local Government Area of Rivers State. The corps said suspected oil thieves had vandalised facilities including pipes belonging…
NNPC/Aiteo Joint Venture launches Nembe Crude Oil Grade, begins export of two 950,000 barrels cargoes
The NNPC/Aiteo Joint Venture has officially introduced the Nembe Crude Oil Grade, a new addition that promises to make waves on the international stage. The announcement was made during the ongoing Argus European Crude Conference in London, showcasing the collaborative…
Iran-U.S. tensions push oil price above $70/barrel (DailyTrust)
Crude oil prices rose by a further two per cent yesterday, pushing Brent above $70 a barrel, as rhetoric from the U.S., Iran and Iraq fanned tensions in the Middle East after the U.S. airstrike that killed Iranian military general…
Nigeria makes first crude oil sale to United States in six months (Guardian)
A cargo of Nigeria’s distillate-rich Bonga crude is due to move to the United States (U.S.) from the May loading programme, traders have disclosed, after a near six-month hiatus. According to U.S. Customs data, the last cargo of Bonga arrived…
‘Oil price plunge may accelerate inflation in Nigeria’ (New Telegraph)
Already contending with the possible risk of price rises due to an increase in spending ahead of February’s presidential election, Nigeria may face higher inflationary pressures due to the recent drop in the price of crude oil, analysts have said.…
Crude oil price slumps to one-year low (ThisDay)
Crude oil slide accelerated yesterday, with US futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply. US futures closed down 7.1 per cent, for a record 12th straight…
Implications of continued slide in oil price – FSDH Research (Vanguard)
With concerns over a five-week long steady decline in crude oil price, economists at FSDH Merchant Bank Limited, yesterday posted what may be the likely impact on Nigeria’s economy in the short-to-medium term perspective. According to data obtained from the…