The trial of top executives from oil majors Eni and Shell over alleged corruption in Nigeria kicked off on Monday with a brief procedural hearing and a decision to re-adjourn next month. At the next hearing, set for June 20, the Milan court said it would assess requests from third parties, including a series of […]
The Organisation for Petroleum Exporting Countries nudged higher its forecast for growth in crude supplies from outside the cartel this year, predicting it would outpace the expected increase in demand. In its latest Monthly Oil Market Report, the group of producer nations said non-OPEC supplies were set to run at an average pace of 59.62m […]
Canada-listed junior miner Thor Explorations aims to bring Nigeria’s first large-scale gold mine online in early 2020, its CEO said, as the West African country seeks to diversify its economy away from oil and gas. Following the commodity price crash of 2015-16, the World Bank in April 2017 said it was providing funds to help […]
Oil expert Tom Kloza’s bearish days are behind him.”Anything that’s between $70 and $100 [a barrel] right now doesn’t represent hyperbole,” he said recently on CNBC’s “Futures Now.” The veteran oil market watcher added: “The bulls aren’t just in charge, they’ve got a hammerlock on this market.” The Oil Price Information Service [OPIS] global head […]
Oil The benchmark crude oil futures recorded another week of gains with Brent and WTI rising by 3.0% and 1.4% respectively. Both benchmarks settled above $70 per barrel and reached their highest level in 180 weeks. The support to prices was mainly dominated by the withdrawal of the US from the Iran nuclear deal on […]
Sudan security operatives are reported to have arrested a woman suspected of killing a Nigerian Immigration Attaché at the Nigerian embassy in Khartoum. Mr. Habibu Almu, Assistant Comptroller of Immigration, was found stabbed to death at his home in the Sudanese capital city of Khartoum on Thursday last week. In a very short statement, the […]
The Nigerian Civil Aviation Authority (NCAA) has suspended the Air Operators Certificate (AOC) of First Nation Airways indefinitely over “unauthorised and illegal operations”.NCAA Spokesman, Sam Adurogboye, said in a statement that the suspension was conveyed to the airline via a letter with reference No. NCAA/DG/CSLA/RM/1-06/18/2304 and dated May 11, 2018 and signed by the Agency’s […]
The 36 states of the federation have so far withdrawn about 593.1 billion from the Federation Account as revenue generated in the first quarter of 2018. The breakdown is contained in the monthly Federation Account Allocation Committee (FAAC) report obtained by the News Agency of Nigeria (NAN) on Sunday in Abuja. The key agencies that […]
Thailand, the world’s second biggest sugar exporter after Brazil, has decided to cut its exports of raw sugar by at least 500,000 tons this year, as a swelling global surplus and falling prices make it less worthwhile to export it. The 500,000 tons is to be sold to local ethanol producers, as demand for the […]
Aston Martin is reviving the Lagonda brand with a battery-powered sport utility vehicle to compete in a growing pool of electrified ultra-luxury cars. The manufacturer will unveil the vehicle in 2021 after showing a radical concept of the all-but defunct Lagonda brand at the Geneva car show in March. The car will come at least […]