A large overhang of unsold Nigerian crude oil, two pipeline outages and a series of upcoming tenders kept activity in the West African market fairly muted on Monday, although trade was a little brisker for Angolan grades, traders said. NIGERIA: * July loading programmes have started to emerge. The Forcados stream is expected to load […]
As ties between China and African countries continue to strengthen, former Nigerian Finance Minister Ngozi Okonjo-Iweala has warned that Beijing-style economic governance will not work for Africa. Corruption could result from increased government intervention in business, she said. In her view, Nigeria’s “vibrant private sector” does not lend itself to state-led development. But Ethiopia, an […]
Nigeria’s economic growth slowed in the first quarter of 2018 for the first time since the country pulled out of recession last year as the non-oil sector struggled, the National Bureau of Statistics said on Monday. The economy grew by 1.95 percent in the first quarter lifted by the oil sector. That was a slight […]
Royal Dutch Shell said on Monday a declaration of force majeure remained in place on shipments of Nigerian Bonny Light crude oil. Shell’s Nigerian subsidiary, Shell Petroleum Development Company of Nigeria Ltd (SPDC) said on May 17 it had declared force majeure on exports of Bonny light following a shutdown on the Nembe Creek Trunk […]
Rising oil prices were seen last year as a positive result of growing global growth and recovery, but a combination of factors is turning this benign view into a more sinister scenario. On the supply side, the combined efforts of OPEC and Russia, leaky as the agreement has been, have managed to reduce the global […]
Residents of Ikarama community in Yenagoa Local Government Area of Bayelsa State have embarked on a peaceful protest to request the Nigerian Agip Oil Company to construct a two-kilometer access road to its oilfields in the area. Hundreds of community members, who sang solidarity songs and danced around the riverside settlement, made the demand during […]
The chairman of LG Group, Koo Bon-moo, who helped transform South Korea’s fourth-largest conglomerate into a global brand, passed away on Sunday after a battle with a brain disease. Koo, 73, had been ill for a year, LG Group said in a statement. Koo had been fighting a brain disease and had undergone surgery, said […]
Oil Benchmark crude oil futures were still breaking records last week but demand destruction is feared as prices are getting close to $80. Brent and WTI recorded their sixth and third straight week of gains respectively. The market fundamentals support to prices is provided by the global strong demand and the Opec+ production cut deal […]
The Central Bank of Nigeria (CBN) said the Nigeria-China currency swap deal would not cover the importation of the 41 items banned in its 2015 circular on items not valid for foreign exchange. CBN’s acting Director, Corporate Communications, Mr Isaac Okorafor, made this known in an interview with the News Agency of Nigeria (NAN) on […]
West African crude differentials were under pressure on Friday, traders said, despite a new round of disruption to Nigerian crude exports this week. ANGOLA * Around six of the 43 cargoes in the Angolan June programme were still available. * State oil company Sonangol has sold its June cargoes. The company sold a Girassol cargo […]