Oil edged up to $65 a barrel on Tuesday as OPEC was expected to stick to its production cuts despite pressure from U.S. President Donald Trump, although the prospect of higher Libyan output capped gains. Prices slid on Monday, when many traders were out of the office attending IP Week, an industry event in London,…
OPEC and its allies will continue with their agreement to cut oil supply, pushing for more adherence despite a demand by U.S. President Donald Trump that the producer group ease its efforts to boost crude prices, a Gulf OPEC source told Reuters. Based on current market data, the so-called OPEC+ group is “likely to continue…
The Movement for the Survival of Ogoni People, MOSOP, has described the conduct of Shell Petroleum Development Company of Nigeria, SPDC, a subsidiary of Royal Dutch Shell, while it was operating in Ogoniland, as a national shame and crime against humanity. The group called for the revocation of SPDC’s oil mining lease, OML, 11 license…
Royal Dutch Shell said on Tuesday that Nigeria’s claims that it was owed billions in taxes could delay the development of a major oil field off the coast of the West African nation. Nigeria ordered several major foreign oil and gas companies to pay nearly $20 billion in taxes it says are owed to local…
Uncertainty caused by Nigeria’s elections delay has cost the nation lower crude oil sales at the international oil market, as SweetcrudeReports gathered that buyers were shifting focus from the country’s grades to Angolan crude. Already, Angola’s crude grades for April were almost sold out as at the weekend of Friday, April 22, while Nigeria still…
Vienna, Austria, 27 February 2019– OPEC Secretary General, HE Mohammad Sanusi Barkindo, has extended his congratulations to HE Muhammadu Buhari, President of the Federal Republic of Nigeria, following his election victory. The Secretary General commended President Buhari for his positive and successful first-term achievements and for his talk of advancing and building on these in…
A total average of 68,625 MWh of energy was generated daily by thermal power stations, the National Bureau of Statistics has revealed. In its power sector report for the fourth quarter of 2018, the NBS said that thermal power stations generated an average of 27,913 MW of energy within the same period. According to the…
African Development Bank (AfDB) has initiated feasibility studies to evaluate the potential of implementing electricity cooperative business models in Nigeria and Ethiopia. After finding that power shortages diminish the region’s Gross Domestic Product by between two to four percent per year, and thereby impede job creation and poverty alleviation efforts, the bank has aimed to achieve universal…
The residents of Minna, Chanchaga and Bosso in Niger on Monday lauded the improvement in electricity supply to their areas by the Abuja Electricity Distribution Company (AEDC). The News Agency of Nigeria (NAN) checks in the areas indicated that the supply has improved and people are happy with the new development and want it sustained….
Chineme Okafor, writes on how the federal government failed to deliver its promise of an additional 945 megawatts of electricity to the national grid by the end of 2018 In October 2018, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, had promised Nigerians that nationwide power supply will get better with an anticipated…
