Falling Oil Prices: Nigeria Oil Revenue Dips By N77bn

 Continuous decline in the price of crude oil has caused Nigeria to lose as much as N77.2 billion from oil revenue in one month, according to data obtained from the Central Bank of Nigeria, CBN. Specifically, the CBN in its October 2014 Economic Report, disclosed that oil revenue for the month dropped by 14.11 per cent to N470 billion from N547.2 billion recorded a month before. Non-oil revenue...

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How OPEC Weaponized The Price Of Oil Against U.S. Drillers

If there ever was doubt about the strategy of the Organization of Petroleum Exporting Countries, its wealthiest members are putting that issue to rest. Representatives of Saudi Arabia, the United Arab Emirates and Kuwait stressed a dozen times in the past six weeks that the group won’t curb output to halt the biggest drop in crude since 2008. Qatar’s estimate for the global oversupply is among...

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Nigeria Loses N170bn To Gas Flaring

 Nigeria lost about $1bn (N170bn) as oil companies operating in the country flared a big chunk of the gas produced from January to September 2014, analysis of data obtained from the Nigerian National Petroleum Corporation has shown. According to data from the NNPC, about 296 billion standard cubic feet of natural gas was flared in the nine-month period. With natural gas price now about $3.30...

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