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Wednesday, 26 April 2017

Oil prices rise after big draw in U.S. crude inventories

26 April 2017, New York — Oil prices rebounded from earlier losses on Wednesday after data showed a larger-than-expected falloff in U.S. crude inventories, a salve for investors after several days of declines founded on worries about the slow pace of global efforts to reduce a glut. The U.S. Energy Department said crude stocks dropped […] More »

Benefits of cooperation in oil marketing & distribution among ECOWAS nations

Professor Chijioke Nwaozuzu 26 April 2017, Sweetcrude, Port Harcourt — Prospects for economic growth are driven by energy consumption, which is dependent on availability, accessibility and affordability of the energy sources/resources. Statistics have shown that Sub-Saharan Africa countries are projected to grow in number at an average rate of 1.2%, leading to a population of […] More »

U.S. crude inventories fall, products build as refining jumps: EIA

26 April 2017, London — U.S. crude oil inventories fell sharply and stockpiles of gasoline and distillates jumped last week as refineries hiked production rates to the highest since November 2015, the Energy Information Administration said on Wednesday. Crude inventories USOILC=ECI fell 3.6 million barrels in the week to April 21, compared with analyst expectations […] More »

OPEC daily basket price close at $49.21/b

26 April 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $49.21 a barrel on Tuesday, compared with $49.64 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light […] More »

NNPC to recover outstanding $103m, N11bn from Swap collaborators

26 April 2017, Abuja — The Nigerian National Petroleum Corporation, NNPC, says it is committed to the full recovery of the outstanding crude swap under-deliveries from three companies including Aiteo Energy Resources, Televaras Group of Companies and Ontario Oil and Gas Limited. Mr. Saidu Mohammed, the Chief Operating Officer, COO, Gas and Power, NNPC who […] More »

Osinbajo’s panel summons CBN gov, NIA, NNPC, NAPIMS, PINE contractors

At the weekend, Osinbajo panel assured that in the discharge of its work, it would invite all relevant officials and private individuals who may be connected to both cases. It vowed to obtain and scrutinize documents that may throw some light on the issues raised in both cases. More »

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