Nigeria may experience petrol scarcity across the country as the Nigerian Association of Road Transport Owners on Monday ordered tanker drivers nationwide to halt operations beginning from Tuesday (today).
Vice President, Prof. Yemi Osinbajo, says the problems associated with Nigeria’s refineries will persist if the Federal Government continues to own and run them, saying that the Federal Government has no business running oil refineries in Nigeria.
In what is seen as a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas.
The Nigerian National Petroleum Corporation, NNPC, says it made a trading surplus of N20.36 billion in July 2020, rising by 860 per cent from a surplus of N2.12 billion recorded in June.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has warned traders against betting heavily in the oil market saying he will try to make the market “jumpy” and promised those who gamble on the oil price would be hurt “like hell”.
Equinor has been issued a drilling permit by the Norwegian Petroleum Directorate (NPD) for a wildcat well located in the North Sea offshore Norway.
The Nigerian National Petroleum Corporation (NNPC) has extended its contracts with private companies to swap crude oil for petroleum products for six months.
Venezuela is preparing to boost its crude oil production using diluents imported from Iran, Reuters reports, citing unnamed sources and company documents.
The latest data from the Central Bank of Nigeria shows that oil imports gulped a total of $770. 58m in the first half of this year.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advised the Federal Government to completely deregulate the downstream oil sector.