Category Archives: crude oil

Nigeria’s 2.069MBPD Oil Production Still Below Budget Estimates

Nigeria's crude oil production including condensate reached 2.069 million barrels per day (mbpd) in April 2018, according to data from the Federal Ministry of Petroleum Resources. Though there is a slight increase from the 2.022mbpd the country recorded in March, this means Nigeria is still struggling to step up production to meet the 2.3mbpd benchmark…
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Nigeria’s oil revenue drops by N1.1trn in one year

Data obtained from the Central Bank of Nigeria, CBN, has revealed that Nigeria’s earnings from the petroleum sector dropped sharply, as revenue from the sale of crude oil dipped by N1.114 trillion to N1.86 trillion in the 2015 fiscal year, Vanguard reports. The N1.114 trillion decline represents 18.35 per cent of Nigeria’s 2016 budget estimate…
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China reduces Nigerian crude oil imports

Nigeria saw its share of China’s crude oil imports shrink by 7.5 per cent last year as the world’s largest energy consumer reduced its import of Nigerian crude to 10.56 million barrels, The Punchreports. China’s crude import from Nigeria stood at 11.41 million barrels in 2014, data obtained on Monday from the Nigerian National Petroleum…
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IOCs disagree with Kachikwu on freezing oil supply to spur price rebound

International Oil Companies (IOCs) and energy experts, yesterday, stated that freezing the supply of crude oil alone as suggested by the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, would not likely lead to a rebound in the price of the commodity, stating that other factors needed to be considered also, Vanguard reports. Speaking at…
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