166.91m litres of fuel stuck in depots as marketers blame NNPC for scarcity Rea

01 March 2016, Lagos – About 166.91 million litres of premium motor spirit, PMS, also known as petrol, are stuck in various depots in Lagos, a situation that gave rise to the resurgence of long queues at filling stations in Lagos metropolis and other parts of the country. The Nigerian National Petroleum Corporation, NNPC, and […] More »

Oil rises as lower output tightens market, outweighs weak China data

01 March 2016, Singapore — Oil prices rose over 1 percent on Tuesday, shrugging off a slump in China’s manufacturing sector that stirred fears of slowing demand growth, with markets instead focusing on a fall in U.S. and OPEC output that might tighten an otherwise bloated market. U.S. crude futures were trading at $34.22 per […] More »

Financial market products & services update

01 March 2016, Sweetcrude, Lagos — Local and international financial market products and services update. NIGERIA: President Muhammadu Buhari has assured the business community in Qatar that Nigeria will remove any impediment that hinders investment in the country. His media aide, Mr. Femi Adesina, said Buhari spoke at a meeting with senior executives of the […] More »

U.S. shale firms see output falling, but is it enough?

01 March 2016, Bengaluru — In a ray of hope for oil bulls, leading U.S. shale producers are at last predicting output declines this year – a long-anticipated turning point for a market reeling from an epic supply surplus. The bad news is that – taken together – the declines they are disclosing to investors […] More »

OPEC daily basket price close at $30.13/b

01 March 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $30.13 a barrel on Monday, compared with $30.74 the previous Friday, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas […] More »

OPEC watching Iran, Russia, unlikely to cut output in June

01 March 2016, Dubai/London — OPEC is very unlikely to cut output at its next meeting in June, even if prices remain extremely low, according to OPEC sources and delegates, as it will be too early to say how fast Iranian output is rising. The sources, which include officials from the Middle East, say OPEC […] More »

NNPC to import 45m litres of petrol daily from March 1

29 February 2016, Abuja – The Nigerian National Petroleum Corporation (NNPC) said on Monday that it would, from March 1, begin to take delivery of 45 million litres of petrol every day for distribution across the country. The NNPC said this in a statement from its spokesman, Mr. Ohi Alegbe, in Abuja. It explained that […] More »