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NIGERIA RECORDS ZERO REVENUE FROM OIL EXPORT AS SUBSIDY HITS N199BN

Nigeria got no revenue from crude oil export in the month of October despite an average daily oil production of 1.417 million barrels in the month of September, latest report by the Nigeria National Petroleum Corporation (NNPC) has shown.NNPC on its report to the Federation Account allocation Committee (FAAC) released at the weekend disclosed that… Continue reading NIGERIA RECORDS ZERO REVENUE FROM OIL EXPORT AS SUBSIDY HITS N199BN

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OIL TRIES TO REBOUND FROM TRADE WAR-INFLICTED ROUT

Oil prices were edging up early on Tuesday, trying to shake off several hefty sell-offs in recent days after U.S. President Donald Trump abruptly ended a tentative trade war truce at the end of last week.   As of 08:45 EDT a.m. on Tuesday, WTI Crude was up 0.66 percent at $55.05, and Brent Crude… Continue reading OIL TRIES TO REBOUND FROM TRADE WAR-INFLICTED ROUT

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OIL PRICES RISE AFTER API REPORTS VERY LARGE CRUDE DRAW

The American Petroleum Institute (API) reported a huge crude oil inventory draw of 8.129 million barrels for the week ending July 4, compared to analyst expectations of a smaller 3.081-million barrel draw.   Last week, the API reported a draw of 5 million barrels. A day later, the EIA estimated a much smaller inventory drawdown… Continue reading OIL PRICES RISE AFTER API REPORTS VERY LARGE CRUDE DRAW