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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 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