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2018 a bad year for crude oil tankers – BIMCO 

2018 a bad year for crude oil tankers – BIMCO 

A historically bad crude oil tanker market is struggling to find solid support, BIMCO said in its latest report. Earnings for very large crude carriers (VLCCs) in the...

Commission okays Norway's $1tr wealth fund oil stocks investments

Crude oil falls as Saudi, Russian hike output

Crude oil prices fell on Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid an escalating trade dispute with the United...

Navy impounds crude oil vessel in Delta

Navy impounds crude oil vessel in Delta

The Nigerian Navy Ship (NNS), Delta has impounded a vessel containing over 386,000 litres of crude oil, alongside nine crew members in Delta State. Commander of the...

Commission okays Norway's $1tr wealth fund oil stocks investments

Is the recovery of crude oil price a good omen for Nigeria?

The rising crude oil price should have a favourable impact on the Nigerian economy. Granted that we still import petroleum products and a sustained oil price rise could...

Oil thieves abandon vessel with crude oil at Onne

Oil thieves abandon vessel with crude oil at Onne

The Executive Officer, Nigerian Navy Ship, NNS Pathfinder, Capt. Victor Choji has said that a vessel with about 1.8 million litres of crude oil, stolen from pipelines,...

Oil thieves abandon vessel with crude oil at Onne

Oil thieves abandon vessel with crude oil at Onne

The Executive Officer, Nigerian Navy Ship Pathfinder, Capt. Victor Choji has said that a vessel with about 1.8 million litres of crude oil, stolen from pipelines, has...

Commission okays Norway's $1tr wealth fund oil stocks investments

Crude oil tops $75 on supply cuts, strong demand

Crude oil rose above $75 a barrel on Tuesday to its highest since November 2014 before paring some gains. The rise was supported by OPEC-led production cuts, strong...

Libyan port strike spikes crude oil price

Libyan port strike spikes crude oil price

  Crude oil prices rose on Tuesday after Libya said loadings of crude at a key port had been suspended. This recent spike offsets an earlier dent to crude oil...

Reps propose ban on fish importation in two years

Reps probe $21bn crude oil loss 

By Omotilewa Quadri  An ad-hoc committee of the House of Representatives on Wednesday began a probe into the alleged loss of crude oil in Nigeria worth $21 billion....

US to overtake Saudi as crude oil producer

US to overtake Saudi as crude oil producer

The United States of America is set to overtake Saudi Arabia as the world’s number two oil producer after Russia this year, as shale companies, attracted by rising...

Jide Omokore

Absence of key witnesses stalls Omokore’s trial for $1.6 billion crude oil fraud

By Patience Danjuma  The absence of prosecution witnesses has stalled the trial of a businessman, Jide Omokore, and others for alleged diversion of $1.6 billion...

crude-oil

Nigeria lost $1.45bn worth of crude oil in 2015

Nigeria lost 27.1 million barrels of crude oil produced in 2015 despite huge expenses on industry security, the Nigeria Extractive Industries Transparency Initiative...