Tag: Crude oil

Crude oil price recover to pre-pandemic levels

Aminu Imam

Rises above $61 The price of oil has recovered to its pre-pandemic levels as the international oil benchmark, Brent crude, rose further on Tuesday, trading above $61 per barrel. Brent had hit the $60 per barrel mark on Monday for the first in more than a year. The further rise in oil prices, having hit an all-time low last year,comes amidst optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries, (OPEC) and its allies to restrain the supply of crude oil. Brent,…

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‘Crude oil worth $20bn unaccounted for b/w 2005 and 2012’ – House of Reps. reveals

Aminu Imam

…’Third parties responsible for crude theft’ – DPR The House of Representatives Ad-hoc Committee on Crude Oil Theft, yesterday said a forensic audit conducted had shown that crude oil worth over $20 billion could not be accounted for between 2005 and 2012. The Chairman of the Ad-hoc Committee, Hon. Peter Akpatason, who made the disclosure during the resumed hearing in Abuja, said that the same infractions were observed between 2016 and 2019. Akpatason said the Committee resolved to resume the investigation on crude oil theft in Nigeria, having gone through…

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Crude oil: First cargo of ew Nigerian Crude, Anyala, destined for Europe

Aminu Imam

The first export cargo of Nigerias newest crude grade Anyala is on its way to Northwest Europe, trading and shipping sources said on Jan. 18.The Aframax Minerva Clara loaded a 700,000 barrel stem of Anyala crude from the Abigail-Joseph floating production, storage and offloading vessel on Jan. 10, and the tanker is on its way to the Fos-sur-Mer terminal, located at Frances Mediterranean port of Marseille, according to data intelligence firm Kpler.Sources said trading house Vitol had chartered this tanker, as it has a stake in indigenous producer FIRST E&P,…

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Oil prices record longest weekly winning streak since April 2019

Aminu Imam

Crude oil prices were fired up for the seventh straight week, leading to the longest winning streak since April 2019. Brent crude, the global benchmark for crude gained 1.65%, surged by almost 5%, to close at $52.35 per barrel. At the last trading session for the week, the West Texas Intermediate futures settled up 1.53%, to close at $49.10 per barrel. The trading sessions daily high was $49.10 less than $1 from the widely-anticipated $50 target of many oil traders. Such incredible gains were largely attributed to strong hopes…

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