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...OPEC+ confirms 400,000 bpd output hike in shortest meeting in its history. ...The ministers of the OPEC+ alliance, who met via video conference, rubberstamped in just 16 minutes the monthly production hike proposal. ...Brent Crude prices returned to $90 per barrel just after news of the modest production increase. In the shortest meeting so far…
February 2, 2022
Emirates Airlines announced that it will resume flight operations in Nigeria on Saturday, February 5, 2022. The development comes barely 24 hours after the Federal Government through the Nigerian Civil Aviation Authority (NCAA) gave approval for the resumption of flight services between Nigeria and the United Arab Emirates (UAE). The airline in a statement on…
February 2, 2022
The Central Bank of Nigeria (CBN) has issued a downward review of charges for electronic banking transactions in the country. The review of the electronic charges is contained under the revised guidelines on charges issued by the apex bank to commercial banks, Other Financial Institutions (OFIs) and Non-Bank Financial Institutions. In the amended guidelines to…
January 29, 2022
...U.S. commercial petroleum stocks have fallen in most of the weeks in the past year and a half. ...The continuously declining U.S. petroleum stocks over the past year suggest that supply has not caught up with rebounding demand. ...Petroleum stocks at lower than seasonal norms have contributed to market tightness alongside the OPEC+ group’s inability…
January 25, 2022
The Federal Government is seeking the extension of the implementation of the total removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol by another 18 months. Minister of State for Petroleum Resources, Chief Timipre Sylva, made this disclosure during a press briefing with the State House Correspondents on Tuesday. Speaking during the…
January 25, 2022
Alhaji Aliko Dangote has retained his position as the richest man in Africa, with a net worth of $12.1 billion, according to the 2022 edition of the Forbes’ Top 10 Africa’s Billionaires List. This is contained in a post on their verified Twitter account @Forbes. According to the report, for 11th year in a row,…
January 25, 2022
As the federal government on Monday backtracked on its earlier plans to remove subsidy on petroleum products, Chief Consultant at B. Adedipe Associates Limited, Dr. Biodun Adedipe, has given insights on what it will take Nigeria to finally resolve the subsidy controversy. The fuel subsidy started as part of efforts by the government to fix the…
January 25, 2022
...Rising inflation rates and falling oil supply is creating a dangerous situation for the global economy. ...Underinvestment, driven by the ESG trend that discouraged more spending on new exploration. ...If demand surprises forecasters again by not declining as much as expected, we're looking at an extended period of high prices. Concern about crude oil supply…
January 25, 2022
The rollout of 5G internet service in the United States has left many US-bound air travellers stranded at the various airports in Nigeria and around the world as many airlines were forced to cancel flights over safety reasons. The 5G rollout, The New Diplomat gathered, triggered a feud earlier in the week between the US…
January 22, 2022
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...OPEC+ confirms 400,000 bpd output hike in shortest meeting in its history. ...The ministers of the OPEC+ alliance, who met via video conference, rubberstamped in just 16 minutes the monthly production hike proposal. ...Brent Crude prices returned to $90 per barrel just after news of the modest production increase. In the shortest meeting so far…
February 2, 2022
Emirates Airlines announced that it will resume flight operations in Nigeria on Saturday, February 5, 2022. The development comes barely 24 hours after the Federal Government through the Nigerian Civil Aviation Authority (NCAA) gave approval for the resumption of flight services between Nigeria and the United Arab Emirates (UAE). The airline in a statement on…
February 2, 2022
The Central Bank of Nigeria (CBN) has issued a downward review of charges for electronic banking transactions in the country. The review of the electronic charges is contained under the revised guidelines on charges issued by the apex bank to commercial banks, Other Financial Institutions (OFIs) and Non-Bank Financial Institutions. In the amended guidelines to…
January 29, 2022
...U.S. commercial petroleum stocks have fallen in most of the weeks in the past year and a half. ...The continuously declining U.S. petroleum stocks over the past year suggest that supply has not caught up with rebounding demand. ...Petroleum stocks at lower than seasonal norms have contributed to market tightness alongside the OPEC+ group’s inability…
January 25, 2022
The Federal Government is seeking the extension of the implementation of the total removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol by another 18 months. Minister of State for Petroleum Resources, Chief Timipre Sylva, made this disclosure during a press briefing with the State House Correspondents on Tuesday. Speaking during the…
January 25, 2022
Alhaji Aliko Dangote has retained his position as the richest man in Africa, with a net worth of $12.1 billion, according to the 2022 edition of the Forbes’ Top 10 Africa’s Billionaires List. This is contained in a post on their verified Twitter account @Forbes. According to the report, for 11th year in a row,…
January 25, 2022
As the federal government on Monday backtracked on its earlier plans to remove subsidy on petroleum products, Chief Consultant at B. Adedipe Associates Limited, Dr. Biodun Adedipe, has given insights on what it will take Nigeria to finally resolve the subsidy controversy. The fuel subsidy started as part of efforts by the government to fix the…
January 25, 2022
...Rising inflation rates and falling oil supply is creating a dangerous situation for the global economy. ...Underinvestment, driven by the ESG trend that discouraged more spending on new exploration. ...If demand surprises forecasters again by not declining as much as expected, we're looking at an extended period of high prices. Concern about crude oil supply…
January 25, 2022
The rollout of 5G internet service in the United States has left many US-bound air travellers stranded at the various airports in Nigeria and around the world as many airlines were forced to cancel flights over safety reasons. The 5G rollout, The New Diplomat gathered, triggered a feud earlier in the week between the US…
January 22, 2022
