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Nigeria’s  Minister of State for Petroleum, Chief Timipre Sylva has explained that the Federal government is determined to adhere to the resolutions agreed upon by both members of the Organization of Petroleum Exporting Countries (OPEC) and non-member countries of OPEC last Saturday to further extend the timelines for crude oil production cut. It would be…
June 8, 2020
The oil market collapse caused by the Covid-19 pandemic is set to delay several oil and gas developments in Western Europe, putting capital expenditure in the offshore sector on a continued downwards trajectory through 2022. In light of the postponement of multiple final investment decisions (FIDs) on projects and lower investments in offshore oil and…
June 8, 2020
OPEC+ (OPEC and Russia) are set to extend their record oil production cuts for a further month as oil recovers to near $40 a barrel, with the group attempting to prop up a market devastated by the coronavirus pandemic. In recent days, delegates from Opec and Russia had discussed extending the 9.7m barrels a day…
June 6, 2020
As Russia, Saudi Arabia, Nigeria, Algeria, Canada, Others Fail To Meet To Agree On Extending Output Cuts Oil prices dipped Thursday morning after hitting $40 per barrel on Wednesday as concerns mount over the prospect of holding a crucial OPEC+ meeting to agree on further oil output cuts among major producers. The oil cuts have…
June 4, 2020
World Bank: 60 Million People Could Be Pushed Into Extreme Poverty In 2020 The World Bank has urged Nigeria and other countries to go for comprehensive policies capable of boosting long-term growth along with short term measures to address health emergencies in the wake of the coronavirus crisis. This is coming amid indications from the…
June 3, 2020
*Independent Probe likely Soon As More Countries Align With United States Position By Hamilton Nwosa (Head, The New Diplomat’s Business and data tracking desk) President of the African Development Bank, Dr Akinwumi Adesina who has been assailed with unresolved allegations bordering on ethical breach of Code of Conduct,  favoritism, gross misconduct, inappropriate staffing, private gains,…
May 27, 2020
After Nigeria’s external reserves went on a downward slide last year losing $11.75 billion within a space of 10 months, the reserve received a new lease of life as it went up by 7% in 21 days, available data from the Central Bank of Nigeria, CBN has shown. As of May 12, 2020, the reserve…
May 26, 2020
By Hamilton Nwosa (Head, The New Diplomat’s Business and data tracking desk) In what many see as a puzzling and interrogative move,   the   United  States  government’s  official letter to the chairman of the Bureau of the Board of Governors of the African Development Bank, and minister of planning and development of the Republic of Cote…
May 26, 2020
*Oil Savings Dip to $72m from $325m in 6 Months $1.5BN World Bank Financial Relief Being Sought, Says Minister As global oil prices plunge occasioned by the COVID 19 pandemic continues to spawn a huge upset on Nigeria’s main source of income, creating large financing needs amidst weakening national currency, Minister of Finance, Budget and…
May 22, 2020
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Nigeria’s  Minister of State for Petroleum, Chief Timipre Sylva has explained that the Federal government is determined to adhere to the resolutions agreed upon by both members of the Organization of Petroleum Exporting Countries (OPEC) and non-member countries of OPEC last Saturday to further extend the timelines for crude oil production cut. It would be…
June 8, 2020
The oil market collapse caused by the Covid-19 pandemic is set to delay several oil and gas developments in Western Europe, putting capital expenditure in the offshore sector on a continued downwards trajectory through 2022. In light of the postponement of multiple final investment decisions (FIDs) on projects and lower investments in offshore oil and…
June 8, 2020
OPEC+ (OPEC and Russia) are set to extend their record oil production cuts for a further month as oil recovers to near $40 a barrel, with the group attempting to prop up a market devastated by the coronavirus pandemic. In recent days, delegates from Opec and Russia had discussed extending the 9.7m barrels a day…
June 6, 2020
As Russia, Saudi Arabia, Nigeria, Algeria, Canada, Others Fail To Meet To Agree On Extending Output Cuts Oil prices dipped Thursday morning after hitting $40 per barrel on Wednesday as concerns mount over the prospect of holding a crucial OPEC+ meeting to agree on further oil output cuts among major producers. The oil cuts have…
June 4, 2020
World Bank: 60 Million People Could Be Pushed Into Extreme Poverty In 2020 The World Bank has urged Nigeria and other countries to go for comprehensive policies capable of boosting long-term growth along with short term measures to address health emergencies in the wake of the coronavirus crisis. This is coming amid indications from the…
June 3, 2020
*Independent Probe likely Soon As More Countries Align With United States Position By Hamilton Nwosa (Head, The New Diplomat’s Business and data tracking desk) President of the African Development Bank, Dr Akinwumi Adesina who has been assailed with unresolved allegations bordering on ethical breach of Code of Conduct,  favoritism, gross misconduct, inappropriate staffing, private gains,…
May 27, 2020
After Nigeria’s external reserves went on a downward slide last year losing $11.75 billion within a space of 10 months, the reserve received a new lease of life as it went up by 7% in 21 days, available data from the Central Bank of Nigeria, CBN has shown. As of May 12, 2020, the reserve…
May 26, 2020
By Hamilton Nwosa (Head, The New Diplomat’s Business and data tracking desk) In what many see as a puzzling and interrogative move,   the   United  States  government’s  official letter to the chairman of the Bureau of the Board of Governors of the African Development Bank, and minister of planning and development of the Republic of Cote…
May 26, 2020
*Oil Savings Dip to $72m from $325m in 6 Months $1.5BN World Bank Financial Relief Being Sought, Says Minister As global oil prices plunge occasioned by the COVID 19 pandemic continues to spawn a huge upset on Nigeria’s main source of income, creating large financing needs amidst weakening national currency, Minister of Finance, Budget and…
May 22, 2020
