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By Hamilton Nwosa(Head, The New Diplomat’s Business and data tracking desk) As Nigeria, Africa’s Oil giant, grapples with the global impact of the terrifying Oil price crisis, she is currently weighing various options in a bid to manage the situation as well as abide by the agreement reached by OPEC and non-OPEC member countries to…
April 27, 2020
Oil Autocrats Are Struggling To Keep Their Power By Haley Zaremba This week began with a bang for the oil markets. On Sunday the members of OPEC+ struck a historic deal to slash production by a whopping 9.7 million barrels in May and June in an attempt to rescue oil prices from the depths of…
April 19, 2020
G-20 Intervenes, To Roll Out More Production Cuts Weekend By Hamilton Nwosa(Head, The New Diplomat’s Business and Data tracking desk) Oil prices have continued to plummet towards $20 per barrel against the backdrop of reported insufficient production cut agreement reached by Organization of Oil Producing Countries(OPEC) and Non-OPEC members. The deal which was struck yesterday has however not resolved…
April 10, 2020
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, says Nigeria would no longer pay subsidy on petrol with the ongoing global oil price decline. Kyari disclosed this in a statement signed by NNPC spokesman, Dr Kennie Obateru, in Abuja on Monday. The NNPC boss said this while he featured…
April 6, 2020
By Hamilton Nwosa(Head, The New Diplomat’s Business and data tracking desk) Minister of State for Petroleum Resources, and former governor of Bayelsa State, one of Nigeria’s oil-rich State, Chief Timipre Sylva has pledged Nigeria’s readiness and commitment to deliberations on output cut as proposed by the Organization of Petroleum Exporting Countries (OPEC ). The proposed talks is scheduled for next Thursday . In…
April 6, 2020
S & P Downgrades Nigeria’s Outlook as Fitch Affirms Norway By Hamilton Nwosa (Head, The New Diplomat Business & data tracking desk) With escalating glut in oil supplies and stretched storage capabilities, exacerbated by Saudi Arabia increase in oil production even in the face of dwindling global demand, global energy experts have come up with…
March 29, 2020
Saudi Arabia’s Production Cost: $5 to $9 a barrel; Nigeria’s; $17 to $30 per barrel… By Hamilton Nwosa (Head, The New Diplomat Business and Data tracking desk) Following reports that the global community may soon run out of storage space to store its extra oil with Saudi Arabia gearing to increase its production even as…
March 26, 2020
By Hamilton Nwosa(Head, The New Diplomat’s Business and data tracking desk) Central Bank of Nigeria Governor, Mr Godwin Emefiele on Saturday, clarified that the recent jump in foreign exchange rate to N380 to a dollar is not a devaluation of the naira but an adjustment. According to Mr Emefiele, the apex bank has the responsibility…
March 22, 2020
Russia will not be the one to first demand a stop to the oil price war with Saudi Arabia because Russian President Vladimir Putin is unlikely to yield to what he sees as “Saudi blackmail,” sources familiar with Moscow’s thinking told Bloomberg. The OPEC+ coalition between OPEC’s leader Saudi Arabia and the leader of the non-OPEC…
March 21, 2020
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By Hamilton Nwosa(Head, The New Diplomat’s Business and data tracking desk) As Nigeria, Africa’s Oil giant, grapples with the global impact of the terrifying Oil price crisis, she is currently weighing various options in a bid to manage the situation as well as abide by the agreement reached by OPEC and non-OPEC member countries to…
April 27, 2020
Oil Autocrats Are Struggling To Keep Their Power By Haley Zaremba This week began with a bang for the oil markets. On Sunday the members of OPEC+ struck a historic deal to slash production by a whopping 9.7 million barrels in May and June in an attempt to rescue oil prices from the depths of…
April 19, 2020
G-20 Intervenes, To Roll Out More Production Cuts Weekend By Hamilton Nwosa(Head, The New Diplomat’s Business and Data tracking desk) Oil prices have continued to plummet towards $20 per barrel against the backdrop of reported insufficient production cut agreement reached by Organization of Oil Producing Countries(OPEC) and Non-OPEC members. The deal which was struck yesterday has however not resolved…
April 10, 2020
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, says Nigeria would no longer pay subsidy on petrol with the ongoing global oil price decline. Kyari disclosed this in a statement signed by NNPC spokesman, Dr Kennie Obateru, in Abuja on Monday. The NNPC boss said this while he featured…
April 6, 2020
By Hamilton Nwosa(Head, The New Diplomat’s Business and data tracking desk) Minister of State for Petroleum Resources, and former governor of Bayelsa State, one of Nigeria’s oil-rich State, Chief Timipre Sylva has pledged Nigeria’s readiness and commitment to deliberations on output cut as proposed by the Organization of Petroleum Exporting Countries (OPEC ). The proposed talks is scheduled for next Thursday . In…
April 6, 2020
S & P Downgrades Nigeria’s Outlook as Fitch Affirms Norway By Hamilton Nwosa (Head, The New Diplomat Business & data tracking desk) With escalating glut in oil supplies and stretched storage capabilities, exacerbated by Saudi Arabia increase in oil production even in the face of dwindling global demand, global energy experts have come up with…
March 29, 2020
Saudi Arabia’s Production Cost: $5 to $9 a barrel; Nigeria’s; $17 to $30 per barrel… By Hamilton Nwosa (Head, The New Diplomat Business and Data tracking desk) Following reports that the global community may soon run out of storage space to store its extra oil with Saudi Arabia gearing to increase its production even as…
March 26, 2020
By Hamilton Nwosa(Head, The New Diplomat’s Business and data tracking desk) Central Bank of Nigeria Governor, Mr Godwin Emefiele on Saturday, clarified that the recent jump in foreign exchange rate to N380 to a dollar is not a devaluation of the naira but an adjustment. According to Mr Emefiele, the apex bank has the responsibility…
March 22, 2020
Russia will not be the one to first demand a stop to the oil price war with Saudi Arabia because Russian President Vladimir Putin is unlikely to yield to what he sees as “Saudi blackmail,” sources familiar with Moscow’s thinking told Bloomberg. The OPEC+ coalition between OPEC’s leader Saudi Arabia and the leader of the non-OPEC…
March 21, 2020
