Oil Prices Fall as Trump Hails US-Iran Talks
By Mardiyyah Abubakar Oil prices fell on Wednesday after US President Donald Trump said talks between American and Iranian representatives at the United Nations were “very good” and productive. Brent crude, the international benchmark, dropped 0.9 per cent to $98.41 per barrel, while US West Texas Intermediate (WTI) fell 1.4 per cent to $89.23. Both […]
Oil Prices Rise as Markets Gain on US-Iran Developments
By Mardiyyah Abubakar Oil prices rose on Tuesday after a sharp decline, while most global stock markets recorded gains as investors monitored developments in US-Iran relations and renewed optimism on Wall Street. Crude prices briefly gained about one per cent after falling five per cent on Monday. Traders reacted to hopes that the United States […]
Lithium: Nigeria’s New Oil or Another Resource Curse?
By Oluwakemi Kindness When crude oil was discovered in commercial quantity in Oloibiri, present day Bayelsa State in 1956, it promised prosperity. It was expected to transform Nigeria into an economic powerhouse, create jobs, build infrastructure and improve the lives of millions. Seventy years later, Nigeria has earned trillions of naira from oil, yet the […]
Venezuela Says Deadly Quakes Spared Oil Production
By Mardiyyah Abubakar Venezuela’s acting president, Delcy Rodriguez, says last month’s deadly earthquakes did not disrupt the country’s oil production. Speaking on Monday, Rodriguez said Venezuela is producing 1.2 million barrels of crude oil per day, about 10% more than a year ago. She added that the government remains confident the economy will continue to […]
Oil Surges 4% as US-Iran Conflict Escalates
By Mardiyyah Abubakar Global oil prices climbed more than four per cent on Monday after renewed military confrontation between the United States and Iran rattled financial markets and reignited fears over the security of the Strait of Hormuz, one of the world’s most critical oil shipping routes. The latest escalation came just days after both […]
FCCPC Warns Marketers Against Delaying Petrol Price Cuts
By Oluwakemi Kindness The Federal Competition and Consumer Protection Commission (FCCPC) has warned fuel marketers against delaying reductions in petrol prices, saying it will investigate and sanction businesses found exploiting consumersThe Federal Competition and Consumer Protection Commission (FCCPC) has warned fuel marketers against delaying reductions in petrol prices, saying it will investigate and sanction businesses […]
Trump Orders Probe of Oil Firms Over High Gas Prices
By Oluwakemi Kindness U.S. President Donald Trump has ordered an investigation into major oil companies, accusing them of keeping gasoline prices artificially high despite a decline in crude oil costs. In a post on Truth Social on Wednesday, Trump alleged that oil companies were failing to pass lower crude prices on to consumers. “The big […]
Nigeria Ramps Up Oil Production to Cushion Global Economic Shock
By Oluwakemi Kindness Nigeria is ramping up crude oil production to shield its economy from fresh global shocks triggered by the ongoing conflict involving the United States, Israel, and Iran. The Federal Government said output has risen to about 1.86 million barrels per day, as part of urgent efforts to boost foreign exchange earnings and […]