Elite Economics and Commonsense

OPEC oil production shots up in July

ORGANIZATION of the Petroleum Exporting Countries’ (OPEC) oil production rose 0.4 per cent in July 2014 from a month earlier, according to an industry survey. Supply from OPEC has averaged 30.06mn bpd last month, up from 29.92mn bpd in June, according to the Reuters survey based on shipping data and information from sources at oil companies, OPEC and consultants. Read More

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OPEC basket price drops to $109.39 per barrel

The basket price of Organisation of Petroleum Exporting Countries’ (OPEC’s) twelve crudes has dropped from $109.63 to $109.39 per barrel, at the weekend, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light

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IPMAN plans $3bn investment in refineries

THE Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced its plans to invest $3billion in refineries as part of its effort to ensure effective distribution of petroleum products across the country. Factional National President of IPMAN, Elder Chinedu Okoronkwo said the refineries would be situated in Bayelsa and Kogi states respectively. Continue Reading

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FG, US Investors Sign MoU To Construct Gas-fired Plant

The federal government has signed a memorandum of understanding (MoU) with investors from the United States (US) that will fast-track the realisation of gas-fired power plants in the country. The MoU was signed on behalf of government by the minister of state for power, Muhammad Wakil, with a five-man American investors, led by Mr Roy Yeferez. The project to be located in Bayelsa State would be funded wholly by the investors who are also expected

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India Replaces US As Largest Importer Of Nigeria’s Crude Oil

The Nigerian National Petroleum Corporation (NNPC) on Thursday said India had replaced the United States as the largest importer of crude oil from Nigeria. It said that India was closely followed by China and Malaysia as the biggest buyers of the nation’s oil. Continue Reading

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Ethnicity and power politics: From June 12 to Boko Haram

This is not the first time Nigeria would be descending into anarchy in the face of latent and manifest power struggle between ethno-sectional groups. In January 1966 when a group of mid-level army officers, mostly Igbo, seized power in a revolution that upstaged the leadership that was predominantly Hausa-Fulani, hell was let loose on the state from the July 29 countercoup....Read full

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Subsidy scam: ‘Banks too are culpable’

Marketers and oil traders have expressed concern that banks have been shielded from the fuel subsidy scam investigations. Some of them who spoke with Vanguard argued the banks are as culpable as the operators since they were the ones that issued the Letters of Credit, LCs, that were used for the fuel import transactions. Read full

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PIB and the Niger Delta

With the latest move to address the petrol-carbon sector in Nigeria through the Petroleum Industry Bill, Nigerians are anxious to see how far it will go in addressing among others: the legal, fiscal and regulatory framework, the guidelines for the operation of the upstream, midstream and the downstream sectors, the redistribution  of economic rent in the host oil producing communities, the impact on the environment, especially gas flaring. What

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E-Conference Report: THE PIB & YOU by Spaces for Change

The new version of the PIB seamlessly weaves some notably progressive provisions with a number of disturbing additions that require serious debate and reconsideration. In essence, the 223-page PIB includes plans to unbundle and list the state-owned Nigerian National Petroleum Corporation (NNPC) on the Nigerian Stock Exchange; increase taxation for deep offshore; and give the oil minister supervisory powers over all institutions in the industry.

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(Video) Nigeria’s Fuel Subsidy Strike with Sanusi Lamido Sanusi

As Nigeria enters fourth day of Protest of fuel subsidy removal, the economic loss hits N1.2tr. The CBN president explains more.

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