OIL & GAS

Insurance Records 13.9% Growth in Oil Businesses in 10 Years

The insurance sector in the past ten years (2008-2017), recorded the highest cumulative average growth rate of 13.9 per cent in oil and gas business.

https://www.thisdaylive.com/index.php/2019/03/11/insurance-records-13-9-growth-in-oil-businesses-in-10-years/

Oil rises on ongoing OPEC-led supply cuts, fall in U.S. rig count

Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall U.S. drilling activity.

https://www.vanguardngr.com/2019/03/oil-rises-on-ongoing-opec-led-supply-cuts-fall-in-u-s-rig-count/

Saudi Arabia to Cut Crude Oil Exports In April

Saudi Arabia plans to cut its crude oil exports in April to below seven million barrels per day (bpd), while keeping its output “well below’’ 10 million bpd, Saudi official said on Monday.

https://leadership.ng/2019/03/11/saudi-arabia-to-cut-crude-oil-exports-in-april/

Nigeria’s massive importation of petrol

AS oil goes, so goes Nigeria, and there is perhaps no better indication of the state of affairs in the country than recent reports that Nigeria, officially one of the foremost exporters of crude oil in the world, is now also the world’s largest importer of petrol. To put Nigeria’s ignoble distinction in perspective: it is the only nation among the 15-member Organisation of Petroleum Exporting Countries (OPEC) to import petrol. Such, apparently, is the grim state of things that in January this year, Nigeria became the largest buyer of petrol from China. In that month alone, Nigeria imported 51,000 metric tonnes of petrol from the Asian giant.

https://www.tribuneonlineng.com/195423/

 

OTHER NEWS

N30, 000 minimum wage: Labour, OPS take battle to FIRS

The battle for a new national minimum wage in the country seems far from being won. Though Nigerian workers are anxiously waiting for the Senate to pass the bill, there appears to be more hurdles to cross besides the President signing it into law.

https://www.thisdaylive.com/index.php/2019/03/04/neiti-nigeria-lost-28bn-to-outdated-crude-oil-pscs/