Tag: Crude Oil

NNPC Fails To Account For 107 Million Barrels Of Crude, – Auditor General
News, Nigeria, Petroleum

NNPC Fails To Account For 107 Million Barrels Of Crude, – Auditor General

The Office of the Auditor-General for the Federation has said the defunct Nigerian National Petroleum Corporation, now Nigerian National Petroleum Company Limited, has failed to account for about 107,239,436 barrels of crude oil lifted for domestic consumption in 2019. The office made the allegation in its 2019 audit report presently being considered by the Committees on Public Accounts at the Senate and House of Representatives.According to the report, about 22,929.84 litres of Premium Motor Spirit, also known as petrol, valued at N7.06bn and pumped to the two depots (Ibadan-Ilorin and Aba-Enugu) between June and July 2019 were not received by the depots. These are part of the issues raised by the office in the six audit queries issued against the NNPC.The report noted discrepanci...
Oil Prices Hit 8-month Peak Amid Vaccine Hopes
News, Nigeria, Petroleum

Oil Prices Hit 8-month Peak Amid Vaccine Hopes

Global oil prices on Tuesday rose to the highest level since March, spiking above $47 per barrel (pb) amid hopes for a COVID-19 vaccine dispatch within weeks revived hopes for more fuel consumption. The international oil benchmark, Brent crude, gained more than 3 percent to climb to $47.82 pb, The Cable reports. WTI Crude last traded at $45 per barrel eight months ago, just before Saudi Arabia and Russia failed to reach an agreement on oil supply in the pandemic which led to an oil price war that resulted in price collapse along with low demand. The spike in oil prices has accompanied a slew of positive updates from pharmaceutical companies on their progress towards developing a COVID-19 vaccine. The University of Exford and AstraZeneca on Monday said that provisional trial dat...