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THE Organisation of Petroleum Exporting Countries, OPEC, has predicted that the Non-OPEC oil supply will grow by one million barrels per day in 2021. Speaking at the International Monetary and Financial Committee Meeting via videoconference, OPEC Secretary General, Mohammad Barkindo, said the global economy and, consequently, the global oil market have started to emerge from the severe crisis, caused by the Coronavirus pandemic. He noted that in 2020, countries around […]

The Nigerian National Petroleum Corporation on Thursday announced plans to resume active oil exploration in Sokoto Basin. A statement issued in Abuja on Thursday by NNPC spokesperson, Kennie Obateru, said the corporation’s Group Managing Director, Mele Kyari, said exploration for crude would resume in the Sokoto Basin. The statement said Kyari disclosed this while receiving the Governor of Kebbi State, Atiku Bagudu, who paid him a courtesy visit in his […]

The Central Bank of Nigeria on Thursday said it got orders from the Federal High Court, Abuja division, to freeze 194 bank accounts belonging to firms and Bureaux de Change to enable it to conduct investigations into suspicious activities. The CBN disclosed this in three separate documents on its website. In one of the documents, the CBN said it got an order to freeze 60 bank accounts of Bluebeam Capital […]

Amid the continued smuggling of petroleum products out of the country to neighboring countries including Cameroun, the Nigeria Customs Service has said its restriction of fuel supply along borders is being opposed by communities and marketers. It was reported on March 29th that the supply of petrol by the Nigerian National Petroleum Corporation, which is the sole importer of the product into the country, had risen above the pre-COVID-19 levels, […]

The President of the World Bank Group, David Malpass has said the group is working actively in collaboration with the International Monetary Fund on the common framework that the G20 established for dealing with debt overhang and debt burdens.   He said this while responding to questions at the press conference at the 2021 spring meeting on Wednesday.   He noted that many of the middle-income countries had access problems […]