Annual average U.S. crude oil production grew by 463,000 barrels per day (b/d) in 2017 to 9.3 million b/d after declining by 551,000 b/d in 2016. In November 2017, monthly U.S. crude oil production grew 1.2 million b/d year-over-year and reached the highest level of production in U.S. history, surpassing 10 million b/d, a level […]
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By Bassey Udo The global drop in crude oil prices continued to affect Nigeria, as the country recorded about N48.7 billion loss in revenue from oil exports in November and December, 2014. The Accountant General of the Federation, Jonah Otunla, stated this in his revenue report during the January Federation Accounts Allocation Committee meeting held […]
January 14, 2015 Source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2015 Note: Confidence interval derived from options market information for the five trading days ending Jan. 8, 2015. Intervals not calculated for months with sparse trading in near-the-money options contracts. December was the sixth consecutive month in which monthly average Brent crude oil […]
September 10, 2014 Source: U.S. Energy Information Administration, EIA’s short-term forecasts of gasoline consumption, which cover the current and upcoming calendar year, have risen over the past year. The latest (STEO), released yesterday, expects 2014 gasoline consumption to be 8.82 million barrels per day (135.2 billion gallons), 0.13 million barrels per day (2 billion gallons) […]
August 21, 2014 Source: U.S. Energy Information Administration Brent crude oil spot prices averaged $ 107 per barrel (bbl) in July, marking the 13th consecutive month in which average Brent crude oil prices were between $ 107/bbl and $ 112/bbl (see graph above). Although supply growth from non-OPEC countries has outpaced world consumption in the […]
ABEOKUTAâ A 32âyearâold man, Gbenga Oyebode, was Tuesday, sentenced to four-and-half months imprisonment over theft of N254,000 belonging to twin brothers. The suspect was arranged before an Abeokuta magistrate’s court sitting at Isabo for stealing the money belonging to Taiwo and Kehinde Ojo. The accused, however, pleaded not guilty to the one count charge of […]
