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OPEC daily basket price close at $54.06/b

The price of OPEC basket of fourteen crudes stood at $54.06 a barrel on Wednesday, compared with $53.81 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi …

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Medium Sour Crude Spread Mixed in August – OPEC

The Organisation of the Petroleum Exporting Countries, OPEC, has said light sweet and medium sour crude spread across Asia and Europe in August. According to the group’s newly-released report for August, global sweet/sour differentials were mixed in August when they widened further in Asia, while in Europe they narrowed again …

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Nigeria’s crude oil export for October slips by 16,000b/d

Nigeria’s total crude oil exports for October will drop by 16,000 barrels per day in line with the country’s pledge to cut oil exports following its meeting with the Organisation of the Oil Exporting Countries, OPEC, and non-OPEC in July. According to Reuters, Nigeria’s export will slip to a five-month …

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Dangote to invest $50bn in US, Europe by 2025

Africa’s richest man, Alhaji Aliko Dangote, plans to invest $50bn in the United States and Europe by 2025, in renewable energy and petrochemicals. This is coming after completing almost $5bn of agricultural projects and an $11bn oil refinery in Nigeria. He confirmed the planned investment in an interview with Bloomberg …

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Tesla plans to raise $1.5bn to produce new Model 3

US electric car manufacturer Tesla plans to raise $1.5bn (£1.15bn) to fund production of its new Model 3 car. Tesla will raise the money by selling bonds to professional investors, despite the company having $3bn in cash. The company says it has 518,000 orders for its new car, whose price …

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Bitcoin soars to record high value

Bitcoin’s value has jumped to a record high, following a month of turmoil. The virtual currency reached $3,451.86 (£2,651) per coin in Monday trade, according to the Coindesk Bitcoin Price Index. It had never crossed the $3,000 mark until the weekend. The market value of all bitcoins in existence has …

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Digital Cryptocurrency Taking Over- Last Warning to Invest

Since 2010, Bitcoin and the next wave of digital currencies have been generating millions income for investors. In 2016, digital currencies skyrocketed. Who knows how far it will go this year? From all indications, its never too late to start now. It is important to know that digital currency is …

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How Nigeria’s oil reserves remained almost stagnant in four years

 Nigeria’s proven crude oil reserves was almost stagnant for four years, from 2012-2016, with just 1.1 percent change. The data from the Organisation of the Petroleum Exporting Countries, OPEC’s, Annual Statistical Bulletin 2017, shows that Nigeria, with over 177 million population in 2016, had 37.139 billion barrels of crude oil reserves …

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