Oil prices slid below $33 a barrel yesterday to levels not seen in more than a decade, as a tumble in Chinese equities rattled investors already concerned by near-record production and massive stockpiles of unwanted crude and refined products.
The price of oil has shed around 70 percent since the current downturn began in June 2014, causing pain to oil companies and governments that rely heavily on crude revenues.
Read more @ Guardian Online
Indications emerged on Sunday that some marketers of refined petroleum products, who were not sure of the new policy direction of the President Muhammadu Buhari-led All Progressives Congress government concerning the oil sector, had resorted to stockpiling the products.
Three marketers, who spoke to our correspondent, expressed optimism that the new government would look towards deregulating the downstream subsector of the petroleum industry.
Read more @ SweetCrudeRep
The country’s four refineries are currently operating far below optimal capacity owing to their prolonged state of disrepair. Falling oil prices and pipeline vandalism are further threatening their output.
Nigeria is currently under fresh pressure to reduce the quantity of crude oil being refined in its four refineries.
Read more @ The Punch
Oil prices slid below $33 a barrel yesterday to levels not seen in more than a decade, as a tumble in Chinese equities rattled investors already concerned by near-record production and massive stockpiles of unwanted crude and refined products.
