Uscommodity 12 Month Oil Etf ETF News

The Nigerian Governors’ Forum (NGF) has raised concerns about the inability of the Nigerian National Petroleum Company (NNPC) Limited to meet its obligations to the federation account in recent months. Kayode Fayemi, chairman of the forum and governor of Ekiti State, said this at the Nigerian International Energy Summit (NIES 2022) held in Abuja on Thursday. “NNPC declares profits yet it cannot meet its obligations. My simple knowledge of economics teaches me that it is only after you’ve met all your obligations, that you then talk about making profits. So if your obligation to the Federation account has not been met, how can you then talk about profit making,” Fayemi asked. “We’ve just had the federation allocation accounts committee meeting a couple of days ago, and the NNPC contributed zero to the federation account this month and this is not the first month that the NNPC is contributing zero. Over the last couple of months we’ve been having these challenges of course, we know why.” NNPC Limited in the 2021 fiscal year remitted a total of N542. 296 billion, which is a decline from N2.511 trillion projected for the year.

Workers under the platform of All Workers Convergence (AWC) have declared that it is becoming difficult for many Nigerians to survive. Convener of AWC, Comrade Andrew Emelieze, made this disclosure via a statement made available to DAILY POST on Friday in Ibadan, the Oyo state capital. Our correspondent recalls that Nigerians have been experiencing a scarcity of petrol in the last few weeks. It was gathered that most of the cities in the country have also been experiencing an erratic supply of electricity. Emelieze while speaking, noted that fuel scarcity and shortage of electricity have compounded problems facing the majority of the citizens. He noted that this is making it difficult for many Nigerians to survive. He explained that prices of goods and services have increased, the development which is making it difficult for many people to survive. He said that the federal government do not have any excuse to justify the ongoing fuel scarcity in the country. He said, “Daily, our problems are being compounded and it is obvious that we are being led astray.

This morning, headlines in Asia have been dominated by reports that fighting had caused a fire at Ukraine’s nuclear power plant and Europe’s largest, Zaporizhzhia, in the southeastern part of the country. That sparked a risk-off move in asset classes, with equities falling and oil rallying. War reporting is a fluid situation at best […]

Crude oil prices shot above USD 120 a barrel for the first time in nine years on Thursday before retreating a little to USD 111 on Friday, but the gulf between cost and retail rates has only widened

Chris Ngige Chris Ngige , minister of labour, has stated that the federal government does not have the funds to meet some of the demands of the Academic Staff Union of Universities (ASUU) . Speaking on the demands of the union in an interview with Channels Television on Thursday, Ngige stated that the N1.3 trillion revitalisation fund was a promise made to ASUU by the administration of former President Goodluck Jonathan when the country’s finances were stable. The labour minister stated that the current administration informed ASUU of its inability to honour the previous revitalisation fund agreement. He also added that the federal government promised to explore other options to fund universities. “Government is a continuum. The N1.3 trillion you are talking about was promised by the Jonathan government. Oil was selling about $100 to $120 per barrel then and the revenue of the federation was rich,” he said. Also Read: FG To Renegotiate Agreements With ASUU Over Strike “The agreement says that ‘government is unable to pay this but to show commitment to the intentions of the revitalisation for which this N1.3 trillion was promised’. “Mind you, it was promised by that administration and they promised to kickstart the payment — and they paid N200 billion which they borrowed from TETFund.

The post Russian oil has Europe in ‘stranglehold’: Bill Browder appeared on BitcoinEthereumNews.com . The sanctions regime slapped on Russia by the US and its allies continues to feature one glaring omission: an embargo on oil and gas, which accounts for nearly half of…

The local stock market closed Friday lower as it seesawed between gains and losses during the week. The main index lost 46.08 points or 0.62 percent to close at 7,342.01 as conglomerates led the retreat with Property and Mining firms holding their ground. Volume dropped to 1.33 billion shares worth P5.22 billion as losers outnumbered gainers 102 to 89 with 44 unchanged. PSEI-NEW-PHOTO-1024×683 “Philippine shares closed in the red despite the declining volatility in energy and bond markets,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He noted that, “Investors continue to monitor the war in Ukraine, all the while worrying about the Fed’s bid to hike rates this March.” Philippine inflation came out better than expected for February at 3.0 percent and was able to tame some of the selling, Limlingan added. Philstocks Financial Research and Engagement Officer Claire Alviar said “The bourse fell as the conflict between Russia and Ukraine worsens… Oil prices which remain elevated as a result of the conflict fueled inflation concerns which in turn dampened investors’ sentiment.

With crude oil reaching levels not seen since October of 2014, sending crude ETFs surging, some experts are now suggesting that Russia's invasion of Ukraine may have generated an energy market disturb

By Verner Ayukegba, Senior Vice-President of the African Energy Chamber. Over the course of 2022-2023 Angola aims to consolidate its post COVID-19 economic recovery agenda on the back of stronger oil and gas prices. Given the landmark USD$100 per barrel price threshold being exceeded, analysts are projecting an upbeat economic outlook for the country with […] This post first appeared on African Business

PETROL companies have been accused of profiteering as the soaring cost of oil pushed prices at the pumps to new highs for February.

KUALA LUMPUR, March 3 ― The ringgit rebounded from yesterday’s losses to end marginally higher against the US dollar today, boosted by buying demand and continued rally in crude oil prices, a dealer said. At 6pm, the local note stood at…

U.S. stock futures took a step back Thursday with little immediate sign that Russia will halt its invasion of Ukraine that has sent commodity prices spiking…

Joe Biden , Vladimir Putin. Alex Brandon/AP Photo; Sergei Karpukhin\TASS via Getty Images Oil prices soared toward $120 a barrel Thursday after Joe Biden hinted he''s open to…

Residents of Zamfara State have lamented the resultant effects of the hike in fuel price, saying that the situation has seriously affected the cost of living in the state. According to some residents interviewed by DAILY POST in Gusau, the state capital, fuel scarcity has led to an increase in the cost of transportation and foodstuffs. One of the residents, Alhaji Usman Abubakar, said he deals in planks and wood and cannot work without fuel because of the heavy machines being used for his job. He explained that the increase in prices of petroleum products has forced many business people to increase the prices of their products. “One cannot buy fuel at a higher price and come back to retain their prices, prices of items must be increased also because fuel is the engine room of every economic sector. Even now we are still operating on huge loss,” he said. Another businessman, Mr Ejike Okafor, noted that with the unnecessary increase in the prices of petroleum products, almost all the economic sectors have been seriously affected.

The Nigerian National Petroleum Company (NNPC) Limited has explained why the over 40 licensed modular refineries in the country are not producing Premium Motor Spirit, popularly called petrol. Nigeria has a number of modular refineries in Edo, Delta, Imo and other states, while plans are on to increase the number through private sector investments. However, according to NNPC, the modular refineries are avoiding petrol because of the regulated pump price. READ ALSO : Fuel scarcity worsens in Lagos, product now sells for N250 to N500 per litre This was disclosed by Mustapha Yakubu, Group Executive Director, Refining, and NNPC on Wednesday at the Nigeria International Energy Summit 2022. A modular refinery is a simplified refinery requiring significantly less capital investment than traditional full-scale refineries. They are crude oil processing facilities with capacities of up to 30,000 barrels per day. He said, “Some modular refineries should take up to 50,000 barrels per day, but because of financing you can start with 10,000 barrels and then scale up gradually to 50,000 barrels. “What do you need to do to produce PMS?