OIL MARKET

Oil prices fall to below $60 Globally.

Global oil prices is falling again, it’s the first since October. A barrel of oil has dropped below $60 The consequences are dire for oil producing countries like Angola, Nigeria and the Economic and Monetary Community of Central African states. The 2019 budgets are being finalized and many countries that projected a barrel of oil […]

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Libya drags JP Morgan to court over $6m bribe

Libyan Investment Authority (LIA) has sued JPMorgan Chase & Co. in London, saying the lender paid more than $6 million in bribes to secure a $200 million bond deal. JPMorgan’s Bear Stearns sent the payments to businessman Walid Al-Giahmi, a close friend of the Qaddafi regime to arrange deals in a contract that was no more […]

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Kenya: Kenyatta to capitalise on country’s oil, flags off export scheme.

Kenya’s president, Uhuru Kenyatta flagged off a pilot scheme to export crude oil via Mombasa as part of efforts to capitalize on the country’s oil reserves. The East African country discovered commercial oil reserves in its Lokichar basin in 2012 and a 800-km (500-mile) pipeline is due to be built before production starts up in […]

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BUHARI ORDERS AGENCIES TO GIVE PREFERENCE TO NIGERIANS.

Nigeria’s president has issued directives to government agencies to give preference to Nigerian nationals and companies when recruiting and procuring respectively. The president who, during his campaign, vowed to end the country’s dependence on oil exports, signed an executive order aimed at boosting the local production of goods and creating jobs in the west African […]

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