As petroleum minister during the 1970s oil boom, Muhammadu Buhari set up the Nigerian National Petroleum Corporation. It is an accident of history that the same man, elected president in March, could now be compelled to dismantle the state oil company he helped create.
The crisis has crept up in recent weeks amid wrangling by national fuel marketers over more than $1bn in alleged outstanding payments by the outgoing administration of President Goodluck Jonathan.
Nigeria earns 75% of its budget from oil. The country uses much of that revenue to subsidize fuel prices. Nigerians buy gasoline for just $1.65 a gallon. To the companies that sell fuel to Nigeria, the government pledges to pay the difference between that price and the market rate within 45 days.
Millions of barrels of untapped oil that U.S. shale drillers discovered during the boom years are about to disappear from their inventories.
Экспорт нефти из России в первом квартале 2015 года увеличился на 12,8% по сравнению с аналогичным периодом 2014 года - до 59,3 миллиона тонн, сообщает Росстат.
China's April imports of crude oil from Middle East suppliers rose 10% year on year to a record high of 16.61 million mt or 4.06 million b/d, led by Saudi Arabian supply, according to detailed data released Saturday by the General Administration of Customs.
Prices have also risen with internationally traded Brent recovering from a six-year low near $45 a barrel in January to $64.90 on Wednesday.
Crude oil prices bounced back on Wednesday from steep falls in the previous session as strong Japanese economic growth surprised markets and the business outlook in Australia also seemed to brighten, stoking producer hopes of increased demand.
As the United States raced over the past five years toward becoming a global petroleum powerhouse, the world's biggest oil exporter Saudi Arabia quietly seized a market milestone from America: the largest source of peak summer demand.
Analysts at Moody’s predict that the default rate for oil and gas companies with lower credit ratings — B2 or lower — could increase to 7.4% by March 2016 from 2.7%.