Oil Trading and Logistics Africa (Downstream) is a Pan-African initiative dedicated to promotion of business, policy and stakeholder relationships in downstream petroleum markets across the continent.
It achieves its goals through strategic government and business liaison, research and advocacy. Its flagship platform, the annual OTL Africa Downstream Week is the continent’s leading business forum for market insights, emerging opportunities, products’ showcase and recognition of excellence in the African downstream petroleum value-chain.
Nigeria supports an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 “as long as the right terms are on the table” regarding its own participation, its oil minister, Emmanuel Kachikwu said.
He said there is growing agreement among other members of the Organization of the Petroleum Exporting Countries to extend the deal. “There isn’t any reason to change what is a winning formula,” Kachikwu told Reuters, adding “there is a consensus to extend. The issue will be the duration.” Nigeria itself, however, is exempt from the deal.
More than 100 pupils from Nigeria’s six geo-political zones have been awarded full-board six-year secondary school scholarships by the Shell Nigeria Exploration and Production Company (SNEPCo) in the third set of the NNPC/SNEPCo National Cradle-to-Career (NC2C) programme designed to give top quality education to bright but indigent youths.
Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.
Brent futures, the international benchmark for oil prices, hit 62.44 dollars per barrel early on Monday, their highest level for years now. U.S. West Texas Intermediate (WTI) crude hit $56.00 per barrel in early trading, also the highest for many months now.