Brent futures rose $1 73, 2 6 percent, to $69 63 per barrel mainemirror.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mainemirror.com Daily Mail and Mail on Sunday newspapers.
Oil prices edged lower on Monday, pulling back from early gains fostered on strong Chinese economic news and ongoing supply restraint from major oil producers.
March 15, 2021
The weekly Market Report is provided by Gladius Commodities of Lagos, Nigeria. Download the full report here. Learn more about Gladius Commodities at www.gladiuscommodities.com.
NIGERIA
The Federal Government has provisionally awarded tenders to develop 57 of its marginal oilfields, which could net the government $500 million in signature bonuses. The Department of Petroleum Resources sent out provisional award letters requesting payment within 45 days to secure the awards, which companies can for the first time pay in either dollars or naira.
Marginal fields are smaller oil blocks typically developed by indigenous companies. Nigeria is looking to produce from the fields to bolster state finances and increase local participation in the oil sector, which provides the bulk of the nation’s foreign exchange. The 57 fields in the current auction were launched in June 2020 and are part of the first marginal field round in nearly 20 years.
Iraq still top seller despite monthly decline of 23%; Nigeria became 3rd biggest oil supplier to India vs 5th in January; UAE slipped to 5th position from 3rd in January; Middle East's share of India's oil imports hit 22-mth low