• 4 minutes Will Libya Ever Recover?
  • 9 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 13 minutes What Can Bring Oil Down to $20?
  • 16 minutes Venezuela continues to sink in misery
  • 15 hours Alberta govt to construct another WCS processing refinery
  • 5 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 2 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 6 hours Instead Of A Withdrawal, An Initiative: Iran Hopes To Agree With Russia And Turkey on Syrian Constitution Forum
  • 16 hours Let's Just Block the Sun, Shall We?
  • 7 hours Water. The new oil?
  • 1 day U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 2 hours Storage will in time change the landscape for electricity
  • 2 days Quebecans Snub Noses at Alberta's Oil but Buy More Gasoline
  • 5 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days OPEC Cuts Deep to Save Cartel
  • 2 days Global Economy-Bad Days Are coming
California To Electrify All Buses By 2029

California To Electrify All Buses By 2029

California passed a new law…

Will Self-Driving Cars Ever Be Safe Enough?

Will Self-Driving Cars Ever Be Safe Enough?

Collisions involving self-driving cars are…

Uncertainty Mounts As Nigeria Appoints VP As Acting President

Yemi Osinbajo

The Nigerian vice-president has been named Acting President as the government moves to stem fears associated with the absence of President Muhammadu Buhari amid a struggle get oil industry corruption and militant attacks under control.

On Friday, Nigerian media reported that Buhari, who has been out of the country for a month for medical treatment, appointed Vice President Yemi Osinbajo as Acting President in what journalists are calling an attempt to create a sense of normalcy and reduce uncertainty.

Buhari’s ‘disappearance’ and rumors about his whereabouts and health were reminiscent of the fate of another Nigerian President, Umaru Musa Yar’Adua, who died in office after extended medical treatment abroad, which the government attempted to conceal at the time.

Buhari is reportedly on extended medical leave in the United Kingdom.

While Nigerians are concerned about what happens with their incumbent president, a government official told Reuters:

In this present scenario this is not the case. No vacuum was left because President Buhari sent a letter to the National Assembly.

The website of the Nigerian presidency has published photographs of Buhari receiving Nigerian Senate representatives in London on February 15, and both the Nigerian administration and the White House published statements on Wednesday that President Donald Trump spoke with Buhari on the phone this week.

While Nigeria is getting to grips with its domestic political situation, it is also trying to overcome corruption and militancy that had long stifled its oil industry.

Related: These Oil Majors Just Made Egypt Their Highest Priority

Nigeria lost up to US$100 billion in unearned oil income last year, due to the militant attacks in the Niger Delta, Petroleum Minister Emmanuel Kachikwu said in a video posted on Facebook earlier this week.

At the highest point of militant attacks last year, Nigeria was losing 1 million barrels of oil per day. The economy was fiscally losing between US$50 billion and US$100 billion in unearned income last year as a result of oil operations disruptions, Kachikwu noted.

The latest available OPEC figures released on Monday show that Nigeria – one of the two cartel members exempt from the collective cuts together with Libya – raised its production by 101,800 bpd from December to 1.576 million bpd in January, according to secondary sources.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com: 



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News