OPEC deepened compliance with an oil supply-cutting deal in December due to a further decline in Venezuelan output and extra cuts by Gulf exporters, a Reuters survey found, showing strong commitment to the deal despite higher prices.

Adherence to the curbs rose to 128 percent from 125 percent in November, the survey found. The United Arab Emirates for the first time since the deal took effect in January 2017 pumped below its OPEC target, joining Saudi Arabia and Kuwait.

The Organization of the Petroleum Exporting Countries is reducing output by about 1.2 million barrels per day (bpd) as part of a deal with Russia and other non-OPEC producers. The pact will run until the end of 2018.

The Nigerian Stock Exchange (NSE) market indices for the first trading day of 2018 on Tuesday recorded a marginal growth of 0.06 per cent. The index rose by 21.56 points or 0.06 per cent to close at 38,264.75 compared with 38,243.19 achieved on Friday.

The Minister of State for Petroleum Resources, Ibe Kachikwu on Friday said the Federal Government has no plans to increase the pump price of Premium Motor Spirit (PMS) also known as petrol from the current N145 Per litre. Kachikwu stated this on Friday while briefing newsmen in Abuja.

Presidency on Tuesday in Abuja summoned critical stakeholders in the nation’s oil sector and the leadership of security agencies in the country to end the scarcity of petrol in the country.

According to the News Agency of Nigeria (NAN), the meeting presided by the Chief of Staff to the President, Alhaji Abba Kyari, was held behind closed doors.

The meeting is also being attended by the Minister of Petroleum, Mr Ibe Kachikwu, Director-General of the Directorate of State Service (DSS), Lawal Daura, and the Group Managing Director (GMD) of the Nigeria National Petroleum Corporation (NNPC). Maikanti Baru.

West Africa-focused oil and gas outfit Lekoil on Thursday said its joint venture with Green Energy International had signed a contract with Sinopec Changjiang Engineering Services Limited to acquire 197 sq km of 3D seismic data at the Otakikpo Marginal Field in the Niger Delta.

The seismic acquisition over Otakikpo is expected to commence in the first quarter of 2018 to kick-off phase two development of Otakikpo, Lekoil said in a statement.

Nigeria earned N397 billion from the export of Liquefied Natural Gas, LNG and Liquefied Petroleum Gas, LPG, also known as cooking gas, in the third quarter of 2017. This data was obtained from the National Bureau of Statistics, NBS. The NBS in its Third Quarter 2017 Foreign Trade Statistics, stated that the country exported LNG valued at N386.028 billion, while cooking gas export stood at N11.835 billion.

Nigerian stocks rose 1.5 percent to a three-week high on Thursday, lifted mostly by gains from the relatively liquid banking sector.

The deadline for the sale of 9mobile has been postponed by the Central Bank of Nigeria (CBN) and Nigerian Communication Commission (NCC) following a letter from the Board of Directors of 9mobile seeking for an extension of time. In a letter written to the Governor of CBN, Mr. Godwin Emefiele, the Executive Vice Chairman of NCC, Umar Danbatta acknowledged the risk posed by the year-end deadline for submission of binding offers by prospective bidders for the purchase of 9mobile.

The Federal Ministry of Power has reacted to the reported collapse of transmission system in the power sector, resulting in total blackout across the country. In a series of Tweets on its verified Twitter handle, the Ministry of Power attributed the collapse to a fire incident on its Escravos Lagos Pipeline System resulting in the shutdown of the pipeline supplying gas to Egbin 1, 320 MW, Olorunsogo NIPP 676mw, olorunsogo 338 mw, Omotosho NIPP 450 MW, Omotosho 338 MW and Paras 60MW power stations.

President Muhammadu Buhari has pledged that his administration will ban rice import in 2018. The president said this in his New Year broadcast on Monday. He said, “We have got to get used to discipline and direction in economic management. The days of business as usual are numbered.