OPEC States That Venezuela has World’s Largest Oil Reserves

The Organization of Petroleum Exporting Countries, a notoriously conservative organization, has stated that Venezuela has world’s largest oil reserves, even exceeding those of OPEC’s top producer, Saudi Arabia.

Commonwealth Business Council Claim Poor Power Systems Cost Nigeria $100b Annually

The Commonwealth Business Council (CBC) is claiming that Nigeria loses $100 billion annually due to a poor power system. The CBC Director General, Dr Mohan Kaul said on Saturday at a two-day Power Summit on Nigeria organized by the body in London that...

Nigeria Earns $2b Revenue From Oil in Three Months

The new Director in charge of Nigeria’s Department of Petroleum Resources (DPR), Billy Aghah, says Nigeria earned N312 billion (about US$2 billion) from oil between July and September this year. Aghah told journalists on Thursday in Lagos that Nigeria’s...

As Oil Hits $115 a Barrel Consumer Watchdog Renews Calls for Bush to Stop Buying Oil for U.S. Reserve, Release Oil to Dampen Price

As oil prices topped $115 a barrel today on futures markets, President Bush continued his near-silence on the damage that energy inflation is doing to consumers and the economy, said Consumer Watchdog. “The White House clings to a pallid strategy...