Moscow to Follow OPEC Decision Maintain Output Level

The Organisation of Petroleum Exporting Countries’ (OPEC's) decision to abstain from cuts in oil production has forced Russia not to proceed with its own cuts, Russian First Deputy Prime Minister Igor Shuvalov, according to TASS news agency.

The OPEC agreed on Thursday to roll over the ceiling of 30 million barrels per day, at least 1 million above OPEC's own estimates of demand for its oil next year.

Oil prices have dived after the decision, reaching a new four-year low. North Sea Brent fell by $2.43, or 3.3 percent on the day, to $70.15 on Friday.

Russia is

DPR cautions users of gas cylinders

The Department of Petroleum Resources, DPR, has urged Nigerians to be careful with the use of Liquify Petroleum Gas, LPG, gas cylinders, as some are expired and prone to fire accident at homes and other uses.

Most fire accidents that occur at homes and other places are as a result of the use of expired gas cylinders and sometimes the carelessness of users.

Head Gas, DPR, Lagos Zonal Office, Mr. P.A. Emordi, who disclosed this stated that gas cylinders have expiring dates on the valves with a duration of 22 years of validity before which they should be disposed for another one.

Highlighting the breakdown of the years required for gas cylinders, Emordi noted that, “After the purchase of gas cylinders, it should be taken for the first integrity test after ten years, and five years before carrying out another integrity test.”

Also, he stated that the cylinder should be used for  five years and then taken for integrity test, and then finally two years ( 10-5-5-2), making the duration of 22 years before final disposal.

He added that

Oil sector loses N32bn foreign investment

The non-passage of the Petroleum Industry Bill, PIB, has started to take its toll, as foreign investments into the oil and gas sector dropped by $197.31 million, about N31.6 billion in three months, between April and June 2014.

According to the second quarter, Q2, Nigerian Capital Importation Report, released by the National Bureau of Statistics, NBS, the oil and gas sector accounted for 0.07 per cent of total capital imported into Nigeria with $3.83 million, about N612.8 million.

The NBS stated that total capital imported into the Nigerian economy in Q2 2014 was $5.804 billion, rising by $1.899 billion or 48.64 per cent from $3.905 billion recorded in the opening quarter of this year.

“Relative to the $5.618 billion recorded in the corresponding quarter of 2013, capital importation demonstrated positive year on year growth of