NNPC Orders drones to Tackle crude Theft

The Nigerian National Petroleum Corporation (NNPC) has decided to deploy drones to monitor and protect against oil theft on Nigeria's territorial waters by equipping the Nigerian Navy. This was unveiled by the Managing Director Dr. Ibe Kaichukwu in a presentation at the special conference on security in the Gulf of Guinea organised by the Gusau Institute. He spoke on the impact of oil theft on the smooth operations of the nation’s refineries, warning that if left unchecked, the menace could invariably make it impossible for NNPC to operate the refineries. Oil benchmarks rose by more that 25 per cent in the previous day, posting their largest three-day gains on a percentage basis since Iraq invaded Kuwait in 1990. The rally was helped by a Monday report from the Organisation of the Petroleum Exporting Countries (OPEC) that sparked speculation that the cartel would consider cutting output to shore up oil prices, as well as the downward revisions to US oil-production data. Most analysts were unmoved by the OPEC announcement, as the 12-nation oil cartel has so far refused to slash production in the face of a severe price rout.