The indigenous Kichwa community’s protests have prompted Ecuador’s state-run oil company, Petroecuador, to declare force majeure on three additional oil blocks, just days after taking the same action for another block. On Monday, the production from the three blocks, which were jointly producing approximately 142,000 barrels of oil equivalent, dropped to about 122,500. Despite accusations […]Read More

Despite the Federal Government’s initiative to lower the price of Liquified Petroleum Gas (LPG), commonly known as cooking gas, prices have continued to rise even during the festive season. Economist Ayo Anthony explained to the News Agency of Nigeria (NAN) in Abuja on Sunday that the impact of government policies on the economy takes time. […]Read More

In a move to secure its energy supply, Turkey has extended its existing liquefied natural gas (LNG) contract with Algeria for three years. The deal, finalized during Turkish President Tayyip Erdogan’s official visit to Algiers, ensures Turkey’s continued access to 4.4 billion cubic meters of LNG annually from its Algerian partner, Sonatrach. Under the deal […]Read More

In a sudden turn of events, oil prices experienced a sharp decline of 4 percent on Wednesday following OPEC’s official confirmation that the upcoming OPEC+ meeting, initially scheduled for this weekend, has been pushed back to November 30. The U.S. benchmark, WTI Crude, suffered a significant drop of 4.37 percent, falling below $75 a barrel […]Read More