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
The Nigerian National Petroleum Company (NNPC) Limited has announced that the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline project will be inaugurated in December 2024. The pipeline, which is being constructed by Oilserve Limited, is expected to play a major role in boosting Nigeria’s energy supply and reducing its reliance on fossil fuels. Oritsemiyiwa Eyesan, Executive […]Read More
Nigeria has reported 131 incidents of crude oil theft within a week, as disclosed by the Nigerian National Petroleum Company (NNPC) Limited through its official Twitter account on Tuesday, November 14. The NNPC report outlined various infractions during this period, including 24 illegal connections, 43 illegal refineries, 17 pipeline vandalisms, 23 vessels AIS infractions, 5 […]Read More
The Federal Government has implied that it intends to terminate the majority of licenses awarded to marginal oil field operators in 2023 that have remained inactive. This comes more than 30 months after the government finished the acquisition of these marginal fields and notified the winners. According to Bloomberg, this was revealed by Heineken Lokpobiri, […]Read More
Olufemi Oladapo Soneye has been named chief corporate communications officer of the Nigerian National Petroleum Company (NNPC) Limited. As a result of this development, Soneye will succeed Garba Deen Muhammad, the state-owned oil company’s previous top corporate communications officer. The NNPC, however, did not explain why the adjustment was made in a message sent on […]Read More
Since the start of the Israel-Hamas war on October 7, when Hamas attacked festival goers, spot prices for liquefied natural gas (LNG) have risen by more than 40 percent. Spot Liquefied Natural Gas (LNG) prices jumped to $18.345/MMBtu on October 16, according to S&P Global Commodity Insights. This spike of more than 40 percent since […]Read More
For the first time in nearly a decade, the Nigerian National Petroleum Company (NNPC) Limited has discontinued the crude oil swap agreement for petrol and began purchasing fuel through cash tenders. This adjustment, which is in line with President Bola Tinubu’s reform proposals introduced in May, aims to eliminate costly fuel subsidies and strengthen the […]Read More
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have agreed to suspend the industrial action planned for today, October 3, for 30 days. At the end of a five-hour closed door meeting, the Union leaders said that all the agreement have been given a timeline for implementation. The agreement was signed by […]Read More
Oil prices maintained stable on Monday after falling at the end of last week, as investors resumed their attention to a tight global supply outlook, but a last-minute deal to avoid a US government shutdown revived some risk appetite. Brent December crude futures were up 17 cents, or 0.18 percent, to $92.37 per barrel by […]Read More
Brent Crude oil rose to $97.2 per barrel in the early hours of Thursday, September 28, reaching its highest level since November 2022, according to Oilprice. The huge price increase was caused by increased demand and a major drop in crude oil supplies. Saudi Arabia and Russia were key contributors to this surge, since they […]Read More
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