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OPEC sees robust summer oil demand, economic upside potential

The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. Both forecasts […]

Reduced diesel prices will help curb Nigeria’s inflation

*Fuel dispenser nozzle. Oritsegbubemi Omatseyin Lagos — Chairman of Dangote Group, Alhaji Aliko Dangote, has said that his refinery’s ability to sell diesel at significantly discounted prices will provide immediate relief to Nigeria’s inflation woes. […]

Global oil demand to grow by 108mb/d by 2030

*Global oil flow. – Despite “peak oil” outlook London — Enverus Intelligence Research (EIR), a subsidiary of Enverus, has released a new report highlighting the organization’s view that it does not expect global oil demand […]

US Gulf Coast heavy crude oil prices firm as supplies tighten

*Oil rigs in the US Gulf. Houston — Prices for heavier crude oil along the U.S. Gulf Coast have climbed in recent weeks, trading at a rare near-par with lighter oil, a sign of supply […]

Tinubu seeks improved investment climate for Nigeria’s oil & gas

*Aims to position Nigeria as investment destination *Introduces fiscal incentives for gas operators *Raises NNPC approval threshold above $10m *Slashes contracts approval to 15 days *Sets new agenda for NCDMB Michael Eboh Dublin, Ireland – With […]

TotalEnergies grows Texas natural gas output with Eagle Ford shale acquisition

*Shale Eagle Ford. Newswire — TotalEnergies has agreed to acquire the 20% interest held by Lewis Energy Group in the Dorado leases operated by EOG Resources (80%) in the Eagle Ford shale gas play, increasing […]

EFCC probes 14 suspected oil thieves in Rivers

The suspects and vessel were arrested for alleged illegal dealing in petroleum products by the detachment of 5 BN Nigerian Army on February 27, 2024 around Fish Town Rivers, Southern Ijaw Bayelsa State while on […]

Oil prices climb more than $1 per barrel on supply risk

*Oil prices – Brent, WTI on track to rise more than 4% this week– Traders focused on geopolitical tensions– U.S. economy added 303,000 jobs last month– U.S. drillers cut of oil and gas rigs Houston […]

Dangote’s diesel price at N1,225/litre exploitative

*The Dangote Refinery Mkpoikana Udoma Port Harcourt — As major petroleum products marketers begin lifting AGO from Dangote refinery, a Stakeholder and Downstream Expert, Dr Joseph Obele, says the pegging of diesel price at N1,225 […]

‘US drillers cut oil and gas rigs for third week in a row’

*US weekly offshore rig count. Houston — U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row for the first time since October, […]