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Oil falls 1% on strong US dollar, mixed supply cues

London — Oil prices slipped by around 1% in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, rising U.S. bond yields and mixed […]

‘Oil spill incidents will worsen under indigenous operators’

*Executive Director of YEAC-Nigeria, Mr. Fyneface Dumnamene Fyneface. Mkpoikana Udoma Port Harcourt — The Youths and Environmental Advocacy Centre, Yeac-Nigeria, says with the ongoing divestment of onshore and shallow offshore upstream assets by international oil […]

Asia’s crude oil imports slip in Sept as price hike bites

*Crude oil supply vessel. Launceston, Australia — Asia’s crude oil imports slipped for a second consecutive month in September as refinery maintenance trimmed demand and the impact of higher prices started to weigh. The world’s […]

Nigeria’s Tinubu offers wage increase ahead of labour strike

*President Bola Tinubu Abuja — Nigerian President Bola Tinubu on Sunday announced an interim wage rise for low-income workers and mass buses running on gas to ease the impact of a petrol subsidy removal, just […]

Savannah Energy records 12% increase in Nigerian production

Michael James Leeds, England — Savannah Energy plc says it has recorded 12 percent increase in Nigerian production in its unaudited half-year results for the six months ended 30 June 2023. The H1 2023 Unaudited […]

India increases windfall tax on petroleum crude

News wire — The Indian government increased windfall tax on petroleum crude, while reduced it on aviation turbine fuel and diesel, according to a government notification on Friday. The windfall tax on petroleum crude will […]

Cyprus, Chevron-led group extend talks over gas plan

Nicosia — Cyprus and international energy companies led by Chevron have agreed to extend talks on how to develop its Aphrodite offshore gas field amid progress in negotiations, its energy minister said on Friday. “It […]

US crude production climbs to near record high in July

*Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. […]

Oil forecasts revised higher as Saudi, Russian supply cuts drive gains

– Saudi, Russia to dictate prices over the next 3 months – analyst– US shale, Iran and Venezuela oil production to ease tightness– For a table of crude price forecasts, click Bengaluru — Saudi and […]

Nearby Brent crude spread hits 2023 high on tight supply

*North Sea Brent oil London — The spread between the front and second month contract for global oil benchmark Brent has widened to its highest this year, in another strong indicator of a supply deficit […]