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US, Brent crude futures stabilize after negative turn

*Crude oil barrels Houston — Crude oil futures stabilized on Monday after briefly turning negative following gains of more than $1 earlier in the session, as markets weighed supply tightness against expectations of slow demand […]

Refineries must work, in-country capacity must increase, PETROAN tells FG

Port Harcourt — The Petroleum Products Retail Outlets Owners Association of Nigerian, PETROAN, has called on the Federal Government to declare a state of emergency on the nation’s four state-owned refineries, saying the refineries must […]

YEAC lauds Tinubu over planned integration of artisanal refineries

*Artisanal petroleum refining activity. Mkpoikana Udoma Port Harcourt — The Youths and Environmental Advocacy Centre, YEAC-Nigeria, has lauded the Federal Government over the planned implementation of its initiative, the Presidential Artisanal Crude Oil Refining Development […]

US drillers cut oil and gas rigs for sixth week in a row

*US oil drilling site News wire –– U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row, energy services firm Baker Hughes said […]

Iran raises September light crude price to Asia

*Iranian crude oil production. Singapore — Iran has set the official selling price (OSP) of its Iranian Light crude oil grade for Asian buyers at $3.45 a barrel above the Oman/Dubai average for September, an […]

Analysis-Asia’s refiners face profit crunch as Kuwait cuts crude exports

*Crude oil barrels Singapore — Asian refiners are on the hunt for crude oil to replace Kuwaiti supply as the OPEC producer cuts exports by nearly a fifth to feed its huge new refinery, which […]

‘Global oil demand to rise 1.8 mmb/d in 2023’

*Crude oil export vessel Lagos — Enverus Intelligence Research (EIR), a subsidiary of Enverus, has released its latest quarterly FundamentalEdge report focused on global drivers for oil and gas prices to 2030, the five-year oil […]

China’s economy curbs outlook for diesel demand for rest of 2023

*A view of the city skyline and Huangpu river in Shanghai, China February 24, 2022. Picture taken February 24, 2022. REUTERS/Aly Song/File Photo Acquire Licensing Rights Beijing/Singapore — China’s muted economic growth in 2023 as […]

Why we destroyed 800,000-litres vessel caught with stolen crude

*Arrested vessel, MT Tura II, partially destroyed by the military Mkpoikana Udoma Port Harcourt — The Defence headquarters has given insight into the destruction of the 800,000 litres vessel, MT Tura II caught with stolen crude […]

NIMASA dispatch search and rescue team

*Majestic rig Michael James Leeds, England — The Nigerian Maritime Administration and Safety Agency, NIMASA, has dispatched a team comprising of search and rescue and marine accident investigation officers to the scene of the incident […]