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BP boosts dividend even as profit slumps 70% to $2.6 billion

*BP CEO, Bernard Looney London — BP’s second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to […]

OPEC+ panel unlikely to tweak oil policy at Friday meeting

*OPEC+ barrel stock – OPEC+ ministerial panel meets on Aug. 4– No policy tweaks or recommendations expected – sources– UAE minister has said current OPEC+ steps are enough Moscow/London/Dubai — OPEC+ is unlikely to tweak […]

IPMAN flays Tinubu ‘for applying wrong solutions to Nigeria’s economic problems’

…Urges FG to channel subsidy savings to fixing refineries Mkpoikana Udoma Port Harcourt — The Independent Petroleum Marketers Association of Nigeria, IPMAN, has condemned actions taken so far by President Bola Ahmed Tinubu on the […]

Nigeria’s oil revenue rises by 70% to N1.34tn

*Crude oil vessel. – Earns N22bn from gas in 27 months Ike Amos Dublin, Ireland — Nigeria earned N1.34 trillion from the petroleum industry in the first quarter of 2023, according to latest data released […]

‘Repairs on Forcados crude terminal may be complete next week’

*Shell Petroleum Development Company Brussels/London — Repair work on Nigeria’s suspended Forcados crude oil terminal is expected to be complete by early next week, a shipping source told Reuters. Shell (SHEL.L) suspended loadings of the […]

Nigeria Labour Congress to strike unless fuel price hike is reversed

*Nigeria Labour Congress. Abuja — The Nigerian Labour Congress, NLC, has put its affiliate unions on strike notice from Wednesday to demand a reversal in petrol price hikes and lower public-school fees. The NLC, which […]

End of Nigeria fuel subsidy set to squeeze Europe’s refiners

*Dangote Refinery takes shape. – W. Africa historically major market for European petrol– Gasoline flows redirected after fuel subsidy scrapped– Some Mideast, Russian flows move to WAF, but still small London — One of Europe’s […]

Romania’s OMV Petrom pays H1 taxes of roughly 9 bln lei

FILE PHOTO: The logo of Austrian oil and gas group OMV is seen a a gas station in Vienna, Austria, November 9, 2016. REUTERS/Heinz-Peter Bader/File Photo News wire — Romania’s top oil and gas firm […]

Canada’s Imperial oil posts sharp drop in quarterly profit

News wire — Canada’s Imperial Oil reported a sharp drop in second-quarter profit on Friday as oil prices fell from last year’s peaks amid economic uncertainty. The company reported a net income of C$675 million […]

Exxon posts 56% profit slump, joins peers in energy price hit

Houston — Exxon Mobil Corp (XOM.N) on Friday reported a 56% slump in second-quarter profit, missing Wall Street bets and joining rivals hurt by a sharp drop in energy prices and lower fuel margins. Second-quarter […]