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Iran denies oil on tanker seized by Indonesia belongs to Tehran

An oil ministry statement, reported by the country’s state media, did not identify the owner of the cargo of MT Arman 114, an Iranian-flagged supertanker suspected of involvement in the illegal transshipment of crude oil, […]

China June fuel oil imports hit year-to-date high

*Barrels of crude oil Singapore — China’s June fuel oil imports hit the highest for a month so far in 2023, buoyed by firm purchases of Russian oil, data from the General Administration of Customs […]

‘Current investment in upstream enough to meet peak oil demand in 2030s’

Bengaluru — The current global annual investment of around $500 billion into upstream oil and gas would be sufficient to meet peak oil demand in the 2030s, Wood Mackenzie said in a report, debunking the […]

Govt ambushing Labour with fuel price hike

*Comrade Ikechukwu Onyefuru, TUC Chairman, Rivers State Mkpoikana Udoma Port Harcourt — The Trade Union Congress, TUC, has condemned the recent increase in the pump price of the Premium Motor Spirit, PMS, popularly referred to as […]

Army intercepts 80 drums of illegally refined AGO in Rivers

*Drums of illegally-refined diesel Mkpoikana Udoma Port Harcourt — The 6 Division Garrison of the Nigerian Army in Port Harcourt has apprehended a truck laden with 80 drums of suspected illegally-refined Automotive Gasoline Oil, AGO, […]

ExxonMobil announces acquisition of Denbury

*Darren Woods Lagos — Exxon Mobil Corporation (NYSE: XOM) recently announced that it has entered into a definitive agreement to acquire Denbury Inc. (NYSE: DEN), an experienced developer of carbon capture, utilization, and storage (CCS) […]

Nigeria petrol price rises to N617/l, NNPC cites ‘market realities’

*Mele Kyari, Group CEO, NNPC Sam Ikeotuony Abuja — State oil firm Nigerian National Petroleum Company, NNPC, Tuesday increased the pump price of the Premium Motor Spirit, PMS, more popularly known as petrol from N537 […]

India’s gasoline demand likely to recover from late August

*Fuel dispenser pump New Delhi — India’s gasoline demand will likely recover from late August, while diesel consumption is expected to stay weak, an official at refiner Hindustan Petroleum Corp Ltd (HPCL) said on Monday. […]

TotalEnergies, Aramco & SABIC processes oil from plastic waste

*SATORP Petrochemical complex – A first in MENA region– At scale to make certified circular polymers Dhahran, Saudi Arabia – TotalEnergies, Aramco and SABIC have for the first time in the Middle East and North […]

Oil slips on weak China GDP data, resumption of Libya output

*Oil prices – China Q2 GDP growth slows, June crude throughput up from May– Two of three Libyan fields resume output during weekend– Russian oil exports from western ports to fall in Aug -sources Singapore — […]