Blog | MyPetroCareer

‘Oil-producing states get N522bn in 13% derivation in 2022’

Ike Amos Dublin, Ireland — Despite ongoing controversy over the utilisation of previous allocations to subnational governments over the years, oil-producing states in the country received N522 billion from the Federation Account in 2022 through […]

India’s fuel demand slips in June on monsoon lull

*A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas/File Photo Bengaluru — India’s fuel demand eased 3.7% in June month-on-month, government […]

Nigeria’s oil earnings drop 60% to N308bn in one month

*Crude oil vessel. Ike Amos Dublin, Ireland — Nigeria earned N308.07 billion from the petroleum industry in February 2023, according to latest data released by the Central Bank of Nigeria, dropping sharply by 60.21 per […]

Saudi Arabia says new oil cuts show teamwork with Russia is strong

*Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives for an OPEC meeting in Vienna, Austria, June 4, 2023. REUTERS/Leonhard Foeger/File Photo – OPEC+ to do “whatever necessary” to support market– Russia and […]

Italy’s Enel dismisses rumours over sale of Spain’s Endesa

Milan/Madrid — Italy’s Enel on Tuesday dismissed suggestions that it is planning to sell its majority stake in Spain’s Endesa and that a deal had been discussed involving energy group Repsol. El Confidencial reported on […]

Brent drops as economic headwinds outweigh supply cuts

*North Sea Brent oil Tokyo/Singapore — Oil benchmark Brent fell on Wednesday, reversing some of the gains made after Saudi Arabia and Russia announced they would extend and deepen output cuts into August, as concerns […]

Uganda seeks new funding for oil refinery after consortium deal lapses

*Uganda National Oil Co CEO Proscovia Nabbanja Kampala — Uganda is seeking new funding for its planned crude oil refinery after negotiations with a consortium that included a unit of U.S. firm General Electric lapsed […]

‘India refiners start yuan payments for Russian oil imports’

*An employee counts 100 Chinese yuan banknotes at a bank in Hefei, Anhui province, January 21, 2013. REUTERS/Stringer/File Photo/File Photo New Delhi — Indian refiners have begun paying for some oil imports from Russia in […]

UK watchdog says weaker competition for fuel to blame for higher prices

*Fuel dispenser London — Britain’s antitrust regulator said on Monday drivers have been paying more for fuel since 2019 due to weakening competition between retailers, publishing the results of a year-long investigation into competition in […]

Saudia Arabia to extend oil production cut, OPEC delegates predict

*OPEC+ barrel stock Riyadh — Saudi Arabia is expected to extend its unilateral 1 MMbpd oil production cut for at least another month, as global crude markets remain pressured by economic fears. Riyadh surprised oil […]