Category: Energy

Oil Prices Rise As Saudi Arabia Pledges Output Cuts
June 5, 2023 No Responses

Oil Prices Rise As Saudi Arabia Pledges Output Cuts

The prices of oil rallied at the start of trading on Monday morning after Saudi Arabia pledged more output cuts and the 23-member Opec+ alliance extended its production agreement into 2024. Brent, the benchmark for two thirds of the world’s oil,...
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OPEC Mulls Cut In Oil Production  
June 4, 2023 No Responses

OPEC Mulls Cut In Oil Production  

The Organization of Petroleum Exporting Countries (OPEC) and its allies began two days of meetings on Saturday that may culminate in further production cuts of as much as 1 million barrels per day.  Reuters reports that the group faces flagging...
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Oil Prices Dip Amid Weak Chinese Demand
June 1, 2023 No Responses

Oil Prices Dip Amid Weak Chinese Demand

Oil prices dipped in early trade on Thursday for the third straight session after data showed an unexpected, large build in U.S. crude stocks, triggering fears of an oversupply amid signs of weaker Chinese demand. Reuters report that Brent crude...
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NNPCL Confirms Petrol Pump Price Increase
June 1, 2023 No Responses

NNPCL Confirms Petrol Pump Price Increase

The Nigerian National Petroleum Company NNPC Limited (NNPCL) has confirmed the increase in the pump price of premium motor spirit (PMS) popularly known as petrol in its retail outlets across the country. The national oil firm, in a statement signed...
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Oil Theft: Nigeria Releases Seized Norwegian Oil Tanker
May 29, 2023 No Responses

Oil Theft: Nigeria Releases Seized Norwegian Oil Tanker

The Nigerian Navy on Sunday returned a Norwegian-registered vessel, MT Heroic Idun, caught attempting to steal Nigeria’s crude oil in August 2022. The navy arrested the oil tanker and its 26 Indian, Pilipino, Sri Lankan and Polish nationals in August...
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ExxonMobil, Hapag-Lloyd Seal Biofuel Supply Deal 
May 28, 2023 No Responses

ExxonMobil, Hapag-Lloyd Seal Biofuel Supply Deal 

ExxonMobil has signed an agreement to supply German liner major Hapag-Lloyd with B30 marine biofuel oil in the Amsterdam-Rotterdam-Antwerp (ARA) region. Biofuel is an important part of Hapag-Lloyd’s sustainability journey as biofuel blends can give a meaning...
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Shell Unveils $56.13m For Host Communities
May 25, 2023 No Responses

Shell Unveils $56.13m For Host Communities

The Shell Petroleum Development Company, operator of the SPDC joint venture has unveiled eight Host Community Development Trusts in Bayelsa State, a critical step for unlocking the $56million earmarked for development in line with the provisions of the Petrole...
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Oil Extends Gains On Higher Demand
May 23, 2023 No Responses

Oil Extends Gains On Higher Demand

Oil prices continued to climb on Tuesday with investors expecting a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a U.S. debt default capped gains. Reuters...
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BUHARI: DANGOTE REFINERY, GAME CHANGER FOR NIGERIA’S ECONOMY
May 22, 2023 No Responses

BUHARI: DANGOTE REFINERY, GAME CHANGER FOR NIGERIA’S ECONOMY

President Muhammadu Buhari Monday inaugurated Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, which is expected to enable Nigeria to achieve self-sufficiency in refined products and even have surplus for export.Speaking at the occasion attended by Heads of S...
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Dangote Refinery Comes Alive
May 22, 2023 No Responses

Dangote Refinery Comes Alive

President Muhammadu Buhari will today, May 22, 2023 commission Dangote Petroleum Refinery & Petrochemicals, regarded as the world’s largest single train refinery in Ibeju-Lekki, Lagos, alongside his counterparts from Ghana, Togo, Senegal, Niger, and Chad...
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Oil & Gas Firm Secures CO2 Storage license
May 21, 2023 No Responses

Oil & Gas Firm Secures CO2 Storage license

United Kingdom oil and gas company, EnQuest has secured the offer of carbon storage licenses as part of the UK’s first-ever round of carbon sequestration licenses issued by the North Sea Transition Authority (NSTA). World Maritime News report that the l...
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Shell, GasLog, Seal LNG Charter Deals
May 14, 2023 No Responses

Shell, GasLog, Seal LNG Charter Deals

GasLog, International owner and operator of liquefied natural gas (LNG) carriers has entered into new time charter agreements for two of its LNG carriers. One of the time charter agreements involves GasLog Singapore LNG carrier and it was signed with New....
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CSOs Seek End To Fossil Fuel Exploration
May 13, 2023 No Responses

CSOs Seek End To Fossil Fuel Exploration

The 10th East African Petroleum Conference and Exhibition 2023, which came to a close in Kampala on Friday, has drawn criticism from Civil Society Organizations (CSOs) in the region.  In a May 10, 2023 letter sent to the Heads of State of...
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Oil Falls On Weak US, Chinese Data
May 12, 2023 No Responses

Oil Falls On Weak US, Chinese Data

Oil prices fell about two per cent to a one-week low on Thursday as a political standoff over the U.S. debt ceiling stoked recession jitters in the world’s biggest oil consumer, while rising U.S. jobless claims and weak Chinese economic...
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