Nigeria Inflation Rises To 18-Year High in July as Reform Effects Linger Nigeria’s annual inflation rose to its highest level in nearly two decades in July at 24.08% against 22.79% in June, worsening a cost-of-living crisis in Africa’s largest economy as President Bola Tinubu’s reforms continue to take effect. Inflation in Nigeria has been in…
Saudi Arabia Oil Exports Hit 21-Month Low in June Saudi Arabia’s crude oil exports fell for a third straight month in June to their lowest since September 2021, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday, with big Asian buyers favouring cheaper Russian oil. The kingdom’s crude exports totalled 6.8 million barrels…
Russia May Have to Raise Oil and Gas Taxes to Protect its Budget Russia may have to raise oil and gas taxation to receive more money from the energy industry, considering that the current lower-than-planned budget revenues and the risk of oil and gas revenues remaining lower for years could derail the budget plans through…
MOSOP Denies Receiving $300M Compensation from NNPCL The Movement for the Survival of the Ogoni People, MOSOP, has denied receiving a compensation sum of $300million from the Nigerian National Petroleum Company Ltd, NNPCL to facilitate resumption of oil production activities in Ogoniland. To this end, MOSOP has cautioned NNPC Ltd to desist from inciting fresh…
NCDMB Partners ACAN on Zero-tolerance for Corruption in Workplace The Nigerian Content Development and Monitoring Board (NCDMB) and the Anti-Corruption Agency of Nigeria (ACAN) recently concluded a three-day sensitisation workshop on “Achieving Zero-tolerance for Corruption in the Workplace,” with staff educated on the types and potential consequences of corruption as well as appropriate safeguards. Declaring…
Nigeria’s Oil Production Sinks to 3-Month Low as Crude Oil Theft Persists Nigeria’s crude oil production has dropped to the lowest level in three months, according to data released by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Organization of Petroleum Exporting Countries (OPEC). The figures disclosed by both entities indicate that Nigeria’s daily…
Russia’s Oil Exports Remained Steady as Revenues Rose in July Russia’s crude oil and refined products exports remained steady at some 7.3 million barrels per day (bpd) in July, while higher oil prices and narrower price differentials for Russian crude pushed Moscow’s revenues higher compared to June, according to estimates by the International Energy Agency…
IEA – European Refiners Aren’t Taking Advantage of Higher Margins Profitability among Europe’s hydro-skimming refineries is now the highest on record, with the exception of the time immediately following Russia’s invasion of Ukraine. But even with profitability at a near all-time high, utilization in European OECD refiners averaged just 81% in June—530,000 bpd less than…
Saudi Arabia’s Cabinet Throws Support Behind OPEC+ Cut Extension Saudi Arabia’s cabinet, or Council of Ministers, showed its support for what it considers to be precautionary measures taken by OPEC+ to stabilize the oil market, Saudi Arabi media said on Tuesday. It said it would continue to boost OPEC+ precautionary efforts to support the…
Oil Prices Fall as Weak China Trade Data Offsets Supply Concerns Oil prices slipped on Tuesday after data showed China’s imports and exports fell much more than expected in July in a further sign of weak growth in the world’s largest oil importer, although losses were limited by expected supply tightness. Brent crude futures were…