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…
World Bank to Help Fund 1,000 Mini Solar Power Grids in Nigeria The World Bank is aiming to help fund construction of 1,000 mini solar power grids in Africa’s biggest economy Nigeria in partnership with the government and private sector, the lender’s president Ajay Banga said recently. Nigeria, with a population of more than 200…
FDI key to Africa’s gas reserves development– SNEPCo MD African countries must take deliberate steps to attract foreign direct investments (FDI) to harness their vast gas resources given the huge amount of capital required, Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) Elohor Aiboni, said last week in Lagos at the 2023…
Oil Products Accounted for 57% of 2021 U.S. Energy Expenditure Petroleum products accounted for the largest share, 57%, of the amount U.S. consumers spent on energy in 2021, as overall energy spending jumped by inflation-adjusted 25% from 2020, due to higher consumption and prices, the Energy Information Administration (EIA) said this week. In 2021, the…
OPEC’s Production Drops more than 1 Million Bpd In July: Argus A third survey has come in showing that OPEC’s production dipped even more than earlier estimates, according to Argus, which showed that production fell in July by more than 1 million bpd as Russia and Saudi Arabia stepped up their efforts to curtail production….
Gas Prices Inch Higher as TotalEnergies Shuts Down Port Arthur Refinery French supermajor TotalEnergies was forced to shut down a unit at its 225,000-barrels-per-day refinery at Port Arthur in Texas due to a leaky pump, adding to other refinery outages that have pushed U.S. gasoline prices higher in recent days alongside the rise in crude…
Shareholders, CSOs query Seplat’s $19.4m legal fees, demand probe, sack of Board Some shareholders of Seplat Energy Plc and civil society organisations under the aegis of Make a Difference Initiative (MADI) have alleged foul play in the $19.4 million professional legal fee published in the half-year report of the energy company, calling on President Bola…
WorldStage Economic Summit 2023 set for National Dialogue on Electricity As stakeholders in the Nigerian economy take stock of the recently signed Nigeria Electricity Act 2023 by President Bola Tinubu with the hope that it will address the multifarious challenges across the electric power sector, the WorldStage Economic Summit (WES) has resolved to host ‘National…
PENGASSAN joins protest against NUPRC’s Chief Executive in Rivers The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has joined in the ongoing protest against the Chief Executive Officer the Nigeria Upstream Petroleum Regulatory Commission, NUPRC in Port Harcourt. This is as staff of NUPRC, formerly called the Department of Petroleum Resources, DPR,…