Biden Administration Looks to Add 12 Million Barrels to the SPR this Year The federal government plans to buy some 12 million barrels as part of efforts to refill the strategic petroleum reserve after drawing down more than 200 million barrels from it last year. This is according to an unnamed source that spoke to…
Saudi Aramco Tops Forbes’ List of 100 Largest Companies in the Middle East Aramco is the biggest company in the Middle East in terms of sales, revenues, and market value, according to the latest Forbes list for the top 100 companies in the region. With a market value of $2.1 trillion and sales of $604.4…
SNEPCo paid more than $900 million in taxes, royalties in 2022 Shell Nigeria Exploration and Production Company (SNEPCo) paid a total of $907 million as taxes and royalties to the Nigerian government last year as its operations continued to contribute to the national purse to finance development. Also last year, the company and its partners…
Kyari still NNPC GCEO, not Sacked Contrary to reports making the rounds, the Group Chief Executive Officer of Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari still at the helms of affairs of the company. There were speculations about his removal by President Bola Tinubu which was published by certain sections of the media. However,…
Platts Survey: OPEC+ Production Plunged By 670,000 Bpd in May OPEC+ slashed its crude oil production by 670,000 barrels per day (bpd) in May, as the voluntary cuts with which the group shocked the markets in April began, the latest Platts survey by S&P Global Commodity Insights showed on Friday. In early April, a…
Pentagon Papers Show Saudi Arabia, U.S. Traded Threats Over Oil Newly leaked Pentagon papers showed that Saudi Arabia’s Crown Prince Mohammed bin Salmon threatened the United States with economic calamity over oil production decisions, according to the Washington Post. Relations between U.S. President Biden and Saudi Arabia’s bin Salman have been sour since before President…
Indian Refiner Drops Expansion Plan to Focus on Petrochemicals Mangalore Refinery and Petrochemicals Limited (MRPL), a major Indian refiner, is shifting its focus on petrochemicals and has shelved plans to expand its refinery capacity to “de-risk” its future in the energy transition. MRPL, whose parent company is Indian state-held company Oil and Natural Gas Corporation…
Russian Oil Output Remains High Much to OPEC’s Dismay Russian crude oil export data in recent weeks have not reflected any cuts and OPEC+ allies are increasingly frustrated with its non-compliance. Russia’s crude oil exports by sea continue to stay high as the latest four-week average shows that shipments are inching up, much to the…
OPEC Daily Basket Price Stood at $77.09 a Barrel Monday The price of OPEC basket of 13 crudes stood at $77.09 a barrel on Monday, June 5, 2023, compared with $73.33 on Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria), Girassol…
African Development Bank to Boost Electricity and Transport Infrastructure, Value Chain Development and Trade Facilitation to Spur Regional Integration in East Africa in 2023-2027 …Investment in the regional electricity trade should enable East African cross-border electricity interconnections to increase from 7 to 9 The African Development Bank (AfDB) has committed to supporting East African countries…