NNPC says it will end Monopoly on Petrol Supplies Nigeria’s state-owned oil company NNPC will soon end its monopoly on petrol supplies, its chief executive told local television on Thursday, a day after it nearly tripled prices at its fuel stations countrywide. Newly inaugurated President Bola Tinubu pledged to remove fuel subsidies, a popular but…
Global LNG – Asian Spot LNG Prices Slip for Sixth Straight Week Asian spot liquefied natural gas (LNG) prices fell for the sixth straight week to their lowest level in more than two years, while European LNG prices also declined on weak demand and high inventories. The average LNG price for July delivery into northeast…
NMDPRA Scraps Petroleum Equalisation Fund, National Transport Allowance to Oil Marketers The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that the Federal Government has officially scrapped petroleum equalisation as well as the national transport allowance. This is just as the Authority said it will no longer fix prices or release templates for…
CBN Debunks Devaluation of Naira, says Official Rate still at N461 to USD The Central Bank of Nigeria has denied devaluing the naira to trade close to the black market rate. The bank denied the currency devaluation on Thursday in a statement titled, ‘CBN Has Not Devalued the Naira’. This denial was following fears over…
Nigeria Spent $25 Billion to Rehabilitate Refineries Nigeria spent more than 11.35 trillion naira ($25 billion) on fixing the country’s three moribund refineries in the past 10 years, the outgoing parliament said in a report, calling for a forensic audit of the matter. Despite the huge amounts spent to rehabilitate the refineries, they were producing…
Exxon and Chevron Shareholders Dismiss Climate Resolutions Overwhelming majorities of shareholders of ExxonMobil and Chevron rebuffed all climate-related proposals and resolutions at the annual general meetings of the two U.S. supermajors on Wednesday. The shareholder support for climate risk disclosures and for a stronger commitment to cut emissions was lower this year than at last…
OPEC Daily Basket Price Stood At $72.79 a Barrel Thursday The price of OPEC basket of 13 crudes stood at $72.79 a barrel on Thursday, June 1, 2023, compared with $73.07 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria),…
NMDPRA Begins Implementation of Subsidy Removal The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, on Tuesday, said it has started the implementation of the total deregulation of the downstream petroleum sector, confirming that subsidy on Premium Motor Spirit, PMS, also known as petrol, has ended. This was following the pronouncement by Bola Tinubu on…
Gas Leak Forces Equinor To Shut Major LNG Export Terminal In another blow to the only LNG export facility in Europe’s top gas producer, Norway, energy major Equinor on Wednesday shut down the Hammerfest LNG plant due to a gas leak. The Hammerfest plant was evacuated, and no injuries of personnel have been reported, a…
Reuters Survey: OPEC Output Down 460, 00 BPD This Month A Reuter’s survey on Wednesday shows a drop in OPEC oil output for May following voluntary production cuts by OPEC+ said to help support the market. According to the survey, OPEC production was down 460,000 barrels per day from April, and down more than 1.5…