Average LNG Price for July Delivery into North-East Asia Down 3% The average liquefied natural gas, LNG, price for July delivery into north-east Asia fell by 3%, according to industry sources’ estimates cited by Reuters. It was down 3% last week from the previous week at $9.50 per million British thermal units, mmBtu, the lowest…
UAE Sought More U.S. Presence in the Gulf After Iran Seized Oil Tankers The United Arab Emirates (UAE) reportedly expressed concerns about the security situation in the Persian Gulf and asked the United States for a stronger military presence in the area to counter Iran, which has seized two oil tankers in the past month,…
Fuel Stations Shut, Queues Return after Tinubu’s Subsidy removal pronouncement Some fuel stations in Lagos witnessed queues on earlier in the week while some were shut by the owners after Bola Ahmed Tinubu declared, while delivering his speech after his inauguration as Nigeria’s president stated that ‘fuel subsidy is gone.” Many fuel stations were not…
Saudi-Russia Tensions Growing Ahead of Key OPEC+ Meeting Days ahead of the key OPEC+ meeting on June 4, the leading producers in the group, Saudi Arabia and Russia, are at odds about output policy. Riyadh has grown increasingly frustrated with Russia, which apparently hasn’t kept its end of the deal and isn’t reducing oil production…
NNPC Applauds Tinubu’s Decision on Subsidy The Group Chief Executive Officer of Nigerian National Petroleum Company Limited (GCEO), Mallam Mele Kyari, welcomes the decision by the Federal Government to remove subsidy on Premium Motor Spirit (PMS). Addressing the press, the GCEO of NNPC Limited noted that the removal of the subsidy which has been a…
MOMAN, DAPPMAN Appeal to Nigerians to Avoid Panic Buying, Support Phase out of Subsidy The Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) applaud and endorse the pronouncement by President Bola Ahmed Tinubu on the phase-out of the petrol subsidy regime. “We appreciate the clarity of policy…
No Need to Panic over Removal of PMS Subsidy says NMDPRA The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) wishes to address concerns regarding the announcement of the removal of subsidy on Premium Motor Spirit (PMS) by President Bola Ahmed Tinubu. Contrary to speculations and concerns, the announcement is in line with the Petroleum…
Mozambique Picks TotalEnergies, EDF for 1,500 MW Hydro Project Mozambique picked TotalEnergies SE (TTEF.PA) and Electricité de France SA (EDF) (EDF.PA) as strategic partners in a $4.5 billion hydropower project, Bloomberg reported on Friday citing a government statement. The selected consortium includes EDF, TotalEnergies, and Sumitomo Corp (8053.T), Bloomberg reported. Another consortium that bid for…
India’s Largest Oil and Gas Company to invest $12 Billion in Renewables Indian state-held oil and gas explorer, Oil and Natural Gas Corporation Limited (ONGC), the biggest oil and gas producer in the country, is looking to boost its renewable energy portfolio and plans $12 billion in investment in green projects. ONGC looks to have…
Asian Oil Imports Set For a Rebound in May Crude oil imports into Asia this month are expected to rise by 8.6% on the month as refineries in China and India exit maintenance season, Reuters’ Clyde Russell reported today, citing data from Refinitiv. The rebound follows a decline in Asian crude imports in April when…