Oil Soars above $90 As Saudi Arabia Extends Deep Output Cuts Saudi Arabia will extend its voluntary 1 million bpd crude oil production cut through the end of this year, according to the official Saudi Press Agency. This brings Saudi Arabia’s targeted crude oil production to 9 million bpd for the remainder of the year….
PENGASSAN threatens strike over Oando Plc acquisition of Eni’s Agip The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has vowed to withdraw oil workers from oilfields locations and offices, following the acquisition of Eni’s Nigerian Agip Oil Company Limited, NAOC by Oando Plc, without consideration of the workers. This is as Oando…
Aradel Holdings PLC Affirms Commitment to Host Communities as Part of New Brand Identity Unveil Aradel Holdings, a fully integrated energy group with interests in multiple oil and gas assets, has reaffirmed its commitment to host communities as the company unveiled its new brand identity at a Town Hall event in Port Harcourt. Formerly Niger…
Enbridge to Pay $14 Billion For Three US Natural Gas Utilities Enbridge has struck a deal with Dominion Energy to buy three natural gas utilities from it for a total consideration of $14 billion. The net value of the deal is $9.4 billion but will also involve the assumption of the utilities’ debt. The pipeline…
OPEC Daily Basket Price Stood At 91.44 USD a Barrel Tuesday The price of OPEC basket of 13 crudes stood at $91.44 a barrel on Tuesday, September 5, 2023, compared with $91.27 the previous day, according to OPEC Secretariat calculations. [custom-related-posts title=”Related Posts” none_text=”None found” order_by=”title” order=”ASC”] The OPEC Reference Basket of Crudes, ORB, is…
Oil Steady amid OPEC+ Supply Cut Expectations Oil prices were stable on Monday, amid expectations that major producers would keep supplies tight, as hopes grew for the Federal Reserve to leave interest rates unchanged to avoid dampening the U.S. economy. Brent crude futures for November traded down 3 cents at $88.52 a barrel by 0648…
Commodity Trader Trafigura Sees Upside Risk for Oil Prices Crude oil prices could be vulnerable to the upside as the market is still tight, Ben Luckock, Co-Head of Oil Trading at trading giant Trafigura, said on Monday. “The markets are probably a bit too relaxed,” Luckock said at the Asia Pacific Petroleum Conference (APPEC) by…
Nigeria Demanded Separation of its Crude Oil From Condensate Output 6yrs Ago In a bid to obtain more favourable quota allocations from the Organization of Petroleum Exporting Countries, OPEC, Nigeria had 6 years ago embarked on a campaign to get reporting agencies in Europe and the United States of America to cease reporting its crude…
China Adds 15 Million Tons to 2023 Fuel-Export Quotas in Third Batch China has issued 15 million metric tons of oil products export quotas to companies in its third batch for 2023, according to three trading sources and two domestic consultancies. The volume consists of 12 million tons of refined products quotas, made up of…
Nigeria to Set Up Solid Minerals Corporation to Attract Investment Nigeria plans to set up the Nigerian Solid Minerals Corporation, a state-backed company to help attract investments into the extraction of gold, coal, iron-ore, bitumen, lead, limestone and baryte, a minister said recently. “The proposed corporation will seek and secure partnership investment agreements with big…