Russia’s Oil and Gas Budget Revenue Sees 24% Decline in 2023, According to Finance Ministry The proceeds from oil and gas sales for Russia’s federal budget saw a significant decline of approximately 24%, amounting to 8.822 trillion roubles ($99.4 billion) in the previous year, according to data from the finance ministry released on Thursday. This…
UNILAG Awards 379 First-Class Degrees Among 17,464 Graduating Students at Convocation The University of Lagos (UNILAG) is set to graduate 17,464 students, with 379 achieving First Class honors at its 54th convocation. The convocation is scheduled to take place from Monday, January 15 to Friday, January 19, 2024. The Vice-Chancellor, Prof. Folasade Ogunsola, shared this…
Navy Unveils New Strategy to Combat Oil Theft The Nigerian Navy has initiated “OPERATION DELTA SANITY” to intensify efforts against crude oil theft and other criminal activities in the nation’s maritime domain. The Chief of Naval Staff (CNS), Vice Adm. Emmanuel Ogalla, officially launched the operation on Wednesday at the NPA Jetty in Warri, Delta….
Growth in U.S. Oil and Gas Production Begins to Slow Down U.S. oil and gas production increased in October, with oil production from the Lower 48 states reaching a record 10.9 million barrels per day (b/d). However, there were signs of a flattening and downturn in production, likely influenced by lower prices since mid-2022. The…
CBN Sacks Boards of Titan Trust, Union, Keystone, Polaris Banks President Bola Tinubu has started the implementation of the report of the Special Investigator on Central Bank of Nigeria (CBN) and Related entities, Jim Obazee with the dissolution of the board and management of Titan Trust Bank and three others. Others are Union Bank, Polaris…
Persistent Inflation Persists Despite Rate Hikes- Can it be Tamed When Abdur Rouf Talukder presented his initial monetary policy statement as the governor of the central bank in January last year, inflation was already exceeding 8.5 percent. Despite subsequent efforts, including one more policy statement and eight increases in the benchmark lending rate, the Consumer…
Increasing Prices Dampen India’s Demand for Russian Oil Indian purchases of Russian crude, despite defying Western pressure regarding the Ukraine war, have declined to an 11-month low. This decrease is attributed to a rise in the price of discounted Russian oil. Over the past two years since the invasion of Ukraine, India has been a…
World Bank Anticipates Global Growth to Decelerate for the Third Consecutive Year in 2024 The World Bank has issued a warning stating that global growth in 2024 is expected to slow for the third consecutive year. This prolonged slowdown is anticipated to exacerbate poverty and worsen debt levels in many developing countries. The challenging factors…
Oil Prices Climb Amid Middle East Tensions, Offsetting Economic Concerns Oil prices increased for a second consecutive day on Wednesday, driven by concerns over Middle East supply disruptions due to the Israel-Hamas conflict and the closure of a major Libyan oilfield. These factors outweighed apprehensions about growing U.S. oil production and concerns regarding sluggish economic…
Chevron Nigeria Welcomes New Chairman/Managing Director Chevron Nigeria Limited (“CNL”), the operator of the joint venture between the Nigerian National Petroleum Company Limited and CNL, has announced the appointment of Jim Swartz as the Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, effective April 1, 2024. Jim Swartz, who previously served as the Vice…
