Oil Surges as OPEC+ Surprise Output Cuts Shake Markets Oil prices surged on Monday, posing the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets. Brent crude was trading at $84.22 a barrel by 0900 GMT, up $4.33, or 5.4%, after touching the highest in…
Gazprom’s Exports to Europe Up 4% in March From Feb – Reuters Calculations Gazprom’s gas supplies to Europe were up 4% on a daily basis in March compared to February, according to Reuters calculations based on shipment data from Gazprom’s daily transit volumes sent through Turkey and Ukraine. Since Russian gas supplies to Europe through…
Buhari Approves Amendment of 2022/2023 Deep Offshore Oil Block Mini-Bid Round Schedule By Ikenna Omeje President Muhammadu Buhari has approved the amendment of the 2022/2023 Deep Offshore Oil block Mini-Bid round calendar to accommodate the concerns expressed by both local and international investors over the closeness of the schedule to the terminal date of the…
OPEC Cuts Crude Oil Production By 1.66 Million BPD The Organisation of Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, have made voluntary cut of crude oil production of 1.66 million barrels per day (mbpd). To ensure stability of the oil market, OPEC+ early in October had cut production by 2 mbpd…
Brazil’s Oil Exports Surge to Record-High despite New Tax Despite a new export tax, Brazilian oil exports have jumped to a monthly record-high this month, Reuters reported over the weekend quoting government data and industry experts. Brazil’s oil exports soared by 75.4% year over year between March 1 and 24, per data from foreign trade…
Media Inaugurates National Complaints Commission In a bid to strengthen public confidence in the media as a credible barometer of public opinion, the Nigerian media will on Monday, inaugurate the nine-member board of the National Media Complaints Commission (NMCC), otherwise known as the National Ombudsman. Members of the commission who are drawn from the media,…
U.S. Crude Oil Production Rebounds in January – EIA Crude oil production in the United States rebounded in January to an average of 12.462 million barrels per day, according to new data released by the Energy Information Administration. The 12.462 million bpd level was the highest production level the United States has seen since March…
EU Price Cap On Russian Crude Oil to Stay at $60 a Barrel The price cap on Russian crude oil is working and will remain at $60 per barrel for now, the European Commission told the EU, Bloomberg reported on recently, citing sources with knowledge of the matter. The EU banned from December 5 maritime…
Dutch Government Confirms Plans to Produce 2.8 Bcm of Gas from Groningen The Dutch government has disclosed plans to produce 2.8 billion cubic meters (bcm) of natural gas at the Groningen gas field in the current year through Oct. 1. In a statement, the Ministry of Economic Affairs said it will close the field permanently…
OPEC Oil Production Drops in March Crude oil production from OPEC declined by 70,000 barrels per day (bpd) in March compared to February, as operators suspended some production in Kurdistan due to a halt in exports from the Mediterranean and as Angola carried out some field maintenance, the monthly Reuters survey showed recently. All 13…