Israel and Interest Rates Keep Oil Prices Erratic The war in the Middle East could push crude oil prices to $150 per barrel if it spreads across the region, the World Bank warned this week. Meanwhile, traders—worried about the effect of high interest rates on oil consumption—sparked a sell-off last week, extending a selling streak…
Kuwait’s October Fuel Oil Exports Drop by a Third from Record in September Kuwait’s October fuel oil exports tumbled more than 30% after hitting a record high in September as some supply was diverted to domestic power generation, according to trade sources, analysts and ship-tracking data. Exports fell to 490,000 metric tons (104,000 barrels…
NIMASA Explores New Technologies in Biofouling As part of efforts to explore the newest technologies in Biofouling and in compliance with International Maritime Organization, IMO rules, the Nigerian Maritime Administration and Safety Agency, NIMASA, is hosting a 3-day Biofouling Management Training for coastal states within the African continent. Speaking at the opening session, the Director…
Nigeria’s Oil-Producing States Share N28bn in One Month Oil producing states in the country shared N28.22 billion under the 13 per cent derivation appropriation in May 2023, the Central Bank of Nigeria (CBN) has stated. The CBN, in its Monthly Economic Report for May 2023, stated that the amount shared by the states in May…
Nigeria’s Oil Firms Flare N529bn Gas in Nine Months Nigeria lost $656.6 million, about N528.563 billion in nine months, as oil and gas firms operating in the country flared 187.6 billion standard cubic feet (SCF) of gas between January and September 2023, data revealed by the National Oil Spill Detection and Response Agency (NOSDRA) have…
Seplat Energy Appoints Three Independent Non-Executive Directors The Board of Directors of Seplat Energy Plc today announces the approval of the appointment of Mr. Christopher John Okeke, Mr. Udoma Udo Udoma and Mr. Babs Omotowa as Independent Non-Executive Directors of the Company. Mr. Okeke and Mr. Udoma will be joining the Seplat Board with effect…
NIES 2024: Brevity Anderson MD Meets with Petroleum Ministers The Managing Director of Brevity Anderson, event organisers of the Nigeria International Energy Summit (NIES), James Shindi, on Tuesday, visited the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo and the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri. This was…
Oil Falls Over 1% as Concerns about Mideast Supply Ease Oil slipped more than 1% on Monday as concern eased about the Israel-Hamas war affecting supply from the region and as investors adopted caution ahead of this week’s U.S. Federal Reserve meeting and other indications of global economic health. Crude had jumped 3% on Friday…
OPEC Daily Basket Price Stood At $91.6 a Barrel Friday The price of OPEC basket of 13 crudes stood at $91.6 a barrel on Friday, October 27, 2023, compared with $91.68 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 made…
Brent Crude to Average $84 Per Barrel in 2023 – World Bank The World Bank has said that the global oil price benchmark, Brent crude will average $84 per barrel in 2023. The Bank stated this in its Commodity Markets Outlook report released earlier today, October 30. In the report, the World Bank said that…