Why we can’t break NNPCL monopoly on petrol import, by marketers Lack of access to foreign exchange (forex) and price control have forced independent marketers to abandon initial attempts at importation of petrol The inability of the marketers to source and distribute petrol without recourse to the national oil company, has again seen the Nigerian…
Marketers get foreign investors’ backing for 30,000 gas stations Oil marketers, on Sunday, confirmed that they have received the nod of domestic and international financiers to develop about 30,000 gas stations nationwide. It was also gathered that many of the stations were currently being converted to start dispensing gas, following the decision of the Federal…
OPEC Daily Basket Price Stood at $89.65 a Barrel Friday The price of OPEC basket of 13 crudes stood at $89.65 a barrel on Friday, September 1, 2023, compared with $88.44 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria),…
ACWA Power Signs Strategic Cooperation Agreements with Italians Saudi-listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed strategic agreements with six Italian partners at the Saudi-Italian Investment Forum in Milan on the 4th of September to bolster cooperation in the fields of…
UK Fuel Prices See One of the Largest Monthly Increases in 23 Years UK drivers experienced a big shock at the pump in August as the prices of gasoline and diesel saw some of the biggest monthly jumps in 23 years amid rallying international crude oil prices, RAC, the UK’s longest-serving motoring organization, said on…
Petrobras Suspends Key Asset Sales Brazilian national oil company Petroleo Brasileiro SA (NYSE:PBR), aka Petrobras, has halted the sale of key assets in a broad divestment process that was kicked off by Petrobras’ previous management under former President Jair Bolsonaro. The state-run firm has announced it will no longer sell the onshore Urucu and Bahia-Terra…
India: Oil Imports from Russia Fell in August India’s crude oil imports from sanctioned Russia fell in August to a seven-month low, according to Kpler and Refinitiv data. India’s refiners reduced their crude oil intake from Russia partially due to routine refinery maintenance—but also due to decreased discounts on Russian grades. Meanwhile, India’s crude oil…
Russia to Divulge OPEC+ Deal Parameters Next Week Russia will disclose the details of the deal with OPEC+ next week, Russian Deputy Prime Minister Alexander Novak told President Vladimir Putin on Thursday, according to Reuters. Novak did not specify exactly which details would be disclosed. Putin asked Novak at a televised government meeting if…
Canada: Oil and Gas Industry Cuts Emissions While Boosting Output Canada’s oil and gas companies have managed to boost production from conventional resources while reducing carbon dioxide and methane emissions over the decade to 2021, the industry association CAPP has reported. Between 2012 and 2021, CAPP said, Canada’s oil and gas producers increased their total…
China Issues Larger-Than-Expected Fuel Export Quota China has issued a larger-than-expected fuel export quota in the third batch of allocations this year as authorities look to incentivize refiners to sustain economic growth and sell more product abroad at a time when China’s 2023 fuel demand may have peaked. Chinese refiners and traders are now allowed…