U.S. Gasoline Demand Soars to Highest in Months Even before the arrival of summer driving season, gasoline demand climbed on Sunday and Monday compared to the four week average, Gas Buddy’s head of petroleum analysis Patrick DeHaan said on Tuesday. U.S. gasoline demand on Sunday and Monday was up 7% compared to the respective four…
Rivers Community Laments Poverty Despite Hosting 48 Oil Wells The Joinkrama clan in Ahoada West Local Government Area of Rivers State has lamented the level of environmental degradation, poverty and neglect in the area, despite playing host to 48 oil wells. Joinkrama, a host to Adibawa oilfield in Oil Mining Lease, OML, 27 operated by…
OPEC Secretary General calls for coordination between oil exporting Countries OPEC’s Secretary General Haitham Al Ghais and Iraq’s Prime Minister met over the weekend and called for coordinated action among oil exporters globally in order to reduce volatility in the oil market and avoid adverse impacts for consuming countries, Reuters reported citing a statement by…
Jean-Marc Cordier, renowned Oil trader, joins NNPC Ltd The Nigerian National Petroleum Company Limited (NNPCL) has announced Jean-Marc Cordier as its Head, Oil Trading Limited. Garba Deen Muhammad, Group General Manager Public Affair Division, NNPCL, made this known in a recent statement in Abuja. Cordier, was a former Vice-President of the Abu Dhabi National Oil…
Akobo Minerals secures NOK 22.475m in funding through a convertible Loan Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that it has issued an unsecured convertible loan (the “Loan”) of NOK 22.475 million (approx. USD two million) from new and existing investors to fund…
Oil prices near $75 as Russia extends output cut through June Russia will continue its 500,000 barrel per day crude oil production cut through the end of June this year, Russia’s Deputy Prime Minister Alexander Novak says. Russia first announced the 500,000 bpd production cut in February after Novak warned that there was a risk…
bNigeria Raises Benchmark Lending Rate to 18% to Tame Inflation Nigeria’s central bank raised its benchmark lending rate by 50 basis points to 18% on Tuesday as monetary authorities seek to rein in inflation which has squeezed consumer purchasing power. The central bank’s decision came after last week’s inflation data showed prices had quickened in…
Oil Prices Continue to Fall Despite Central Bank Action Crude oil prices began yet another week with a loss despite strong signals that central banks are stepping in to help troubled lenders in the U.S. and Europe. In Asian morning trade, Brent crude was trading at $72.27 per barrel, while West Texas Intermediate was changing…
UK faces a rising risk of Power supply shortfalls this Decade The UK risks a shortage in stable electricity generation in the late 2020s as more coal-fired and older gas and nuclear power plants close, research commissioned by energy firm Drax Group shows. Peak demand for Britain’s electricity is expected to rise by 4 gigawatts…
Germany Signals Energy Crisis Aid Is Not Sustainable Germany’s government has warned local authorities that the money it has been distributing amid the energy crisis since last year will not become a new norm. “All of this burden sharing is based on decisions taken in exceptional political and economic situations,” deputy finance minister Luise Hoelscher…