Saudi Arabia May Start Unwinding Its Production Cuts Sooner Than Expected Saudi Arabia could begin easing its production cut sooner than oil market participants believe as the world’s top crude oil exporter wouldn’t risk demand destruction through too high prices, consultancy Rapidan Energy Group says. Due to the Saudi and OPEC+ cuts and falling commercial…
Russia Sells Urals Oil to India at $20 above the Price Cap Tightening global crude supply and rising international prices have raised the price at which Russia’s crude is being sold to India at about $20 per barrel over the G7 price cap of $60, traders have told Reuters. The Russian flagship crude grade, Urals,…
OPEC Daily Basket Price Stood at $95.31 a Barrel Monday The price of OPEC basket of 13 crudes stood at $95.31 a barrel on Monday, September 25, 2023, compared with $95.73 last Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria), Girassol…
IPMAN Flays NNPCL for Allegedly Reintroducing Fuel Subsidy Payments The Independent Petroleum Marketers Association of Nigeria, IPMAN, has raised the alarm over alleged secret reintroduction of fuel subsidy payment by the Federal government. Recall that President Bola Ahmed Tinubu on assumption of office on May 29th 2023, announced the total removal of subsidy on petrol…
Kenya to Build Nuclear Power Plant in 2027 Kenya has announced that it intends to kick off the construction of its first nuclear power plant in 2027, as the country seeks to further diversify its energy generation amid rising demand and push for zero-carbon energy, The East African reports. Disclosing the plans, Acting CEO of…
NNPC/SNEPCo Scholars Record Outstanding Results in Examinations Beneficiaries of the National Cradle-to-Career programme of the Nigerian National Petroleum Company Limited (NNPC) and Shell Nigeria Exploration and Production Company (SNEPCo) recorded outstanding performances in two secondary school examinations, as the initiative continues to offer opportunities for bright young Nigerians to achieve their educational ambitions. Of the…
TotalEnergies Sells 40% Interest in Angolan Oil Block to Petronas Ahead of its Development TotalEnergies has sold 40 percent interest in Angolan Block 20 in the Kwanza Basin to Petronas ahead of its development. The French oil giant made the disclosure in a statement on Thursday. According to TotalEnergies, the transaction was completed for an…
Oil Surges more than $1 as tight Supply Dominates Oil prices surged about 3% on Wednesday, after U.S. crude stocks fell more than expected, adding to worries of supply tightness amid OPEC+ production cuts. Brent crude futures breached $97 a barrel, and was trading up $2.55 to $96.51 a barrel by 11:40 a.m. ET (1540…
Shell CEO Comes Under Pressure From Within on Renewables Shift Shell CEO Wael Sawan has come under pressure over his strategy from within the energy company after two employees issued a rare open letter urging him not to scale back investments in renewable energy, sparking an internal debate. The open letter, posted earlier this month…
House of Reps Probe Poor Implementation of Cabotage Act The House of Representatives has resolved to investigate the poor implementation of the Coastal and Inland Shipping Act 2003 also known as the Cabotage Act. The poor implementation of the Act, which restricts the use of foreign vessels in domestic coastal trade to promote the development…