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Oil and Gas

Oil prices edge lower as IEA reduces demand forecast for 2026

London, Feb ‌12, 2025 – Oil prices slipped on Thursday as investors weighed the International Energy Agency’s lowering of ⁠its global oil demand forecast for 2026 against potential escalation of U.S.-Iran ⁠tensions. Brent crude oil futures were down 30 ‌cents, or 0.43%, at $69.10 ‌a barrel by 1018 GMT. U.S. West Texas Intermediate crude fell 23 cents, or ​0.36%, to $64.40. Global oil demand will rise ‌more slowly than previously expected this year, the IEA said on Thursday while projecting a sizeable surplus despite outages ​that cut supply in January. The ​Brent and ‌WTI benchmarks reversed gains to …

General News

Fidelity Bank donates essential items to Ikoyi Correctional Centre

Lagos, Feb. 12, 2026 – Fidelity Bank Plc, the leading financial institution, has donated some relief items to inmates at the Ikoyi Correctional Centre in Lagos. The gesture was in demonstration of the bank’s commitment to enhancing the lives and wellbeing of indigent persons. The project, executed under the bank’s Corporate Social Responsibility (CSR) initiative known as Fidelity Helping Hands Programme (FHHP), saw the bank’s Human Resources (HR) department hand over various household tools and gift items to the leadership of the correctional facility as part of its efforts to …

Maritime/Shipping

NIMASA reaffirms commitment to shipyard development, sustainable maritime growth

Lagos, Feb. 12, 2026 – The Nigerian Maritime Administration and Safety Agency NIMASA has reiterated its commitment to strengthening Nigeria’s shipbuilding and shipyard development as part of efforts to deepen the blue economy and curb capital flight. This assurance was given at a stakeholders’ breakfast meeting organised by the Agency with the theme “Dissecting the Issues, Challenges, and Prospects in the Shipbuilding Segment – Discussing Funding Models, Incentives, and Policy Support for Shipyards Growth.”  The event held at the Nigerian Maritime Resource Development Centre (NMRDC), Kirikiri, Lagos. Delivering the welcome address …

Oil and Gas Uncategorized

Africa must align infrastructure, policy, capital to achieve energy security – Ojulari

Abuja, Feb. 12, 2026 – Bashir Bayo Ojulari,  the Group Chief Executive Officer of NNPC Ltd, has identified shared infrastructure, policy alignment, coordinated investment frameworks, cross-border knowledge and technology exchange, integrated gas market development, and sustained regional diplomacy among National Oil Companies (NOCs) as key pillars for securing Africa’s energy future. Ojulari disclosed this during a fireside chat with Mr. Andy Brown, Deputy Chair of Ørsted and President of the Energy Institute, at the 2026 International Energy Week (IEW) in London, on Wednesday. Addressing the imperative of expanding cross-border energy …

Uncategorized

EU to meet in Belgian castle to tackle economic rivalry with US, China

Brussels, Feb 11, 2026 – European Union leaders gather in a Belgian castle on Thursday to thrash out how they can compete economically with a global rival like China and a less reliable ally like the U.S. as the rules-based world order frays. EU growth has been persistently lower than that of the United States over the past two decades, with EU productivity and innovation, particularly in fields like AI, falling short. The EU is now contending with Donald Trump’s trade war and most recently tariff threats over Greenfield as …

General News

Tinubu has strengthened Nigeria’s federalism – Bagudu

Abuja, Feb. 11, 2026 – Abubakar Bagudu, the Minister of Budget and Economic Planning, has commended President Bola Tinubu for strengthening the federal system of administration in Nigeria. Bagudu made the commendation at the closing session of the National Economic Conference in Abuja on Tuesday. He said Nigeria is now a more united federation due to the bold decisions the president.  The minister said the president’s economic reforms had increased funds for the sub-national governments to provide more amenities for their constituents. He said that with reforms, the fiscal condition …

Money market

FG to commence sale of state assets to private investors in 2026

Lagos, Feb. 11, 2026 – The federal government is to commence the sale of selected state owned assets to private investors in 2026, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said this in Saudi Arabia on Monday during an interview on the sidelines of the AlUla conference for emerging market economies According to Bloomberg, Edun said the federal government was working on determining which assets will be offered for sale and the timelines for the transactions. “The plan is to offer some assets in 2026,” …

Oil and Gas

Oil gains on US–Iran tensions, better India demand

Singapore. Feb 11. 2026 – Oil prices gained on Wednesday, buoyed by escalating risk as U.S.–Iran talks remained tenuous, while signs of an easing surplus spurred by better demand support from India also added strength. Brent crude oil futures were up 57 cents, or 0.83%, at $69.37 a barrel by 0711 GMT. U.S. West Texas Intermediate crude rose 56 cents, or 0.88%, to $64.52. “Oil retains a bullish tail-risk bid as US-Iran talks continue but remain fragile, keeping the Strait of Hormuz risk premium supported amid ongoing sanctions pressure, tariff …

Uncategorized

OPEC oil output falls in January on lower supply from Nigeria and Libya

London, Feb. 10, 2026 – OPEC’s oil output fell in January due to lower supply from Nigeria and Libya, a Reuters survey found on Monday, which offset increases in members including Venezuela after the U.S. capture of Nicolas Maduro and the ending of an oil blockade. The Organization of the Petroleum Exporting Countries pumped 28.34 million barrels per day in January, down 60,000 bpd from December’s total, the survey showed, with Nigeria posting the largest decline. OPEC+, comprising OPEC and allies including Russia, in January began a first-quarter pause of …

Uncategorized

Oil prices steady as Iran-US tensions and US data eyed

New York, Feb 10, 2026 – Oil prices were little changed on Tuesday as the market waited for direction from news on Iran and Russia and data on the U.S. economy and U.S. oil inventories. Brent futures rose 27 cents, or 0.4%, to $69.31 a barrel at 9:58 a.m. EST (1458 GMT), while U.S. West Texas Intermediate (WTI) crude rose 12 cents, or 0.2%, to $64.48. “The market is still focused on the tensions between Iran and the U.S.,” said Tamas Varga, oil analyst at brokerage PVM. “But unless there …