Oil and Gas

Singapore, Feb. 14, 2025 – Tightened U.S. sanctions on Moscow have disrupted a roaring trade in discounted Russian oil to China and India, reviving demand for Middle Eastern and African crudes, roiling shipping markets and driving up oil prices. Washington’s January 10 sanctions targeted tankers carrying Russian oil in a push to more effectively limit Moscow’s oil revenue, the aim of western sanctions imposed after its invasion of Ukraine three years ago. The new rules have left millions of barrels floating on ships and sent traders hunting for alternatives, while …

 London, Feb. 13, 2025 – Oil prices fell slightly on Thursday as a potential peace deal between Russia and Ukraine continued to exert downward pressure, along with rising crude inventories in the United States. Brent futures were down 42 cents, or 0.6%, at $74.76 a barrel by 0900 GMT while U.S. West Texas Intermediate (WTI) crude dropped 40 cents, or 0.6%, to $70.97. Brent and WTI lost more than 2% on Wednesday after U.S. President Donald Trump said Russian that President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a …

Houston, Feb. 13, 2025 – Houston-based oil giant Chevron will lay off 15 per cent to 20 per cent of its global workforce, aiming to cut USD 2-3 billion in structural costs by the end of next year. The energy giant employs more than 40,000 people globally. Chevron is streamlining operations to boost efficiency and long-term competitiveness. This includes optimising its portfolio, leveraging technology, and expanding global work centres, a company spokesperson said. “These decisions aren’t taken lightly, and we’ll support employees through the transition,” the spokesperson said, adding that …

London, Feb. 10, 2025 – Oil rose after a string of weekly declines as the market weighed the fallout from President Donald Trump’s ongoing tariffs. Brent traded near $75 a barrel after a third weekly drop, the longest losing streak since September, while West Texas Intermediate was above $71. Chinese tariffs on US goods are scheduled to start Monday, which are a retaliatory measure against Trump’s levies that took effect last week. The US president flagged more tariffs on Sunday, this time on aluminum and steel, which would apply to …

Abuja, Feb. 9, 2025 – The Democratic Front (TDF) has described a recent Bloomberg report on the 8-year record decrease in Nigeria’s petroleum products importation index as a welcome development. In a statement signed by its Chairman Danjuma Muhammad and Secretary Wale Adedayo, TDF noted that the development was a result of increased domestic refining of petroleum products in the country. The group said: “It is a known fact that the failure of past administrations in Nigeria to ensure domestic refining of petroleum products exposed the nation to decades of wasteful …

Singapore, Feb. 7, 2025 (Reuters) – Oil prices rose marginally in Asian trade on Friday, but were on track for a third straight week of decline, hurt by U.S. President Donald Trump’s renewed trade war on China and threats of tariff hikes on other countries. Brent crude futures rose 32 cents to $74.61 a barrel by 0500 GMT, but were poised to fall 2.8% this week. Meanwhile, U.S. West Texas Intermediate crude was up 24 cents at $70.85 a barrel, down about 2.3% on a weekly basis. “Oil prices saw …

London, Feb, 6, 2025 – Oil prices edged up on Thursday after Saudi Arabia’s state oil company raised its March crude prices sharply, but the gains barely dented the previous day’s slide in benchmark Brent crude. Brent crude futures rose 28 cents, or 0.4%, to $74.89 a barrel by 0952 GMT. U.S. West Texas Intermediate crude was up 35 cents, or 0.5%, at $71.38. Oil prices had plunged by more than 2% on Wednesday as a large build in U.S. crude and gasoline stockpiles signalled weaker demand while investors also …

Lagos, Feb. 6, 2025 – Dangote Refinery has exported two jet fuel cargoes to Saudi Aramco, the national oil company of Saudi Arabia. Aramco is also the largest oil producer and integrated oil and gas company globally Aliko Dangote, the President of Dangote Group, disclosed this while receiving a team of visitors from the Nigerian Economic Summit Group (NESG) to Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals in Lagos. Dangote said exportation of products to the global markets, especially Saudi Aramco, was due to his refinery’s world-class standards …

Brass (Bayelsa), Feb. 6, 2025 – Sen. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), has decried the abandonment of the Brass Modern Refinery project in Bayelsa State. The Minister expressed his displeasure over the state of the refinery while inspecting the project located in Brass Local Government Area of Bayelsa State. He also inspected the Ewa-ama road project leading to Brass Petroleum Products Terminal (BPPT). According to a statement issued on by Nneamaka Okafor, the Minister’s Special Adviser on Media and Communication, Lokpobiri reaffirmed the Federal Government’s …

Asaba, Feb. 5, 2025 – The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has sealed 19 cooking gas stations on Delta State over safety concerns. Victor Ohwodiasa, the Delta State Coordinator of NMDPRA, disclosed this to journalists on Tuesday. He said the affected stations did not have licences and were located in unsafe locations. Ohwodiasa said most of the sealed stations were in the Category D class of LPG operators, explaining that they were those within localities that refill gas from licenced gas plants for customers. Bottom of Form …