Singapore, Oct. 5, 2024 – OPEC+ agreed to push back its December production increase by one month, the second delay to its plans to revive supply as prices continue to struggle amid a fragile economic outlook. The group led by Saudi Arabia and Russia had intended to begin a series of monthly production increases by adding 180,000 barrels a day from December, but they will now keep supply restrained through that month, according to a statement posted on OPEC’s website on Sunday. They had already postponed the restart from October …
3 years of roaring oil prices could be coming to an end
Singapore, Oct. 5, 2024 – Ever since Russia invaded Ukraine in February 2022 and oil prices soared around the globe, the oil industry has enjoyed three highly lucrative years with historic profits. The sector is still posting robust profits, as seen this past week when companies unveiled their most recent quarterly earnings. Still, the days of oil companies being compared to broken cash machines, is likely coming to end. Oil prices are sliding and many experts are predicting the value of oil could fall further over the next year or two. …
Oil rises as OPEC+ delays output hike and Iran steps up rhetoric
Tehran, Nov. 4, 2024 – Oil advanced after OPEC+ agreed to push back its December production increase by one month and tensions escalated again in the Middle East. Brent rose as much as 2% to more than $74 a barrel, while West Texas Intermediate climbed toward $71. The producer group had intended to begin returning 180,000 barrels a day from next month, but they will now keep supply restrained for the rest of the year. Meanwhile, Iran escalated its rhetoric against Israel with supreme leader Ayatollah Ali Khamenei warning of …
Fubara denies shutting down oil activities in Rivers
Port Harcourt, Nov. 1, 2024 – The Rivers State Government has denied media reports that it had shut down oil exploration activities in the state. Joseph Johnson, the state Commissioner for Information and Communications, made the denial in a statement on Thursday. He described the report as false and concocted propaganda. Some media platforms have been carrying a report that Governor Siminalayi Fubara had shut down oil operations in the state. The report reads: “Breaking News: Rivers State Governor Sim Fubara Shuts Down NNPC and All Oil Companies in Rivers …
Oil gains more than $1/bbl on reports Iran preparing strike on Israel
Singapore, Nov. 1, 2024 – Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical tensions in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days. Brent crude futures, which have rolled to the January contract, climbed $1.41, or 2%, to $74.22 a barrel by 0456 GMT. U.S. West Texas Intermediate crude futures rose $1.46, or 2.1%, to $70.72 a barrel after settling up 0.95% in the previous session. Israeli …
TotalEnergies Q3 income hits three-year low as refining margins plunge
Paris, Nov. 1, 2024 – French oil major TotalEnergies third-quarter profit hit a three-year low of $4.1 billion on Thursday, slightly missing expectations as refining margins and upstream outages dragged down earnings. Adjusted net income was down 37% from a year earlier and 12.7% lower from the previous quarter’s $4.7 billion. The result just missed analyst expectations of $4.2 billion. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 23.6% year-on-year to $10 billion. Earlier this month, TotalEnergies warned its financial results would take a hit as its margin …
Reps urge FG to integrate artisanal refiners in petrol production
Abuja, Oct. 31, 2024 – The House of Representatives on Thursday advised the Federal Government to integrate artisanal refiners in the country in the production of petroleum products. The House gave the advice after adopting a motion on the “Need to reform and regulate Nigerian petroleum production activities to integrate artisanal refiners in the production value chain”, moved by the House Deputy Minority Whip, Mr George Ozodinobi. Ozodinobi said there was the need for the country to use its resources to promote its prosperity. He said government should accord recognition …
Nigeria’s petrol crisis lingers with fresh price hike
By Paul Ejime Abuja, Oct. 31, 2024 – Nigerians woke up on Tuesday 28 October 2024 to another petrol price hike, the fourth within 18 months under President Bola Tinubu’s administration with the outlets of the Nigerian National Petroleum Company Limited (NNPCL) increasing the pump price of Premium Motor Spirit (PMS) or petrol from 897 Naira to 1,025 Naira (1,600 Naira=1$USD). Before the president announced the “end to fuel subsidies” during his inauguration speech in May 2023, the NNPCL sold PMS at 198 Naira per litre. That controversial presidential announcement …
Oil prices rise on optimism over solid US fuel demand
Tokyo/Beijing, Oct. 31, 2024 – Oil prices rose on Thursday, extending the previous day’s rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support. Brent crude futures gained 47 cents, or 0.65%, to $73.02 a barrel by 0505 GMT. U.S. West Texas Intermediate crude futures, which are set to expire later in the day, climbed 43 cents, or 0.63%, to $69.04 per barrel. Both contracts rose more than 2% on Wednesday, …
Dangote’s fleet transition to CNG, taking advantage of Tinubu’s initiative – TMSG
Abuja, Oct. 30, 2024 – The Tinubu Media Support Group (TMSG) says Aliko Dangote’s plan to invest $280 million in the Compressed Natural Gas (CNG) initiative is to take advantage of the cheaper alternative to petrol introduced by President Bola Tinubu administration. In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG described Dangote’s plan for full transition of the fleet of trucks used by his Cement company as an affirmation of the cost effectiveness and the safety valves that the CNG provides for vehicles. TMSG said …