Oil and Gas

Singapore, Sept 29, 2025 – Oil prices dropped on Monday after Iraq’s Kurdistan region resumed crude oil exports via Turkey over the weekend, coupled with OPEC+ plans for another oil production hike in November, adding to global supplies. Brent crude futures were down 43 cents, or 0.6%, at $69.70 a barrel, as of 0630 GMT, after settling at the highest point since July 31 on Friday. U.S. West Texas Intermediate crude was down 49 cents, or 0.8%, at $65.23 a barrel, giving back most of Friday’s gains. “Ongoing fears of …

  Lagos, Sept. 27, 2025 – Fuel prices may go up from Monday if Dangote Refinery implements its decision to stop selling products in naira from Sunday.  Abubakar Shettima, the National President of Independent Petroleum Marketers Association of Nigeria (IPMAN), said this on Saturday. He told journalists that the planned suspension of sale of petrol in naira by Dangote would lead to significant increase in petrol prices across the country. “Yes, it will affect prices. Prices will go up if they begin to sell in dollar,” he said. The IPMAN …

  Lagos, Sept. 27, 2025 – The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has taken some measures to paralyze production in Dangote Refinery in response to the mass sack of its members in the company. The union has directed its members to halt supply of crude oil and gas to the Dangote Petroleum Refinery immediately. It gave the directive in a memo issued by Comrade Lumumba Okugbawa, its General Secretary and addressed to its Branch Chairmen in TotalEnergies, Renaissances, Chevron, Shell Nigeria Gas, Oando and Seplat …

  Abuja, Sept. 25, 2025 – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has denied a report of N8.41 billion crude oil theft. The commission made the denial in a statement issued by Eniola Akinkuotu, its Head, Media and Strategic Communications. It described the report as misinterpretation of crude loss statistics between 2021 and July 2025 released by the NUPRC in the spirit of transparency and in line with the Petroleum Industry Act, 2021. The statement said the report was made out of contest by the National Bureau of Statistics …

  Singapore, Sept 25, 2025 – Oil prices eased in Asian trade on Thursday, retreating from the previous session’s seven-week high, as investors took money off the table in anticipation of slower winter demand and the return of Kurdish supplies. Brent futures slipped 19 cents, or 0.3%, to $69.12 a barrel by 0637 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.3%, to $64.77 a barrel. Both benchmarks gained 2.5% on Wednesday to stand at their highest since August 1, driven by a surprise drop …

Singapore, Sept 24, 2025 – Oil prices rose for a second day on Wednesday as an industry report showed U.S. crude inventories declined last week, adding to a sense in the market of tightening supplies. Brent futures rose 19 cents, or 0.3%, to $67.82 a barrel by 0400 GMT. U.S. West Texas Intermediate crude futures gained 21 cents, or 0.3%, to $63.62. Both benchmarks climbed by more than $1 a barrel on Tuesday as a deal to resume exports from Iraq’s Kurdistan stalled, halting pipeline shipments of oil from the region …

Lagos, Sept. 23, 2025 – Femi Otedola, the Chairman of First Bank of Nigeria and friend to Aliko Dagote, the Chairman of Dangote Group, has intervened in the crisis between Dangote Refinery and Depot and Petroleum Products Marketers Association of Nigeria (DPPMAN). Otedola, in a statement on Monday, appealed to DAPPMAN officials to bury the hatchet, while questioning the continued relevance of depots in the current scheme of things in the oil sector. He commended Aliko Dangote for this courage in stablishing the refinery in the face of the socio-economic …