Oil and Gas

Abuja, Aug. 13, 2025- Nigeria recorded a significant drop in fuel consumption in June 2025 with total fuel evacuation falling to 1.44 billion litres. This was against the 1,440,768,129 litres recorded in May, a 16.42 per cent decrease. The Nigerian Midstream and Downstream Petroleum Regulatory Authority reported this on Wednesday. “The total fuel evacuation for June was precisely 1,440,768,129 litres, representing a 16.42 per cent decrease, compared to May’s total supply of 1,768,812,804 litres, a drop of over 290 million litres,” he stressed He said the figure represented a daily …

London, Aug. 13, 2025 : Oil prices fell on Wednesday after the International Energy Agency (IEA) projected that global supply would outpace demand this year, while investors awaited fresh U.S. inventory data. Brent crude futures were down 45 cents, or 0.7%, at $65.67 a barrel by 08:31 GMT, while U.S. West Texas Intermediate crude slipped 53 cents, or 0.8%, to $62.64. Both benchmarks closed lower in the previous session. The IEA on Wednesday raised its forecast for oil supply growth this year, reflecting higher output from OPEC+ members, but trimmed …

Singapore, Aug. 13, 2025 -Oil prices were steady on Wednesday as investors awaited clearer indications of U.S. inventory data, while eyeing an upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin. Brent crude futures were flat at $66.12 a barrel at 0330 GMT, while U.S. West Texas Intermediate crude futures dipped 6 cents to $63.11. Both contracts settled lower on Tuesday. Trump and Putin are due to meet in Alaska on Friday to discuss ending Russia’s war in Ukraine that has shaken oil markets since February 2022. Oil investors are in a …

Singapore, Aug 12, 2025 – Oil prices rose on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world’s two largest oil consumers. Brent crude futures gained 14 cents, or 0.2%, to $66.77 a barrel by 0643 GMT, while U.S. West Texas Intermediate crude futures rose 8 cents, or 0.1%, to $64.04. U.S. President Donald Trump extended a tariff truce with China to November 10, staving off triple-digit …

London,11, 2025 – Oil prices fell on Monday, extending last week’s more than 4% decline, as investors looked to talks between the U.S. and Russia later this week on the war in Ukraine   Brent crude futures fell 45 cents, or 0.68%, to $66.14 a barrel by 0826 GMT, while U.S. West Texas Intermediate crude futures were down 49 cents, or 0.77%, to $63.39. U.S. President Donald Trump said on Friday that he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine. The …

Port Harcourt, Aug. 8, 2025 – The Special Forces of the Nigerian deactivated 71 illegal refinery sites and confiscated over 400,000 litres of stolen crude oil across the Niger Delta area in July under its Operation Delta Sanity. The Nigerian Nay announced this on Friday in its monthly operational update. It said the intensified operations under the operation was part of its effort to curb crude oil theft and other forms of economic sabotage within Nigeria’s maritime domain. According to the update, the crackdown also led to the discovery and …

London, Aug 8, 2025 – Oil prices fell on Friday, heading for their steepest weekly losses since late June as the latest round of U.S. tariffs weighed on the economic outlook and likely upcoming Trump-Putin talks raised the prospect of an ease in sanctions on Russia. Brent crude futures were down 51 cents to $65.92 a barrel at 0630 GMT, on track to decline more than 4% week-over-week. U.S. West Texas Intermediate crude futures were down 57 cents, or 0.89%, to $63.31 a barrel, set to fall nearly 6% on …

Islamabad, Aug. 8, 2025 – Pakistan Refinery Limited (PRL) will import its first-ever cargo of Nigerian Bonny Light crude oil from Vitol in September, marking a shift toward cheaper alternatives to Middle Eastern supplies. Industry sources, who requested anonymity as details are not yet public, said the shipment will consist of 500,000 barrels of light sweet crude. It is expected to be loaded later this month and arrive in Karachi by the end of September. The exact price of the oil has not yet been disclosed. Neither PRL nor Vitol …

Lagos, Aug. 7, 2025 – Nigeria’s efforts to achieve sustainable energy future will deliver the desired results if she introduces the right polices and deploys fit-for-purpose technology. It should also develop a robust supply chain and human resource base to help to unlock production and investments. Ronald Adams, the Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), said while opening a panel session at the ongoing annual international conference and exhibition of the Nigeria Section of the Society of Petroleum Engineers (SPE) in Lagos.  He said the right …

London, Aug. 5, 2025 – Oil slipped over 1% on Tuesday as rising OPEC+ supply and worries of weaker global demand countered concern about U.S. President Donald Trump’s threats to India over its Russian oil purchases. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned. Brent crude futures were down 82 cents, or 1.2%, to $67.94 a barrel …