Oil and Gas

Tokyo/Singapore, Nov. 29, 2023 – Oil edged higher on Wednesday as investors turned cautious ahead of a crucial OPEC+ meeting to decide output policy in the coming months, while a supply disruption caused by a storm in the Black Sea provided a lift for prices. Brent crude futures climbed 3 cents to $81.71 a barrel at 0625 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 17 cents, or 0.2%, at $76.58 a barrel. Both benchmarks gained about 2% on Tuesday on the possibility the Organization of the Petroleum Exporting …

Singapore, Nov. 27, 2023 – Oil prices slipped on Monday, with Brent falling toward $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024. Brent crude futures fell 39 cents, or 0.5%, to $80.19 a barrel by 0728 GMT, while U.S. West Texas Intermediate crude futures were at $75.10 a barrel, down 44 cents, or 0.6%. Both contracts rose slightly last week, their first weekly gain in five, underpinned by expectations that Saudi Arabia and Russia could roll over voluntary …

Berlin (Germany), Nov. 21, 2023 – Nigeria has signed a Memorandum of Understanding (MoU) for $500 million worth of gas from Nigeria to Germany and another for $500 million worth of renewable energy projects in Nigeria.   Dr Doris Uzoka-Anite, the Minister for Industry, Trade and Investment on disclosed the deal in a statement on her X, formerly Twitter, handle on Tuesday, Nov. 21. The statement reads: “The burgeoning economic partnership between the Federal Republic of Nigeria and the Federal Republic of Germany witnessed further expansion and strengthening as two important …

Singapore, Nov. 10, 2023 – Oil prices were up slightly on Friday but are set to fall for a third week as concerns of supply disruptions from the Israel-Hamas conflict have ebbed, allowing demand worries to reassert themselves. Brent crude futures for January were up 40 cents, or 0.5%, at $80.41 a barrel at 0729 GMT, while the U.S. West Texas Intermediate (WTI) crude futures for December were at $76.04, up 30 cents, or 0.4%. Brent futures are down 5.7% this week while WTI has declined 5.9% since last week. …

Abuja, Nov. 7, 2023 – Dr. Ogbonnaya Orji, the Executive Secretary of Nigerian Extractives Industries Transparency Initiative (NEITI), says there is critical need to address oil theft and pipeline vandalism in Nigeria.  Orji said this in a key note address at the ongoing 2023 International Pipeline Technology and Security Conference in Abuja.  He said putting an end to pipeline vandalism and crude oil theft was vital for rebuilding trust in the sector, reinstating investor confidence as well as supporting economic growth. Orji said that oil theft and losses had escalated …