Oil and Gas

London, Oct. 24, 2023 – Oil prices were broadly stable on Tuesday following the previous session’s dip after a flurry of economic data from Germany, the wider euro zone and Britain sketched a bearish picture which could weigh on oil demand. Brent crude futures were up 9 cents, or 0.1%, at $89.92 a barrel by 0847 GMT, while U.S. West Texas Intermediate crude futures inched up 4 cents, or 0.05%, to $85.53 a barrel. Euro zone business activity took a surprise turn for the worse this month, data showed on …

Abuja, Oct. 19, 2023 – The Nigerian National Petroleum Company Limited (NNPCL) says it has resolved the crisis surrounding the current petrol shortages in parts of Lagos and South-west.  It said that fuel queues in the affected states were caused by reduced depot loadout in Apapa in the last few days. The NNPC, in a statement on Thursday, said that the root cause of the shortage had been addressed. “We assure all Nigerians that there is ample supply with sufficiency of at least 30 days. “Motorists are advised to desist …

London, Oct. 17, 2023 – Oil prices steadied on Tuesday after sliding more than $1 on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas. Brent crude futures were up 29 cents at $89.94 a barrel, while U.S. West Texas Intermediate crude (WTI) was up 20 cents at $86.86 a barrel as of 0808 GMT. Venezuela’s government and opposition are set to resume long-suspended talks on Tuesday which President Nicolas Maduro said …

Abuja, Oct. 16, 2023 – The Federal Government is planning a N26 trillion budget for 2024. The budget estimate will be submitted to the National Assembly before December 31. Atiku Bagudu, Minister of Planning and Budget, said this at the end of the Federal Executive Council (FEC) meeting on Monday. He said the Federal Executive Council had approved the 2024–2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Policy (FSP). The minister said the budget was predicated on crude oil price of $73.96 per barrel and an exchange rate of N700 …

London, Oct, 16, 2023 – Oil futures fell on Monday on reports that the U.S. had agreed a deal to ease sanctions on Venezuela, while investors continued to mull the potential impact of the escalating Israel-Hamas conflict on oil prices. Brent futures were down $1.08, or 1.19%, at $89.81 a barrel at 1434 GMT. U.S. West Texas Intermediate (WTI) crude fell by $1.07, or 1.22%, to $86.62 a barrel. The U.S. and Venezuelan governments reached a deal on Monday to ease U.S. sanctions on Venezuela’s oil industry in return for …

Abuja, Oct. 12, 2023 – Nigeria’s crude oil production rose to1.35 million barrels per day in September, the highest level this year. This The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported this. It said that the country’s output in September was about 14 per cent higher than its level in August 2023 as NUPRC makes efforts to boost higher production. THE NUPRC also reported that the production level in September 2023 was 412,000 barrels per day higher than what was produced in September 2022. Nigeria’s crude oil production was 1,346,562 …

London, Oct 12, 2023 – Oil prices rose about 1% on Thursday reversing earlier falls, on expectations that U.S. interest rates had peaked, but a lower demand growth forecast for next year from the International Energy Agency and higher U.S. inventories limited further gains. Brent futures rose $1.01, or 1.20%, to $86.83 a barrel at 0952 GMT, while U.S. West Texas Intermediate crude gained 73 cents, or 0.90%, to $84.22 a barrel. World shares rose and the dollar and bond market borrowing costs held steady ahead of U.S. inflation data and …

London, Oct 6, 2023 – Oil prices are stable on Friday, but are on course for a week-on-week loss, as demand fears, driven by macroeconomic headwinds, were compounded by another partial lifting of Russia’s fuel export ban on Friday. On Friday, Brent futures were up 15 cents, or 0.18%, at $84.22 at 0817 GMT, while U.S. West Texas Intermediate crude futures were up 20 cents, or 0.24%, at $82.51. Russia announced that it had lifted its ban on diesel exports for supplies delivered to ports by pipeline, under the proviso that …

London, Oct. 5, 2023 – Oil prices fell further by more than $1 on Thursday, extending the previous session’s sharp losses as an uncertain demand outlook overshadowed any boost from an OPEC+ panel maintaining oil output cuts to keep supply tight. Brent crude oil futures dropped $1.19 to $84.62 a barrel by 1045 GMT, while U.S. West Texas Intermediate crude were $1.31 lower at $82.91. Oil settled more than $5 lower on Wednesday, its biggest daily drop in over a year,  as a bleaker macroeconomic outlook and fuel demand destruction …