Kyiv, Nov 29, 2025 – Ukraine hit two tankers used by Russia to export oil while skirting Western sanctions with marine drones in the Black Sea, an official from the SBU security service said on Saturday. The joint operation to hit the so-called ‘shadow fleet’ vessels was run by the SBU and Ukraine’s navy, the official said on condition of anonymity. Turkish authorities have said that blasts rocked two shadow fleet tankers near Turkey’s Bosphorus Strait on Friday causing fires on the vessels, and rescue operations were launched for those …
Oil prices expected to fall in 2026 – experts
Washington, Nov. 28, 2025 – Commodities strategists at Wall Street’s top investment banks expect 2026 and 2027 to be tough years for the oil industry. And that’s after a nearly 20% decline in oil prices this year. Under a base case set by JPMorgan’s commodities team led by Natasha Kaneva, Brent crude oil (BZ=F) — the international benchmark price — will fall to $58 per barrel in 2026, with West Texas Intermediate crude oil (CL=F), the US benchmark, trading $4 below this level. In 2027, the firm sees prices falling …
Brent rises on Ukraine uncertainty, WTI disrupted by CME outage
New Delhi, Nov 28, 2025 – Brent crude oil futures rose on Friday as drawn-out Russia-Ukraine peace talks kept geopolitical risks elevated, while traders kept one eye on the outcome of an OPEC+ meeting on Sunday for clues about potential output changes. However, U.S. West Texas Intermediate crude futures were frozen after a system outage at exchange operator CME Group. Traders said they were informed by CME just before 0300 GMT of the halt due to a cooling issue at its CyrusOne data centres, which affected trading of all …
NNPC/Renaissance JV donates $300,000, boosts cancer fight at National Hospital
Abuja, Nov. 27, 2025 – The NNPC/Renaissance Joint Venture (JV) has donated $300,000 to the National Hospital, Abuja, for the maintenance of the hospital’s cancer treatment machine. The state-of-the-art Linear Accelerator (LINAC) Radiotherapy Machine was donated by the JV in 2019 under its Corporate Social Responsibility (CSR) project which encompassed enhancement of the entire ecosystem around cancer treatment, provision and installation of necessary data and ancillary systems, has helped in upskilling healthcare professionals to operate the sophisticated machinery. Oluwaseyi Omotowa, the Chief Upstream Investment Officer of the NNPC Upstream Investment …
Dangote picks Honeywell to help fulfill ambitious capacity expansion
Dubai, Nov. 27, 2025 – Nigeria’s Dangote has tapped Honeywell to provide services and help double its refining capacity to 1.4 million barrels per day by 2028, in what is the clearest indication yet that its plans to become the world’s largest petroleum refinery are bearing fruit. The agreement will allow Dangote to process a broader range of crude grades to help support the planned expansion in output with the help of Honeywell’s catalysts and equipment, the companies said on Tuesday. Dangote will also look to increase its total production …
Oil falls on expectations of ceasefire in Ukraine, unlocking Russian supply
Singapore, Nov. 27, 2025 – Oil prices fell on Thursday on expectations of a Ukraine‑Russia ceasefire which could pave the way for the unwinding of Western sanctions against Russian supply, though trading was set to remain thin due to the U.S. Thanksgiving holiday. Brent crude futures shed 33 cents, or 0.5%, to $62.8 a barrel as of 0445 GMT, while U.S. West Texas Intermediate crude futures lost 32 cents, or 0.6%, to $58.33 a barrel. Both contracts settled about 1% higher on Wednesday as investors assessed oversupply risk and the …
Oil climbs after hitting one-month low, supply glut weighs
Beijing, Nov 26, 2025 – Oil prices climbed on Wednesday after sliding to a one-month low in the previous session, though an expected supply glut and a potential Russia-Ukraine peace deal capped gains. Brent crude futures rose 27 cents, or 0.43%, to $62.75 a barrel at 0412 GMT, while U.S. West Texas Intermediate crude futures gained 24 cents, or 0.41%, to $58.19 a barrel. “The mild gains feel more like a technical breather than a trend,” said Priyanka Sachdeva, a senior market analyst at Phillip Nova. “Any upticks we …
Oil dips on oversupply concerns, investors eye Ukraine talks
Singapore, Nov. 25, 2025 – Oil prices eased on Tuesday as concerns supply will exceed demand next year outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive. Brent futures fell 27 cents, or 0.4%, to $63.10 a barrel as of 0500 GMT. West Texas Intermediate (WTI) crude declined 23 cents, or 0.4%, to $58.61. Both crude benchmarks gained 1.3% on Monday as rising doubts about a peace deal to end the Russia-Ukraine war reduced expectations for the unfettered flow of …
NNPCL records N5.4trn profit after tax, N45trn revenue in 2023
Abuja, Nov. 24, 2025 – The Nigerian National Petroleum Company Limited (NNPCL) recorded N5.4 trillion profit after tax during its 2024 financial year. The company also recorded N45.1 trillion gross revenue during the period, a growth of 88% over the figure recorded in 2023. Bayo Ojulari, its Group Chief Executive, announced this on Monday at a press briefing in Abuja. He said the figures contrasted sharply against the figures recorded in 2023 financial year. Ojulari said the improvements were due to cost-optimisation measures, improved production volumes and favourable market conditions …
FG audit report indicts NNPCL over alleged N61bn fraud
Abuja, Nov. 24, 2025 – The Office of Auditor-General of the Federation has uncovered N61.1 billion fraud in the Nigerian National Petroleum Company Limited (NNPCL) allegedly perpetrated through payments under questionable circumstances. The report alleged that the frauds were committed through multiple breaches of financial regulations and weak internal controls. The audit report uncovered 28 major financial irregularities involving N30.1 billion $51.6 million, £14.3 million, and €5.17 million perpetrated in questionable payments, undocumented expenditures, and breaches of financial regulations. All amounted to N61.1 billion when converted. The allegation is …