Oil and Gas

London, Sept. 18, 2023 – Global oil benchmark Brent crude neared $95 a barrel on Monday with investors focused on the prospect of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended supply cuts. Brent crude futures rose 62 cents to $94.55 a barrel by 1222 GMT while U.S. West Texas Intermediate crude futures were up 72 cents at $91.49. Brent and WTI have climbed for three consecutive weeks to touch their highest since November and are on track for their biggest quarterly increases since …

Abuja, Sept. 17, 2023 – The Nigerian National Petroleum Company (NNPC) has appointed three new executive vice presidents. Those appointed are Oritsemeyiwa A. Eyesan as Executive Vice-President for Upstream, Olalekan Ogunleye as Executive Vice-President for Gas and New Energy, while Adedapo Segun is Executive Vice-President, Downstream. The new appointments were announced in a statement by Garba Deen Muhammad, the NNPC Spokesperson. He said the changes were in accordance with the company’s commitment and push for organisational renewal. “In line with NNPC Ltd’s commitment and drive for organisational renewal, anchored on …

London, Sept. 14, 2023 – Oil rebounded on Thursday with Brent crude topping $93 a barrel for the first time this year as expectations of a tighter supply outlook for the rest of 2023 overshadowed concerns over weaker economic growth and rising U.S. inventories. Saudi Arabia and Russia’s extension of oil output cuts will result in a market deficit through the fourth quarter, the International Energy Agency said on Wednesday before a bearish U.S. inventories report prompted a brief pullback in prices. “That this genuinely bearish stock report only led to a …

London, Sept. 13, 2023 – The Libyan flood that has claimed over 2,000 lives and displaced more than 10,000 people may have been responsible for driving oil prices to nearing a 10-month high. This development adds to the concerns over Libyan production and OPEC+ supply cuts with global economic uncertainties. On Wednesday, Brent crude futures increased by 17 cents to reach $92.23 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 21 cents to $89.05 per barrel. Both benchmarks surged nearly 2 percent on Tuesday, marking their highest levels …

London, Sept. 12, 2023 – OPEC on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation. World oil demand will rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023, the Organization of the Petroleum Exporting Countries said in a monthly report. Both forecasts were unchanged from last month. A lifting of pandemic lockdowns …

London, Sept. 12, 2023 – Oil prices rose about 1% on Tuesday boosted by a tighter supply outlook, while investors awaited macroeconomic data that could indicate whether interest rates will rise further in the United States and Europe. November Brent crude futures rose 67 cents, or 0.7%, to $91.31 a barrel at 0949 GMT, while U.S. West Texas Intermediate crude futures for October firmed by 76 cents or 0.9% to $88.05. Brent breached $90 a barrel last week for the first time in 10 months after Saudi Arabia and Russia …

By Clyde Russell Launceston (Australia), Sept. 11, 2023 – China’s imports of most major commodities rebounded in August, but the strength in arrivals of crude oil, iron ore and coal is more likely related to temporary factors rather than a recovery signal for the world’s second-largest economy. Crude oil imports surged to 12.43 million barrels per day (bpd) in August, the third-highest daily rate and up 20.9% from July, according to data released on Sept. 7 by the General Administration of Customs. Imports for the first eight months of the year are …

Warri, Sept. 9, 2023 – Chevron Nigeria Limited on Saturday denied allegations of its involvement in crude oil theft in the Niger Delta creeks. Esimaje Brikinn, Chevron’s General Manager, Policy, Government and Public Affairs, refuted the allegation in a statement in Warri on Saturday. The company said though it was aware of the allegation made by some online media, but the allegation was untrue, incorrect, and made without any basis. It said the company’s efforts with other government agencies in preventing oil theft and its impact on the environment was …

London, Sept. 8, 2023 – Oil prices were stable on Friday as investors weighed fears about the health of China’s economy against supply cuts from major producers Saudi Arabia and Russia. Both oil benchmarks hit 10-month highs earlier this week after Riyadh and Moscow extended their voluntary supply cuts of a combined 1.3 million barrels per day (bpd) to the end of the year. However, concerns over China – considered crucial to shoring up oil demand over the rest of the year – have frustrated markets due to its sluggish post-pandemic …

Abuja, Sept 2, 2023 – Nigeria is now producing an average of 1.67 million barrels of oil and condensates per day, an improvement of about one million barrels per day in December last year. The Nigeria National Petroleum Corporation Limited (NNPCL), which gave the statistics on Friday, attributed the improvement to improved security in the Niger Delta area. Mele Kyari, the NNPC Group Managing Director, said: “We’ve already seen very significant changes in our production environment.” Crude oil production had been adversely affected by oil theft from pipelines and wells …