Oil and Gas

By Tsvetana Paraskova Lagos, May 30, 2023 – Riyadh has grown increasingly frustrated with Russia, which apparently hasn’t kept its end of the deal and isn’t reducing oil production as pledged. Russia insists that it is cutting output as planned, but analysts aren’t convinced. The Saudi’s frustration makes sense since the Kingdom is not only losing market share in the most important oil-importing region, Asia, but its own 500,000 bpd cuts have failed to lift oil prices. Days ahead of the key OPEC+ meeting on June 4, the leading producers in …

Abuja, May 30, 2023 – President Bola Tinubu on Monday held a meeting with Mallam Mele Kyari, the Group Managing Director of NNPC Limited, and Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), on planned removal of petrol subsidy, according to an authoritative source. Although no official statement has been issued on the meeting, the removal of petrol subsidy has been generating concerns across the country since it was officialy announced on Monday. Already, many petrol stations across the country have shut their gates to customers. The few …

By Julianne Geiger for Oilprice.com New York, May 25, 2023 – Oil short sellers have been issued a warning: watch out for more “ouching”. Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, issued the threat earlier this week in his latest lashing out at oil’s short sellers. Saudi Arabia’s energy minister is arguably holding the reins of OPEC, which could decide to cut crude oil production again, sending prices soaring in what would surely be a painful outcome to many speculators and short sellers out there. “I keep advising them (referencing …

By Irina Slav for Oilprice.com New York, May 24, 2023 – Crude oil prices jumped higher today after the U.S. Energy Information Administration estimated inventories in the country had shed 12.5 million barrels in the week to May 19. A day earlier, the American Petroleum Institute had estimated that crude oil inventories in the U.S. had gone up/down by a sizable 6.7 million barrels, which surprised traders and prompted increased oil buying that boosted prices. A week earlier, the EIA had estimated a crude oil inventory build of 5 million barrels, which, …

Lagos, May 24, 2023 – A cooking gas marketer, Second Coming Nig. Ltd., has introduced 20kg composite LPG cylinders into the domestic market to deepen gas utilisation among households in the country Dr Basil Ogbuanu, the Chief Executive of the company, said this was part of the efforts of the company to deepen the usage of Liquefied Petroleum Gas (LPG) in the country. Ogbuanu, who was speaking at the launch of the cylinders in Lagos on Tuesday, said the 20kg cylinders would enable families to use gas longer than refilling …

Abuja, May 24, 2023 – The Federal Government is to clamp down on unlicensed fuel marketers from June 1, 2023. Ogbugo Ukoha, the Executive Director, Distribution Systems, Storage and Retailing Infrastructure of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said this while addressing stakeholders in Abuja on Tuesday. He stressed that unregistered fuel dealers would not be allowed to lift supplies from June 1, 2023. He said the objectives of the engagement were to educate operators about the urgency of obtaining the necessary petroleum storage license and to …