OPEC exit frees Qatar from U.S. legal concerns

22 hrs

Even before taking over Qatar’s energy policy in a government reshuffle last month, Qatar Petroleum (QP) CEO Saad al-Kaabi had long wanted the Gulf state to leave OPEC. Kaabi was concerned OPEC membership could be a stumbling block for QP’s ambitions in the United States, where it has one of the world’s biggest LNG terminals, […]

Oil rises to $61 on Libyan supply cut, U.S. inventories

December 13, 2018

· · Oil rose to about $61 a barrel on Wednesday, supported by an industry report showing a drop in U.S. crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output. The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped by 10.2 million barrels last week, more […]

PPPRA assures Nigerians of uninterrupted fuel supply during the festivities.

Bukola OdufadeDecember 13, 2018

The Petroleum Products Pricing Regulatory Agency (PPPRA), has assured Nigerians of uninterrupted petroleum products supply and distribution during the festive period and afterwards. Abdulkadir Saidu, Executive Secretary of the PPPRA  said the agency was working hard with other agencies of government to ensure that there was no shortfall in the supply and distribution of petroleum […]

Oil charts show demand ailing in world’s top consuming region

Bukola OdufadeDecember 12, 2018

Oil investors are concerned about supplies due to booming U.S. output and uncertainty over how OPEC and its allies will implement production cuts may have reason to worry about demand as well. A look at refining profits in Asia shows consumption may not be keeping with supplies in the world’s top oil-consuming and importing region. […]

KEDCO to intensify debt recovery in 2019

Bukola OdufadeDecember 12, 2018

 Kaduna Electricity Distribution Company will be more aggressive in its drive to recover all outstanding electricity bills next year in order to bridge its revenue deficit, in an attempt to make enough revenue to meet its obligations. According to a statement by Abdulazeez Abdullahi, the company’s head, Corporate Communications, the company is hoping to at […]

China’s crude imports hit 10.4 million barrels per day in November

Bukola OdufadeDecember 12, 2018

China’s crude oil imports surged to an all-time high of 10.43 million barrels per day in November, as they beat the previous record for highest crude imports set in October, according to Chinese customs data, according to a report by Reuters. Chinese crude oil imports last month were up by 8.5 percent compared to November 2017 […]

UACN appoints Omolara Elemide acting group CEO

Afolabi OluwaseunDecember 6, 2018

The board of directors of UAC of Nigeria PLC has announced the appointment of Omolara Elemide as acting group CEO following the retirement of Abdul Akhor Bello. The conglomerate announced that Elemide who is currently the executive director, corporate services would assume office on the 1stof January 2019, as the search for a substantive group […]

OPEC waits on Russia to decide production cuts

December 6, 2018

Oyindamola Alamu Top OPEC producer, Saudi Arabia has urged the group to trim output and said that a cut of 1 million barrels would be sufficient. That level is less than what many analysts anticipated Oil producers are merging a plan to remove 1.3 million barrels per day from the market. However, Saudi Energy Minister […]

AEDC gets new investors, to inject $2 billion into their network

Bukola OdufadeDecember 6, 2018

Abuja Electricity Distribution Company (AEDC) has signed a memorandum of understanding (MoU), worth $2 billion with Power Analytics & Solutions, an indigenous investor, and CEC Africa Investment to strengthen and expand its network. Speaking at the MoU signing, Tony Ezeani, the Director of Power Analytics & Solutions said “the MOU is both for financial and […]