Aramco plans to buy Shell’s stake in Saudi refining JV: sources

April 17, 2019

Saudi Aramco plans to buy Royal Dutch Shell’s 50 percent stake in Saudi refining complex SASREF, a joint venture between the firms, two sources said on Wednesday. One of the sources said an agreement has been reached between Aramco and Shell. Aramco and Shell declined to comment. Saudi Aramco Shell Refinery Co (SASREF), based in […]

OPEC may raise oil output if prices increase, shortages mount: sources

April 11, 2019

OPEC may raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the market, sources familiar with the matter said. Venezuelan crude production has dropped below 1 million barrels per day (bpd) due to U.S. sanctions. Iranian supply […]

Prepare for $80 oil this summer as ‘wounded bulls’ rise, RBC warns

Chris IkosaApril 11, 2019

International oil prices will average $75 a barrel in 2019, and consumers may find themselves contending with bouts of $80 crude this summer, RBC Capital Markets says. The global investment bank revised its oil price forecast higher Thursday, pointing to a cocktail of market conditions. Those include steep OPEC supply cuts, robust demand, geopolitical risk […]

Global CO2  emission hits 33.1 gigatons in 2018-EIA

March 28, 2019

By Bukola Odufade, with agency report Global carbon emissions reached 33.1 gigatons last year, breaking their previous record, despite the push for a shift from fossil fuels to renewables, the International Energy Agency said in its new Global Energy & CO2 Status Report. Though the annual increase was relatively modest, at 1.7 percent, the increase came […]

Oil prices rise on potential lengthy OPEC-led oil supply curbs

Adesola AfolabiMarch 19, 2019

Oil prices Monday rose to four-month highs, aided by the prospect of prolonged OPEC-led oil supply curbs and signs of inventory declines in U.S. crude stockpiles. Brent crude settled at $67.54 a barrel, while U.S. West Texas Intermediate crude settled at $59.09 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and its allies […]

Price of cooking gas increased in February – NBS 

March 15, 2019

The National Bureau of Statistics (NBS), said the average cost of refilling a five kilogramme (kg) cylinder of liquefied petroleum gas (cooking gas) increased from N2,039.82 in January to N2,067.68 in February. The bureau disclosed this on its “Liquefied Petroleum Gas (Cooking Gas) Price Watch’’ for February released on its website. It said the price […]

OPEC stresses need for 2019 oil supply cuts as rivals pump more

March 14, 2019

OPEC on Thursday cut the forecast of global demand for its crude this year as rivals boost production, building a case to extend a supply-cutting deal with Russia and other allies beyond the first half of 2019. In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would […]

China expands switch from polluting coal heating in 2018 -environment minister

Chris IkosaMarch 11, 2019

 China expanded its coal-to-gas and coal-to-electricity projects to 35 cities in 2018 from 12 cities the previous year, China’s environment minister, Li Ganjie, said on Monday, as the world’s second-largest economy stepped up its fight against smog. China’s winter heating program used to burn an estimated 400 million tonnes of coal a year, and switching […]

Oil broadly flat as higher inventories balance out less OPEC supply

March 7, 2019

Oil prices were broadly unchanged on Thursday as OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran counteracted record U.S. crude output, rising inventories and falling estimates of global demand growth. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.44 per barrel, up 22 cents. Prices were supported by efforts by […]