Energy

The Organization of Petroleum Exporting Countries (OPEC) said Thursday it has already slashed its crude oil output by some 750,000 barrels per day month on month in December, but that is only about halfway to the level of cuts needed to avoid a supply glut. OPEC’s total output pumped 31.58 million barrels per day in […]

Crude oil futures settled on Wednesday after the release of American Petroleum Institute data showing a draw in US crude stocks, with bearish factors generally dominating the market. Brent crude futures settled at $60.53/per barrel, while West Texas Intermediate (WTI) slipped a little, standing at $51.88/per barrel. Multiple factors are “keeping it range bound, equities […]

Femi Otedola, the chairman of Forte Oil Plc, has expressed interest to participate in a divestment opportunity that will see the oil and gas firm sell off entire holdings in its power generating business- Amperion Power Distribution Company. Forte Oil Plc owns 57 percent  of Amperion Power Distribution Company Limited. While Amperion Power Distribution Company […]

Nigerians consumed an average of 53 million liters/day in 2018, up about 1.5 percent from the previous two years, the Petroleum Products Pricing Regulatory Agency said on Tuesday. “Based on PPPRA truck-out figures, the PMS (petrol) national average supply for 2016 and 2017 was around 50 million liters, while estimated average for the year 2018 […]

Asia, Africa, and the Middle East have been identified as the biggest drivers of global energy consumption since the 1980s, thanks to strong economic growth, a quick population growth rate, and greater access to energy markets, according to recent data from the Energy Information Administration (EIA). The report revealed that between 2010 and 2016 alone, […]

Investment inflow into the Nigerian petroleum industry slowed down in the third quarter of 2018, as foreign capital inflow in the industry dipped by 68.9 percent to $7.73 million compared to $24.85 million foreign capital recorded in the second quarter of 2018. According to data obtained from the National Bureau of Statistics (NBS) Foreign Trade Statistics for […]

Oil-related crimes cost Nigeria a $2.8 billion revenue loss in 2018, as attacks on oil installations, maritime crime and piracy continue to pose a threat to peace, security and development in the region, according to a United Nations report on West Africa. “Oil-related crimes resulted in the loss of nearly $2.8 billion dollars in revenues […]

Crude oil futures traded higher on Wednesday, with Brent crude futures were up $1.01 at $59.73 per barrel, while the WTI rose to $50.73 per barrel, from Tuesday’s settle at $49.78 per barrel. Improved US and China relations has weighed positively on oil prices. Chinese and U.S. officials concluded trade talks after a third day of […]