November 07, 2025 Japan will gradually increase fuel subsidies for households until it scraps the gasoline and diesel taxes at the end of this year and in April next year, with subsidies intended to avoid consumers waiting until 2026 to fill up with cheaper fuel. Japan’s ruling and opposition parties last week agreed to scrap […]Read More
Femi Otedola, the Chairman of First Bank of Nigeria, has described the implementation of the 15 percent import tariff on petroleum products by President Bola Tinubu as “bold and decisive”. The businessman, in a post, Otedola said the policy was crucial to securing and sustaining investments in the downstream sector. He wrote: “I commend President […]Read More
November 04, 2025 Oil prices experienced a decline on Tuesday, driven by heightened concerns about oversupply in the market and the strengthening of the U.S. dollar. Oil prices fell on Tuesday morning as concerns about oversupply increased after OPEC’s decision to pause supply hikes and as a stronger U.S. dollar eased buying from holders of […]Read More
October 30, 2025 NNPC, the state-owned Nigerian oil company, is looking to revive the three state refineries in Africa’s top crude producer and plans to select technical equity partners to help resume operations at the facilities that have been idled for years. In an update on Nigeria’s refineries, NNPC said that it “continues to make measured […]Read More
October 28, 2025 The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, on Tuesday met with Chuba Ezenwa, managing director and head of Investment Banking, Sub-Saharan Africa, Bank of America, as part of efforts to attract investments and boost oil production. Komolafe, who hosted Ezenwa in his office, said the engagement […]Read More
October 27, 2025 After years of restructuring and cost-cutting efforts, UK-listed oilfield services group Petrofac on Monday filed for administration, following the termination of its biggest contract. Petrofac’s directors have applied to the High Court of England and Wales to appoint administrators to Petrofac, said the company, which provides infrastructure and engineering services to the oil and […]Read More
October 27, 2025 India imported 19.93 million tons of crude oil last month, a 1.7% increase from August, the Economic Times reported, citing government data. The total is equal to roughly 4.87 million barrels daily. The annual increase in imports for September was more pronounced, at 6.1%, the data also showed. In oil products, the government’s […]Read More
October 22, 2025 BP has confirmed the preliminary results of the Volans-1X exploration well in Namibia’s Orange Basin, marking another hydrocarbon success in one of the world’s most closely watched frontier regions. The well, located in Petroleum Exploration License 85 (PEL85), was drilled by operator Rhino Resources using the Deepsea Mira semi-submersible rig to a […]Read More
October 22, 2025 China’s total oil product demand jumped by 416,000 barrels per day (bpd) in August from July, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday. The data compiled from reports submitted by the individual countries also showed that the increase in China’s crude oil imports was higher than the rise […]Read More
October 21, 2025 Portugal’s largest energy company, Galp Energia, is ramping up exploration across Africa and Latin America as global oil demand remains resilient and the energy transition proves slower than anticipated. “The world has changed,” said Executive Board Member Nuno Bastos on Tuesday, noting that the war in Ukraine and renewed energy security concerns […]Read More
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