Since the start of the Israel-Hamas war on October 7, when Hamas attacked festival goers, spot prices for liquefied natural gas (LNG) have risen by more than 40 percent. Spot Liquefied Natural Gas (LNG) prices jumped to $18.345/MMBtu on October 16, according to S&P Global Commodity Insights. This spike of more than 40 percent since […]Read More
For the first time in nearly a decade, the Nigerian National Petroleum Company (NNPC) Limited has discontinued the crude oil swap agreement for petrol and began purchasing fuel through cash tenders. This adjustment, which is in line with President Bola Tinubu’s reform proposals introduced in May, aims to eliminate costly fuel subsidies and strengthen the […]Read More
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have agreed to suspend the industrial action planned for today, October 3, for 30 days. At the end of a five-hour closed door meeting, the Union leaders said that all the agreement have been given a timeline for implementation. The agreement was signed by […]Read More
Oil prices maintained stable on Monday after falling at the end of last week, as investors resumed their attention to a tight global supply outlook, but a last-minute deal to avoid a US government shutdown revived some risk appetite. Brent December crude futures were up 17 cents, or 0.18 percent, to $92.37 per barrel by […]Read More
Brent Crude oil rose to $97.2 per barrel in the early hours of Thursday, September 28, reaching its highest level since November 2022, according to Oilprice. The huge price increase was caused by increased demand and a major drop in crude oil supplies. Saudi Arabia and Russia were key contributors to this surge, since they […]Read More
The Nigerian National Petroleum Company (NNPC) Ltd., has signed a gas supply Memorandum of Understanding with Indorama Eleme Petrochemicals Limited. According to the state-owned oil company, the agreement was signed in a bid to promote the use of natural gas by large-scale gas utilisation industries. Details soon…Read More
President Bola Ahmed Tinubu on Wednesday assured labour unions in the country that the Port Harcourt refinery will be back on stream by December, 2023. He made this known while meeting with the leadership of the organised labour centre at the State, Abuja, after a nationwide protests by the Nigeria Labour Congress and the Trade […]Read More
Angola has set a production target of 1.2 million barrels per day (mbpd) of crude oil, against the current 1.15 mbpd, the country’s regulatory agency, National Agency of Petroleum, Gas and Biofuels (ANPG) has declared. Ana Miala, director of production of the ANPG, said the country currently has the capacity to produce 1.18 mbpd, which […]Read More
Despite easing of Liquefied Natural Gas (LNG) prices in international market, Pakistan has once again failed to attract even a single bid for the supply of six spot Liquefied Natural Gas (LNG) cargoes. The state owned Pakistan LNG Limited (PLL) had, last week, invited bids from international suppliers for the delivery of six cargoes with […]Read More
The National Oil Company of Liberia (NOCAL), has signed a memorandum of understanding with the Nigeria-Morocco Gas Pipeline. The Nigeria-Morocco Gas Pipeline (NMGP) Project is an initiative of the Federal Government of Nigeria and the Kingdom of Morocco. Speaking during the signing ceremony, Saifuah-Mai Gray, Managing Director of the National Oil Company of Liberia (NOCAL), […]Read More
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