After an initial rise in oil price earlier in the week, prices inched lower yesterday as the market weighed worsening economic prospects against expectations of United States crude inventory declines and plans by OPEC+ producers to reduce output. Opec+ is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world …

The Nigeria Labour Congress (NLC) has warned that those pushing for subsidy removal in Nigeria are out to set the country on fire. This came against the backdrop of an announcement that the outgoing administration of President Muhammadu Buhari had left the decision of petrol subsidy removal to the incoming government. According to NLC, the focus should be on the …

The Ghana National Petroleum Authority (NPA) has said that the country has implemented regulatory measures, including the removal of fuel subsidy, to ensure stability across its downstream sector. The Chief Executive Officer of NPA, Abdul Hamid said this during a presentation at the ongoing Africa Refiners and Distributers week 2023, in Cape Town, South Africa. Hamid said the Ghanaian government, …

In recognition of the funding challenges facing some of the awardees of the 2020 Marginal Field Bid Round licences, the Nigerian Upstream Regulatory Commission (NUPRC) is planning a production based lending engagement that would assist them source capital to commence full field development towards hitting first oil. According to the commission, the engagement, which is planned to commence soon, will …

Oil marketers claimed on Tuesday that numerous depots had ceased filling up with Premium Motor Spirit (PMS), because of the uncertainty brought on by the compilation of general election results nationwide. While filling stations operated by major marketers and the NNPC Limited were selling petrol between N194 and N200/litre, other outlets operated by independent marketers dispensed the product between N250 …

The National Security Adviser, Major General Babagana Monguno (rtd.) has revealed that 83 oil tankers involved in crude oil theft have been arrested, while over three million barrels of theft of crude oil has been prevented, and 11 million litres of petrol and diesel recovered. At a stakeholders’ conference on oil theft and losses held in the Federal Capital Territory, …

Approximately 40 percent of the volumes credited to crude losses in the Nigerian petroleum industry are actually attributable to measurement inaccuracies and not theft as often reported, according to the Chief Executive of the Nigerian Upstream Regulatory Commission (NUPRC), Engr. Gbenga Komolafe. At the Petroleum Club Quarterly Dinner over the weekend, Komolafe said that the revelation followed a forensic audit …

Nigeria’s oil production has increased to 1.6 million barrels per day, the highest level in months, according to NNPC Limited (NNPCL). NNPCL’s announced this At the company’s final cut over event on Friday, Group Chief Executive Officer, Mallam Mele Kyari was excited while announcing that Nigeria is now on track to hit an oil production level of 1.8 million barrels per …

Residents of Idjerhe Kingdom, an oil-bearing community in Ethiope West Local Government Area of Delta State, have called on the newly-constituted Board of the Niger Delta Development Commission (NDDC) to revisit all the abandoned projects sponsored by the commission in the community without further delay. The community maintained that it could only pass vote of confidence in the new Board …

The Federal Government has accused the rising cost of petrol on the rush by petroleum marketers to make illicit profits from the hardship of Nigerians. Minister of State for Petroleum Resources, Chief Timipre Sylva, who stated this to State House Correspondents after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, also lamented the hardship the situation had …