Kyari still NNPC GCEO, not Sacked Contrary to reports making the rounds, the Group Chief Executive Officer of Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari still at the helms of affairs of the company. There were speculations about his removal by President Bola Tinubu which was published by certain sections of the media. However,…
Platts Survey: OPEC+ Production Plunged By 670,000 Bpd in May OPEC+ slashed its crude oil production by 670,000 barrels per day (bpd) in May, as the voluntary cuts with which the group shocked the markets in April began, the latest Platts survey by S&P Global Commodity Insights showed on Friday. In early April, a…
Pentagon Papers Show Saudi Arabia, U.S. Traded Threats Over Oil Newly leaked Pentagon papers showed that Saudi Arabia’s Crown Prince Mohammed bin Salmon threatened the United States with economic calamity over oil production decisions, according to the Washington Post. Relations between U.S. President Biden and Saudi Arabia’s bin Salman have been sour since before President…
Indian Refiner Drops Expansion Plan to Focus on Petrochemicals Mangalore Refinery and Petrochemicals Limited (MRPL), a major Indian refiner, is shifting its focus on petrochemicals and has shelved plans to expand its refinery capacity to “de-risk” its future in the energy transition. MRPL, whose parent company is Indian state-held company Oil and Natural Gas Corporation…
Russian Oil Output Remains High Much to OPEC’s Dismay Russian crude oil export data in recent weeks have not reflected any cuts and OPEC+ allies are increasingly frustrated with its non-compliance. Russia’s crude oil exports by sea continue to stay high as the latest four-week average shows that shipments are inching up, much to the…
OPEC Daily Basket Price Stood at $77.09 a Barrel Monday The price of OPEC basket of 13 crudes stood at $77.09 a barrel on Monday, June 5, 2023, compared with $73.33 on Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria), Girassol…
African Development Bank to Boost Electricity and Transport Infrastructure, Value Chain Development and Trade Facilitation to Spur Regional Integration in East Africa in 2023-2027 …Investment in the regional electricity trade should enable East African cross-border electricity interconnections to increase from 7 to 9 The African Development Bank (AfDB) has committed to supporting East African countries…
Iran Plans to Create a Regional Natural Gas Hub Iran is looking to set up a natural gas hub in the Persian Gulf and is cooperating with Russia, Qatar, and Turkmenistan to that end, Iranian Oil Minister Javad Owji said on Wednesday. “With the cooperation of Russia, Turkmenistan, and Qatar, we are trying to have…
Citi: Oil Prices Unlikely to Hit the High $80s after Saudi Output Cut While many analysts see the latest Saudi oil cut surprise as bullish or at least moderately bullish for prices, Citigroup thinks that the 1 million bpd cut from the world’s top crude exporter is not likely to result in an oil price…
OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting During the 35th Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting, members reached a consensus on production levels, under the leadership of OPEC President, H.E. Antonio Oburu Ondo, Equatorial Guinea’s Minister of Mines and Hydrocarbons In an endeavor that…
