Saudi Growth Outlook Expected to Slow 2.1% on Oil Output Cuts Saudi Arabia’s growth is expected to slow to 2.1% this year due to production cuts, according to the International Monetary Fund (IMF), though the Kingdom’s current account surprise is at a decade-high and inflation has been contained. The IMF’s new growth projection for Saudi…
Industrial Court Bars NLC, TUC from Embarking on Strike The National Industrial Court, NIC, has barred the Nigerian Labour Congress, NLC, and the Trade Union Congress, TUC, from embarking on their strike scheduled to begin on Wednesday in protest of last week’s tripling of petrol prices. The court, which sat in Abuja on Monday, asked…
World Environment Day 2023: Chevron Nigeria’s Commitment to an eco-friendly environment The world commemorates World Environment Day annually on June 5 to celebrate and promote environmental awareness and sustainability across the globe. Led by the United Nations Environment Programme (“UNEP”), and held every year since 1974, each edition focuses on raising awareness and mobilizing the world to take…
Metering: We have surpassed FG’s expectation — MMAAN The Meter Manufacturers and Assemblers Association of Nigeria (MMAAN) disclosed that it has surpassed the expectation of the Federal Government on metering. In a statement signed by the Acting President, Engr. Ademola Agoro FNSE and Secretary, Engr Duro Omogbenigun, MMAAM, stated: “The Meter Manufacturers and Assemblers Association…
Biden Bans Oil and Gas Leasing Near New Mexico Cultural Site The U.S. Administration has banned new oil and gas leasing near the Chaco Culture National Historic Park in New Mexico as part of a plan to protect the area and a larger portion of federal land from drilling. The Chaco Canyon, a major center…
Kyari says Oil Production will hit 1.8 Million Barrels in July Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited has said that by July 2023, Nigeria’s crude oil production will reach 1.8 million barrels per day and 2 million barrels per day by December 2023. He said this during…
US Crude Inventories Post Surprise Rise, Fuel Stocks Mixed – EIA U.S. crude oil stockpiles rose unexpectedly last week, as imports jumped, while distillate inventories gained and gasoline drew down, the Energy Information Administration said on Thursday. Crude inventories rose by 4.5 million barrels in the week to May 26, the EIA said, compared with…
NNPC says it will end Monopoly on Petrol Supplies Nigeria’s state-owned oil company NNPC will soon end its monopoly on petrol supplies, its chief executive told local television on Thursday, a day after it nearly tripled prices at its fuel stations countrywide. Newly inaugurated President Bola Tinubu pledged to remove fuel subsidies, a popular but…
Global LNG – Asian Spot LNG Prices Slip for Sixth Straight Week Asian spot liquefied natural gas (LNG) prices fell for the sixth straight week to their lowest level in more than two years, while European LNG prices also declined on weak demand and high inventories. The average LNG price for July delivery into northeast…
NMDPRA Scraps Petroleum Equalisation Fund, National Transport Allowance to Oil Marketers The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that the Federal Government has officially scrapped petroleum equalisation as well as the national transport allowance. This is just as the Authority said it will no longer fix prices or release templates for…
