CBN Debunks Devaluation of Naira, says Official Rate still at N461 to USD The Central Bank of Nigeria has denied devaluing the naira to trade close to the black market rate. The bank denied the currency devaluation on Thursday in a statement titled, ‘CBN Has Not Devalued the Naira’. This denial was following fears over…
Nigeria Spent $25 Billion to Rehabilitate Refineries Nigeria spent more than 11.35 trillion naira ($25 billion) on fixing the country’s three moribund refineries in the past 10 years, the outgoing parliament said in a report, calling for a forensic audit of the matter. Despite the huge amounts spent to rehabilitate the refineries, they were producing…
Exxon and Chevron Shareholders Dismiss Climate Resolutions Overwhelming majorities of shareholders of ExxonMobil and Chevron rebuffed all climate-related proposals and resolutions at the annual general meetings of the two U.S. supermajors on Wednesday. The shareholder support for climate risk disclosures and for a stronger commitment to cut emissions was lower this year than at last…
OPEC Daily Basket Price Stood At $72.79 a Barrel Thursday The price of OPEC basket of 13 crudes stood at $72.79 a barrel on Thursday, June 1, 2023, compared with $73.07 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria),…
NMDPRA Begins Implementation of Subsidy Removal The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, on Tuesday, said it has started the implementation of the total deregulation of the downstream petroleum sector, confirming that subsidy on Premium Motor Spirit, PMS, also known as petrol, has ended. This was following the pronouncement by Bola Tinubu on…
Gas Leak Forces Equinor To Shut Major LNG Export Terminal In another blow to the only LNG export facility in Europe’s top gas producer, Norway, energy major Equinor on Wednesday shut down the Hammerfest LNG plant due to a gas leak. The Hammerfest plant was evacuated, and no injuries of personnel have been reported, a…
Reuters Survey: OPEC Output Down 460, 00 BPD This Month A Reuter’s survey on Wednesday shows a drop in OPEC oil output for May following voluntary production cuts by OPEC+ said to help support the market. According to the survey, OPEC production was down 460,000 barrels per day from April, and down more than 1.5…
American Offshore Wind Gets Gulf of Mexico Green Light The U.S. Bureau of Ocean Energy Management (BOEM) has given the Gulf of Mexico the environmental green light for offshore wind energy development on the outer continental shelf’s federal territory, paving the way for offshore wind projects across 30 million acres. According to the BOEM, there…
NNPC Announces Adjustments in Pump Price of PMS NNPC Limited wishes to inform its esteemed customers that it has adjusted pump price of Premium Motor Spirit (PMS) across its retail outlets, in line with the current market realities. The company says it strives to provide the public with quality service which it is known for,…
Average LNG Price for July Delivery into North-East Asia Down 3% The average liquefied natural gas, LNG, price for July delivery into north-east Asia fell by 3%, according to industry sources’ estimates cited by Reuters. It was down 3% last week from the previous week at $9.50 per million British thermal units, mmBtu, the lowest…
