BP Announces Plan to Cut 4,700 Jobs to Reduce Costs. Oil giant BP has confirmed plans to cut approximately 4,700 jobs, representing more than 5% of its global workforce, as part of a major cost-reduction initiative. The announcement, made on Thursday, marks the latest step in the company’s efforts to streamline operations and achieve a…
NMDPRA Supports Africa Energy Bank to Bridge Energy Financing Gap The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has thrown its weight behind the establishment of the Africa Energy Bank, a move it describes as critical to addressing the deficit in financing vital energy projects across the continent. Speaking at the inaugural meeting of…
Fuel Prices Set to Rise as Depots Increase Loading Costs Nigerian consumers should prepare for a potential increase in petrol prices, as major depots nationwide have raised their loading costs. This development is largely attributed to the recent surge in global crude oil prices, with Brent crude reaching $79.76 per barrel on Sunday. Depot Price…
Marine and Blue Economy 2025 Budget Proposal: A Blueprint for Progress – Oyetola The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola CON, has urged agencies under the Ministry to focus on strategic alignment and impactful development in their 2025 budget proposals. This directive aims to advance the goals of the National Policy on…
Nigeria’s Rising Oil Output Falls Short of OPEC Quota Nigeria’s daily average oil production climbed by 7.38% year-on-year in December 2024 to 1.667 million barrels per day (bpd) from 1.552 million bpd in December 2023. Despite this growth, the country missed its Organization of Petroleum Exporting Countries (OPEC) production quota of 1.5 million bpd and…
Grimaldi Group Launches First-Ever Direct Shipping Service Between China and Nigeria. The Grimaldi Group, a global leader in maritime transportation, has unveiled a groundbreaking direct shipping service connecting Shanghai, China, to Lagos, Nigeria. The innovative service eliminates the need for transshipments, promising unmatched speed and efficiency for cargo movement. The announcement was made on Monday…
Oil Prices Surge 3% Following Tougher U.S. Sanctions on Russian Oil. Oil prices soared nearly 3% on Friday, reaching a three-month high as traders anticipated supply disruptions stemming from the most extensive U.S. sanctions to date targeting Russia’s oil and gas revenues. The Biden administration introduced fresh sanctions that encompass Russian oil producers, tankers, intermediaries,…
Oil Prices Edge Higher Amid Diesel Demand Surge and Holiday Trade Oil prices gained on Monday in light, year-end trading as forecasts of colder temperatures in the U.S. and Europe bolstered diesel demand. Brent crude futures rose 22 cents (0.3%) to settle at $74.39 per barrel, with the more active March contract closing at $73.99,…
Nigerians Face 40% Telecom Tariff Hike Amid Economic Pressures. Nigerians are starting 2025 with the challenge of a 40% increase in telecom tariffs approved by the Nigerian Communications Commission (NCC). This hike, affecting phone calls, SMS, and data bundles, comes at a time when inflation stands at 39.93%, adding to the financial strain on households…
Russia Halts Natural Gas Transit Through Ukraine. On January 1, 2025, Russian state-owned energy company Gazprom announced the cessation of natural gas transit through Ukraine following Kyiv’s refusal to extend the gas transit agreement that expired at the end of 2024. According to TASS, the five-year agreement between Gazprom and Ukraine’s Naftogaz, which facilitated the…
