Oil Prices Slip on Rising U.S. Crude Inventories Amid Ongoing Middle East Tensions. Oil prices declined on Wednesday following data indicating a larger-than-expected increase in U.S. crude inventories. Despite this, crude futures remain up approximately 3% this week, as traders remain vigilant about the escalating conflict in the Middle East. As of 0917 GMT, Brent…
PPP Model Key to Maritime Infrastructure Development in Nigeria – NIMASA DG Mobereola Dr. Dayo Mobereola, Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), has highlighted the necessity of adopting the Public-Private Partnership (PPP) model to drive infrastructural development in Nigeria’s maritime sector. Speaking during a meeting with Dr. Jobson Oseodion Ewalefoh, Director-General…
Oil Prices Drop on Rising U.S. Supply, While Middle East and Hurricane Risks Limit Declines. Oil prices fell by over $1 per barrel on Wednesday as a surge in U.S. crude inventories tempered concerns about supply disruptions linked to ongoing Middle East tensions and Hurricane Milton in the U.S. Brent crude futures dropped $1.21, or…
NNPC Ltd and Chevron Complete Asset Conversion, Target 165,000 BOPD by December 2024. The Nigerian National Petroleum Company Limited (NNPC Ltd) and Chevron Nigeria Limited (CNL) have finalized the conversion of their joint venture (JV) assets to align with the Petroleum Industry Act (PIA) 2021, a landmark development aimed at enhancing Nigeria’s oil and gas…
South Africa Gears Up for LPG Boom Amid Rising Electricity Prices South Africa’s liquefied petroleum gas (LPG) industry is set for significant growth as new distribution hubs, increased electricity prices, and a transition from dirtier fuels drive demand, according to industry executives. With state utility Eskom planning a 36% electricity tariff hike next year, LPG…
Depot Owners Play Vital Role in Refined Products Distribution, Says Iheanacho Depot owners are essential to the fuel distribution network in Nigeria, according to Capt. Emmanuel Iheanacho, Chairman of Integrated Oil and Gas Ltd. He emphasized their critical role, particularly in the delivery of Premium Motor Spirit (PMS) from the newly operational Dangote Refinery. Iheanacho…
Crude Futures Fall Over $1 Per Barrel Amid Demand Concerns Crude oil futures fell by more than $1 per barrel on Wednesday in volatile trading, as concerns about weakening global demand overshadowed mixed signals from crude producers regarding potential supply increases. Brent crude futures dropped $1.05, or 1.42%, settling at $72.70 per barrel, while U.S….
Health Insurance Vital for Quality Healthcare Access, Says Governor Sanwo-Olu Lagos State Governor Babajide Sanwo-Olu emphasized the critical role of health insurance in ensuring that citizens have access to quality healthcare services, during a meeting with the National Leadership of the Nigerian Medical Association (NMA) on Monday. Represented by his Deputy, Dr. Obafemi Hamzat, the…
Oil Marketers Warn Nigerians of Imminent Fuel Price Hike. The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harry, has cautioned Nigerians to brace themselves for a potential increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, in the coming days. Despite the recent commencement of…
Dangote Refinery Begins Petrol Processing, NNPC Set to Be Exclusive Buyer The Dangote Oil Refinery has officially commenced the processing of petrol, marking a significant milestone for Africa’s largest refinery. This development follows delays due to recent crude oil shortages, according to a report by Reuters. Devakumar Edwin, Vice President at Dangote Industries Limited, confirmed…
