NNPC Blames Bad Weather for Shortage at Fuel Stations. The Nigeria National Petroleum Co. Ltd. (NNPC) has attributed the recent fuel shortages at gasoline refueling stations in Abuja and other parts of Nigeria to adverse weather conditions rather than a lack of supply. This shortage has led to long queues at various stations. NNPC explained…
OPEC Sticks to 2024 Oil Demand View, Sees Strong Travel Season. The Organization of the Petroleum Exporting Countries (OPEC) reaffirmed its forecast for robust growth in global oil demand for 2024 and 2025, driven by resilient economic growth and increased air travel during the summer months. In its monthly report, OPEC maintained that world oil…
Maersk CEO Sees Prolonged Challenges Due to Red Sea Disruptions. Maersk CEO Vincent Clerc has issued a cautionary statement regarding the ongoing challenges facing carriers and businesses due to the volatile situation in the Red Sea. These disruptions are expected to extend into the third quarter of 2024, significantly impacting logistics and supply chains. Continued…
FG Urges Maritime Stakeholders to Eradicate Corruption in Sector. At the 17th International Maritime Seminar for Judges, Secretary to the Government of the Federation, Senator George Akume, called on maritime stakeholders to intensify efforts to eradicate corruption within the sector. The seminar, held at the Abuja Continental Hotel, was organized by the Nigerian Shippers Council…
EIA Forecasts Global Oil Market Deficit in 2024. The U.S. Energy Information Administration (EIA) has revised its forecast for the global oil market, now projecting a supply deficit next year instead of the previously anticipated surplus. This shift comes after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+,…
Exxon Mobil Signals Q2 Earnings Hit from Refining Margins, Natural Gas Prices. Exxon Mobil (XOM.N) announced on Monday that lower natural gas prices and refining margins are expected to negatively impact the oil major’s second-quarter earnings. This report will be Exxon’s first earnings release following the acquisition of Pioneer Natural Resources for $60 billion, a…
Apapa Customs Command Generates N1.023 Trillion in Six Months. The Apapa Area Command of the Nigeria Customs Service has announced that it generated a remarkable N1.023 trillion in revenue during the first half of the year. This was disclosed by the Controller of the Command, Comptroller Babatunde Olomu, during a press briefing on Monday. Comptroller…
Eni Makes Major Oil and Gas Discovery Off Mexico Coast. Italian energy group Eni has announced a significant oil and gas discovery in the Sureste Basin, approximately 63 kilometers off the coast of Mexico. The discovery was made in an exploration well known as Block 9, which has an estimated 300-400 million barrels of oil…
Russian Oil and Gas Revenue Soars 41% in First Half of 2024, Data Shows. Russia’s federal budget saw a significant boost from oil and gas sales in the first half of 2024, with revenues rising by approximately 41% year-on-year to 5.698 trillion roubles ($65.12 billion), according to finance ministry data released on Wednesday. The increase…
US, EU Lawmakers Push for International Methane Standard for Oil and Gas Sector. A coalition of European Union and U.S. Democrat lawmakers has called on the International Energy Agency (IEA) to establish international standards for measuring methane emissions in the oil and gas sector. The request, outlined in a letter dated July 1, aims to…
