Oil Prices Drop Amid Federal Reserve’s Caution on Interest Rate Cuts. Oil prices edged lower on Thursday as concerns about future fuel demand grew following the U.S. Federal Reserve’s signal of a slower pace for interest rate cuts in 2025. The central bank’s cautious stance dampened optimism in the market, erasing gains from earlier in…
OPEC+ Concerned Over Potential U.S. Oil Output Surge Under Trump Members of the OPEC+ alliance are expressing concerns about a potential rise in U.S. oil production if Donald Trump returns to the White House. Delegates from the group believe increased U.S. output would erode OPEC+’s market share and complicate efforts to stabilize global oil prices….
SON Revamps Nigeria’s Leather and Textile Sector, Targets $1 Trillion Global Market. In a strategic push to align with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Standards Organisation of Nigeria (SON) is intensifying efforts to elevate the country’s leather and textile sector to meet international standards, unlocking access to the $1 trillion global market….
Remtrack: A Digital Tool for Public Accountability in Nigeria’s Extractive Industries. For over five decades, Nigeria has depended heavily on oil and gas for foreign exchange and revenue. However, instead of prosperity, many communities in oil-producing regions face environmental degradation, loss of livelihoods, and a decline in living conditions. The stark contrast between the country’s…
Iran’s Revolutionary Guards Expand Grip on Oil Exports Amid Sanctions Pressure. Iran’s Islamic Revolutionary Guard Corps (IRGC) has solidified its control over a significant portion of the nation’s oil exports, Western officials, security sources, and Iranian insiders reveal. The IRGC now oversees up to half of Iran’s oil exports, marking a sharp increase from 20%…
EU Adopts 15th Sanctions Package Against Russia, Targets Shadow Fleet and Chinese Entities. The European Union has approved its 15th package of sanctions against Russia over its ongoing invasion of Ukraine, introducing tighter restrictions on Moscow’s “shadow fleet” of vessels and expanding measures against Chinese entities linked to Russia’s military efforts. The package adds 52…
NMDPRA, stakeholders collaborate to address wholesale gas challenges The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reiterated its commitment to addressing and resolving critical regulatory challenges within the wholesale supply sector for natural gas and petroleum liquids. The Chief Executive Officer of NMDPRA, Mr Farouk Ahmed, said this during a stakeholder sensitisation on…
Nigeria Customs Wins Prestigious Award as Best National Security Service in Africa. The Nigeria Customs Service (NCS) has been named the Best National Security Service in West, East, and Central Africa for 2023/2024, a recognition that underscores the Service’s exemplary performance in safeguarding Nigeria’s borders, enhancing trade facilitation, and tackling transnational crimes through innovative enforcement…
IPPG celebrates Adeyemi-Bero’s appointment as 2025 OPEC Chairperson The Independent Petroleum Producers Group (IPPG) has celebrated the historic appointment of Ademola Adeyemi-Bero, one of its founding members, pioneer Chairman, and Trustee, as Chairperson of the Organisation of Petroleum Exporting Countries (OPEC) Board of Governors for 2025. His confirmation as Nigeria’s OPEC Governor marks a significant…
Aradel Holdings Acquires Stake in Chappal Energies, Expands Offshore Gas Investments. Aradel Holdings Plc has announced its acquisition of a 5.14% equity stake in Chappal Energies Mauritius Limited, an energy firm focused on deep value and brownfield upstream opportunities in Africa. The deal marks a strategic step in Aradel’s bid to diversify its asset portfolio…
