Sinopec Predicts China’s Petroleum Consumption to Peak by 2027 China Petrochemical Corp (Sinopec) has forecasted that the country’s petroleum consumption will peak by 2027 at no more than 800 million metric tons, equivalent to 16 million barrels per day. This prediction provides a more precise timeline than last year, when Sinopec estimated a peak between…
Nigeria Approves Shell’s $2.4 Billion Asset Sale to Renaissance Group. Nigeria’s oil minister has approved Shell Plc’s $2.4 billion sale of onshore and shallow-water oil and gas assets in the Niger Delta to the Renaissance Group. This approval, announced by Renaissance, follows an earlier rejection by the Nigerian government two months ago, marking a significant…
Africa Investment Forum 2024 Highlights Japan’s Role in Agricultural and Energy Revolution. The Africa Investment Forum 2024 Market Days showcased the critical role of Japanese technology and innovation in Africa’s agricultural transformation and energy transition. During a plenary session, Dr. Akinwumi Adesina, President of the African Development Bank, painted a vivid picture of the opportunities…
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…
