Nigeria and Angola Decline OPEC’s Proposal for Oil Quota Reduction Nigeria and Angola have expressed their opposition to a reduction in their crude oil production quotas set by the Organization of the Petroleum Exporting Countries (OPEC). According to a Bloomberg report on Tuesday, OPEC faced challenges in resolving the deadlock over oil production quotas for…
Oil Ticks Down on Crude, Fuels Inventory Build Crude oil prices moved lower today, after the Energy Information Administration reported an estimated inventory increase of 1.6 million barrels for the week to November 24. This compared with a sizeable build for the previous week, at 8.7 million barrels, which pushed prices lower last week, contributing…
NAF Jet Destroys more Illegal Refining Sites, Boats, in Rivers The Nigerian Air Force (NAF), said it’s fighter jet under Operation Delta Safe, have destroyed an Illegal Refining Site (IRS) with equipment and reservoirs loaded with illegal products at Yellow Island near Bonny Island in Rivers State. NAF Director of Public Relations and Information, Air…
Maritime Stakeholders Brainstorm On Nigeria’s Trans-Border Trade Stakeholders of the Maritime sector are set to brain storm on the way forward for the country’s trans-border trade and how it could impact positively for the economic development of the nation. This gathering is billed to take place at the 2023 annual conference and awards of the…
Nigeria Plans to Establish Coast Guards for Enhanced Maritime Security, Says Oyetola Adegboyega Oyetola, the Minister for Marine and Blue Economy, has revealed intentions to establish coast guards as part of efforts to enhance safety and security in Nigeria’s waters. This announcement was made during a meeting held on Tuesday in London, where Oyetola engaged…
Tinubu Names Pius Akinyelure as Board Chairman of NNPCL, Retains Kyari as GCEO President Bola Tinubu has designated Chief Pius Akinyelure as the Chairman of the board of the Nigerian National Petroleum Company Limited. Concurrently, President Tinubu has reappointed Mallam Mele Kyari as the Group Chief Executive Officer of NNPC Limited, citing his outstanding performance…
CMB.TECH and Boeckmans placed an Order for Four Hydrogen-Ready Cargo Vessels The Belgian shipping and cleantech group, CMB.TECH has partnered with the maritime transportation firm Boeckmans to place an order for four future-proof hydrogen-ready diesel-electric general cargo vessels with a capacity of 5,000 deadweight tons (dwt). The collaboration between CMB.TECH and Boeckmans have a primary…
OPEC+ Continues Talks with No Current Expectation of Meeting Delay, Sources Report OPEC+ is actively engaged in discussions regarding its oil policy for the year 2024, and as of Wednesday, there is currently no indication of a delay to the scheduled meeting on Thursday, according to two sources within the producer group. On the preceding…
OPEC Daily Basket Price Stood at $83.4 a Barrel Tuesday The price of OPEC basket of 13 crudes stood at $83.4 a barrel on Tuesday, November 28, 2023, compared with $82.75 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria),…
Greek Ferry Collides with Tanker During Arrival in Patras The winter storm that impacted Greece and the Aegean over the weekend had significant repercussions on shipping operations, leading to schedule changes and diversions. One notable incident resulting from the severe weather was the sinking of the cargo ship Raptor. The adverse conditions also contributed to…
