Oil resumes slide on demand worries after UK rate hike Oil prices fell for a second straight session and were headed for a weekly decline of more than 3% on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the U.S. ignited concerns over demand. Brent futures slipped…
Labour, DisCos, NERC at loggerheads over electricity tariff hike The Nigeria Labour Congress, power distribution companies, and the Nigerian Electricity Regulatory Commission are heading for a collision course over the planned hike in the tariffs payable by electricity consumers nationwide. Although power distribution companies and the NERC have not officially confirmed the planned increase, the…
China Stored Massive Volume of Crude Oil in May, giving it Options China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing. A total of 1.77 million barrels per day (bpd) was added to inventories in May, the most since July 2020…
OPEC Daily Basket Price Stood at $77.24 a Barrel Wednesday The price of OPEC basket of 13 crudes stood at $77.24 a barrel on Wednesday, June 21, 2023, compared with $76.85 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria),…
FG, Labour Resume Dialogue over Subsidy Removal Representatives of the Federal Government and Organised Labour are meeting at the Presidential Villa, Abuja to resume negotiations on how to cushion the harsh realities of fuel subsidy removal. The meeting is a follow up on the last session where some agreements were reached and Labour agreed to…
Qatar to Sign Second Huge Long-Term LNG Deal with China Qatar and China are set to sign imminently a new major long-term deal under which QatarEnergy will supply LNG to a Chinese state-controlled energy giant, the Financial Times reported on Tuesday. At the end of last year, Qatar’s state firm QatarEnergy signed the longest-term contract…
German Carmakers to Suffer as China’s EV Boom Accelerates The slump in exports of Germany’s auto industry to China in the first quarter of 2023 could be the beginning of a new long-term trend of “strong disruption” in German-Chinese trade as China’s electric vehicle boom accelerates, a German economic research institute said on Tuesday. German…
India’s Oil Demand Set for Record High despite Dipping in April India’s crude oil imports fell slightly in April from a month earlier and refinery intake dipped month-on-month, according to data from the Joint Organizations Data Initiative (JODI), but on the following month of May, the world’s third-largest crude oil importer saw record fuel demand….
Germany Braces for Swings in Energy Demand and Prices Europe’s biggest economy, Germany, is bracing for another summer of swings in energy demand and prices as the national weather service issues its first heat warning for the season for this week. Germany’s weather forecaster Deutscher Wetterdienst on Sunday issued the first heat warning for the…
Nigerians Initiate Class Action Lawsuit to Recover $533m Oil Revenue A group of Nigerians working across borders have initiated moves to institute a class action lawsuit in the United States of America to recover over $533 million revenue allegedly the proceeds of shortfalls from under-declared Nigerian crude oil exports to the United States. According to…
