Russia Sees Oil & Gas Tax Revenue Shed 36% in May Lower crude oil prices, Western sanctions and European push for energy independence combined to shave 36% off Russia’s oil and gas tax collection for last month, compared to a year ago, Bloomberg reports, citing the Russian Finance Ministry. Crude oil and oil products, which…
Egbin Power Plc Charts Path for Environmental Sustainability, Urges Global Concerted Efforts Deliberate actions designed to further reduce environmental pollution in line with the global agenda for sustainability has been outlined by Egbin Power Plc, the largest Power Generating station in Nigeria, to commemorate World Environment Day 2023, under the theme “Solutions to plastic pollution.”…
Saudi Output Cut Unlikely to Lift Oil Prices to High $80s-Low $90s Top crude exporter Saudi Arabia’s one million barrel per day (bpd) oil output cut is unlikely to underpin a “sustainable price increase” into the high $80s-low $90s with weak fundamentals pointing to lower prices by year-end, Citi analysts said in a note on…
Shell to exit European home retail energy businesses Shell has said that it had decided to exit its home retail energy businesses in Britain, Germany and the Netherlands due to their poor returns. Shell launched a strategic review of its European retail businesses in January, citing “tough market conditions”, shortly after CEO Wael Sawan took…
Subsidy: NLC shuns FG meeting, electricity workers back strike The Nigeria Labour Congress on Sunday shunned a meeting called by the Federal Government to discuss the subsidy removal and the attendant hike in fuel pump prices across the country. The union insisted that it would not hold any dialogue with the government representatives unless a…
NNPC Ends Crude Swap Contracts with Foreign Refiners Group Chief Executive Officer of Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari, says the company has terminated its crude-for-petrol swap deal, otherwise called Direct Sale Direct Purchase (DSDP) contracts, with foreign refiners and consortia of traders. Kyari who spoke at the weekend during an interview…
G7 price cap threatens to squeeze tonnage supply in crude tanker market Brent prices, which surged past the $85 per barrel mark after the voluntary production cut by OPEC+, have dipped below $75 per barrel because of rising concerns over global economic health. Nonetheless, the market could head towards tight supply in 2H23 if OPEC+…
Putin gains influence in oil-rich Libya as U.S. struggles to oust Wagner Group While the U.S. ponders whether to reopen its embassy in Libya, Vladimir Putin’s new ambassador is preparing to take up his post in the capital, extending Russian influence across an oil-producing nation on the doorstep of Europe. Russia’s Wagner Group, a private…
Canada Guarantees Loans for Trans Mountain Pipeline Expansion Canada’s federal government has guaranteed loans of $2.23 billion (C$3 billion) to the corporation building the Trans Mountain expansion project to triple the capacity of oil flows from Alberta to the Canadian Pacific Coast. The Trans Mountain Expansion project has been dragging on for years and faces…
Brazil’s Petrobras Revises Strategic Plan to Boost Low-Carbon Investments Brazilian state-run oil company Petrobras recently said its board of directors had approved a revision of part of its 2023-2028 strategic plan in a bid to increase investments in low-carbon initiatives. Petroleo Brasileiro SA, as the company is formally known, said in a securities filing that…
