Oil Market Turbulence: Weak Refinery Output and Export Demand Hit Midland Crude Prices Along Texas Coast The Texas oil market is facing a tough period as weak refinery output and sluggish export demand have put downward pressure on Midland crude prices. The price spread between WTI Midland crude in West Texas and Houston has narrowed…
Sahara Group Joins UN Global Compact, Strengthens ESG Commitment Sahara Group, a leading global energy and infrastructure conglomerate, has officially joined the United Nations Global Compact (UNGC), reinforcing its commitment to Environmental, Social, and Governance (ESG) principles. By joining the UNGC, Sahara Group aligns itself with thousands of global businesses dedicated to responsible corporate practices,…
CBN Maintains 27.5% Interest Rate, Holds Key Monetary Policy Parameters The Central Bank of Nigeria (CBN) has decided to retain the country’s benchmark interest rate at 27.5%, along with all other key monetary policy parameters. The decision was made during the 299th Monetary Policy Committee (MPC) meeting held in Abuja. Announcing the decision at a…
Oil Prices Hold Steady, Poised for Weekly Gain Amid Rising Demand and Supply Concerns Oil prices remained stable on Friday, heading for a weekly gain as demand prospects in the U.S. and China improved, while concerns over supply disruptions in Russia continued to support the market. According to Reuters, Brent crude futures dipped slightly by…
EU Looks to U.S. Gas, Renewables to Cut Reliance on Russian Energy The European Union is ramping up efforts to replace Russian gas supplies by increasing imports from countries like the United States while accelerating its transition to renewable energy, according to EU Energy Commissioner Dan Jorgensen. In response to Russia’s 2022 invasion of Ukraine,…
MEMAN Pushes for Rail Transport to Enhance Fuel Distribution Safety The Major Energies Marketers Association of Nigeria (MEMAN) has urged the Federal Government to reintroduce rail transport for fuel distribution, citing its potential to significantly reduce the high number of fuel tanker accidents on Nigerian roads. Speaking in an interview on Saturday in Lagos, MEMAN’s Chief…
Expert Urges Federal Government to Prioritize Security for Power Infrastructure Dr. Olukayode Akinrolabu, a power sector expert, has called on the Federal Government to enhance security measures for Nigeria’s power infrastructure to combat the rising incidence of vandalism. Akinrolabu, who serves as the Chairman of the Customer Consultative Forum for Festac/Satellite Town in Lagos…
NNPC Ltd.: Redefining Corporate Social Responsibility Through Transformative Healthcare and Community Initiatives NNPC Ltd. has emerged as a transformative force in Nigeria, leveraging its Corporate Social Responsibility (CSR) initiatives to address some of the country’s most pressing challenges, particularly in healthcare and community development. Through innovative partnerships, targeted programs, and infrastructure projects, NNPC Ltd. is…
US Repatriates $52.88M Linked to Diezani Alison-Madueke to Nigeria The United States government has repatriated $52.88 million linked to Nigeria’s former Petroleum Resources Minister, Diezani Alison-Madueke, marking a significant step in ongoing efforts to recover assets tied to corruption. The funds, forfeited from the Galactica assets connected to Alison-Madueke and her associates, were formally handed…
US Targets Russia’s Oil Revenues with Broadest Sanctions Yet The Biden administration has rolled out its most extensive sanctions package targeting Russia’s oil and gas revenues, aiming to weaken Moscow’s financial capacity to sustain its war in Ukraine. The sanctions, announced Friday, are designed to disrupt the Kremlin’s primary source of income, dealing a significant…
