bNigeria Raises Benchmark Lending Rate to 18% to Tame Inflation Nigeria’s central bank raised its benchmark lending rate by 50 basis points to 18% on Tuesday as monetary authorities seek to rein in inflation which has squeezed consumer purchasing power. The central bank’s decision came after last week’s inflation data showed prices had quickened in…
Oil Prices Continue to Fall Despite Central Bank Action Crude oil prices began yet another week with a loss despite strong signals that central banks are stepping in to help troubled lenders in the U.S. and Europe. In Asian morning trade, Brent crude was trading at $72.27 per barrel, while West Texas Intermediate was changing…
UK faces a rising risk of Power supply shortfalls this Decade The UK risks a shortage in stable electricity generation in the late 2020s as more coal-fired and older gas and nuclear power plants close, research commissioned by energy firm Drax Group shows. Peak demand for Britain’s electricity is expected to rise by 4 gigawatts…
Germany Signals Energy Crisis Aid Is Not Sustainable Germany’s government has warned local authorities that the money it has been distributing amid the energy crisis since last year will not become a new norm. “All of this burden sharing is based on decisions taken in exceptional political and economic situations,” deputy finance minister Luise Hoelscher…
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Battle Over Nuclear’s Role in Renewable Energy Goals Continues The battle over nuclear energy’s role in the EU’s renewable energy future is far from over, with Germany, Spain, and other EU countries fighting to keep nuclear energy from counting when it comes to calculating renewable energy targets, a letter seen by Reuters suggests. France has…
Anibor Kragha Re-Elected ARDA Executive Secretary Former Chief Operating Officer (CEO), of Nigerian National Petroleum Corporation (NNPC), Anibor Kragha, has been re-elected as Executive Secretary of the African Refiners & Distributors Association, ARDA, for a second term in a unanimous vote by the organisation. Having held the position since 2020, Kragha has led the organization…
NCDMB to Host 4th Nigerian Oil & Gas Opportunity Fair The Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to organise the 4th edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF), with the theme “The oil and gas industry- catalyst and fuel for the industrialisation of Nigeria.” After being held virtually…
NCDMB To Host 4th Nigerian Oil And Gas Opportunity Fair The Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to organize the 4th edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF), with the theme “The oil and gas industry- catalyst and fuel for the industrialisation of Nigeria.” After being held virtually…
ING Slashes 2023 Brent Oil Price Forecast to $90 Softer oil market fundamentals than previously expected prompted ING on Friday to slash its Brent Crude forecast for this year to $90 per barrel from $98, as a larger current surplus is likely to leave the market in a better position to handle an expected deficit…
