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Oil prices rose early on Monday, extending Friday’s gains and hitting fresh multi-year highs “Over-compliance by the OPEC+ on output cuts have been helping crude oil supplies to remain tight,” Join Our Community Oil prices rose early on Monday, extending Friday’s gains and hitting fresh multi-year highs, as the energy crisis in Europe and Asia…
October 18, 2021
...It is “quite possible” that the WTI Crude oil prices reach $100 per barrel in light of growing global demand for energy commodities, Russian President Vladimir Putin said on Wednesday ...Putin: Russia and its allies in the OPEC+ oil producer group want a stable oil market without any shock spikes in prices It is “quite…
October 14, 2021
Nigeria, the largest oil producer and exporter in Africa, hopes that its newly adopted petroleum industry law will help it hike its oil production by 310 percent to 4 million barrels per day (bpd), Nigerian Petroleum Minister Timipre Sylva said this week. Nigeria currently produces just below 1.3 million bpd, as per OPEC's latest official…
October 11, 2021
...U.S. oil producers are keeping a never-seen-before discipline in spending on new supply ...Even though the benchmark U.S. oil price, WTI Crude, has consistently traded above $60 a barrel for nearly six months now, the shale patch is not rushing into overproduction ...In the short term, American producers are not expected to add meaningful volumes…
October 5, 2021
OPEC+ will remain the leading factor in oil price movements in the next few months, a senior Vitol executive told the media, as quoted by Bloomberg. “Control of pricing is very much in the hands of OPEC+,” said Mike Muller, the head of Vitol’s Asian operations. In the United States, he said, “the rig count is…
October 4, 2021
Former Governor of Central Bank of Nigeria (CBN) and immediate past Emir of Kano, HRH Muhammadu Sanusi II, has said Nigeria is investing its scarce resources to subsidize Premium Motor Spirit (PMS) otherwise known as petrol that never arrived at the country’s shores. The former CBN governor described the controversial fuel subsidy regime as a…
October 1, 2021
The Senate has kickstarted move to ensure the relocation of the operational bases of the oil and companies in Nigeria to Niger Delta. This was followed by a motion submitted by Senator Albert Akpan who represents Akwa Ibom North-east Senatorial district. The motion which was sponsored by Akpan and co-sponspored by 23 other lawmakers is…
September 28, 2021
The potential implosion of China's property market and broader economy sent oil prices tumbling at the start of the week. Energy Market Chart of the Week According to Rystad Energy, this year will see the highest-ever number of geothermal wells drilled as the geothermal sector sees waves of renewed interest. Rystad sees the global well…
September 22, 2021
A colder winter and soaring natural gas prices globally could lead to higher-than-expected oil prices at the end of this year, with the potential for oil hitting $85 per barrel in the fourth quarter, Goldman Sachs says. Goldman, which has a price forecast of $80 a barrel oil for the last quarter of 2021, believes…
September 20, 2021
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Oil prices rose early on Monday, extending Friday’s gains and hitting fresh multi-year highs “Over-compliance by the OPEC+ on output cuts have been helping crude oil supplies to remain tight,” Join Our Community Oil prices rose early on Monday, extending Friday’s gains and hitting fresh multi-year highs, as the energy crisis in Europe and Asia…
October 18, 2021
...It is “quite possible” that the WTI Crude oil prices reach $100 per barrel in light of growing global demand for energy commodities, Russian President Vladimir Putin said on Wednesday ...Putin: Russia and its allies in the OPEC+ oil producer group want a stable oil market without any shock spikes in prices It is “quite…
October 14, 2021
Nigeria, the largest oil producer and exporter in Africa, hopes that its newly adopted petroleum industry law will help it hike its oil production by 310 percent to 4 million barrels per day (bpd), Nigerian Petroleum Minister Timipre Sylva said this week. Nigeria currently produces just below 1.3 million bpd, as per OPEC's latest official…
October 11, 2021
...U.S. oil producers are keeping a never-seen-before discipline in spending on new supply ...Even though the benchmark U.S. oil price, WTI Crude, has consistently traded above $60 a barrel for nearly six months now, the shale patch is not rushing into overproduction ...In the short term, American producers are not expected to add meaningful volumes…
October 5, 2021
OPEC+ will remain the leading factor in oil price movements in the next few months, a senior Vitol executive told the media, as quoted by Bloomberg. “Control of pricing is very much in the hands of OPEC+,” said Mike Muller, the head of Vitol’s Asian operations. In the United States, he said, “the rig count is…
October 4, 2021
Former Governor of Central Bank of Nigeria (CBN) and immediate past Emir of Kano, HRH Muhammadu Sanusi II, has said Nigeria is investing its scarce resources to subsidize Premium Motor Spirit (PMS) otherwise known as petrol that never arrived at the country’s shores. The former CBN governor described the controversial fuel subsidy regime as a…
October 1, 2021
The Senate has kickstarted move to ensure the relocation of the operational bases of the oil and companies in Nigeria to Niger Delta. This was followed by a motion submitted by Senator Albert Akpan who represents Akwa Ibom North-east Senatorial district. The motion which was sponsored by Akpan and co-sponspored by 23 other lawmakers is…
September 28, 2021
The potential implosion of China's property market and broader economy sent oil prices tumbling at the start of the week. Energy Market Chart of the Week According to Rystad Energy, this year will see the highest-ever number of geothermal wells drilled as the geothermal sector sees waves of renewed interest. Rystad sees the global well…
September 22, 2021
A colder winter and soaring natural gas prices globally could lead to higher-than-expected oil prices at the end of this year, with the potential for oil hitting $85 per barrel in the fourth quarter, Goldman Sachs says. Goldman, which has a price forecast of $80 a barrel oil for the last quarter of 2021, believes…
September 20, 2021
