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Despite the significant rally in oil over the past couple of weeks, demand uncertainty continues to affect prices. The outbreak of the second wave of a new Covid-19 strain in India has particularly left the markets concerned about fuel demand in the world’s 3rd largest oil consumer. According to Indian state-owned refiner, Bharat Petroleum, overall fuel demand…
May 4, 2021
The Nigerian Consumers Protection Network (NCPN), has condemned reports of a planned major increase in the electricity tariff, describing it as unacceptable. The NCPN President, Kunle Kola Olubiyo, who is also a member of the Presidential ad-hoc Committee on Review of Electricity Tariff in Nigeria, in an open letter addressed to the Chairman, Nigerian…
May 3, 2021
The federal government through the Bureau of Public Enterprises (BPE) has announced its decision to sell the five power generation companies constructed under National Integrated Power Project (NIPP). The BPE in a document signed by the Director-General, Alex Okoh, and made available to the media on Sunday called on investors to bid for the 100…
May 3, 2021
Julianne Geiger The Joint Technical Committee of OPEC+ is concerned about the growing case numbers in India, Japan, and Brazil, Reuters sources said on Monday. The Joint Technical Committee, or JTC, is responsible for assessing oil market fundaments. It is also tasked with monitoring which member countries are complying with the production cut quotas and…
May 3, 2021
Climate activists have cautioned African governments against turning the direction of fossil fuel investments to develop the continent and its human capacity, noting that such dirty energy would further compound the continent's environmental woes and derail altruistic alternatives to African development. Director of Health of Mother Earth Foundation (HOMEF), Nnimmo Bassey said African continent is…
April 30, 2021
Crude oil prices got a major boost this week thanks to optimistic expectations about demand from OPEC+ and rebalancing fuel inventories in the United States. Brent jumped to over $68 per barrel, and West Texas Intermediate neared $65 per barrel by the middle of the week and could rise even further unless headwinds appear. Earlier in…
April 30, 2021
The Energy Sector (NYSEARCA:XLE) has taken the lead in the S&P midday sector standings on Wednesday trading, jumping 3.5% as OPEC+ appears ready to stick with earlier plans to slightly increase oil production from May 1. The OPEC technical committee has issued a bullish oil demand forecast, although a hawkish tone by the Fed could derail the recent oil…
April 29, 2021
Although it is a very rare occurrence to see Nigerian grades trade at levels stipulated by the Nigerian National Petroleum Company (NNPC) every month, the issuance of its official selling prices generally reflects the market’s current sentiment. Today’s current feeling about Nigerian crudes (and Western African ones generally) is that of weakness. Attesting to the…
April 29, 2021
A serious revenue nightmare awaits Nigeria's 36 states and the FCT as the Nigerian National Petroleum Corporation (NNPC) said it won't be able to meet up with its monthly remittance to the Federation Accounts Allocation Committee (FAAC) for the month of May. With this disclosure by the NNPC, it suffices to say the revenue crisis…
April 28, 2021
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Despite the significant rally in oil over the past couple of weeks, demand uncertainty continues to affect prices. The outbreak of the second wave of a new Covid-19 strain in India has particularly left the markets concerned about fuel demand in the world’s 3rd largest oil consumer. According to Indian state-owned refiner, Bharat Petroleum, overall fuel demand…
May 4, 2021
The Nigerian Consumers Protection Network (NCPN), has condemned reports of a planned major increase in the electricity tariff, describing it as unacceptable. The NCPN President, Kunle Kola Olubiyo, who is also a member of the Presidential ad-hoc Committee on Review of Electricity Tariff in Nigeria, in an open letter addressed to the Chairman, Nigerian…
May 3, 2021
The federal government through the Bureau of Public Enterprises (BPE) has announced its decision to sell the five power generation companies constructed under National Integrated Power Project (NIPP). The BPE in a document signed by the Director-General, Alex Okoh, and made available to the media on Sunday called on investors to bid for the 100…
May 3, 2021
Julianne Geiger The Joint Technical Committee of OPEC+ is concerned about the growing case numbers in India, Japan, and Brazil, Reuters sources said on Monday. The Joint Technical Committee, or JTC, is responsible for assessing oil market fundaments. It is also tasked with monitoring which member countries are complying with the production cut quotas and…
May 3, 2021
Climate activists have cautioned African governments against turning the direction of fossil fuel investments to develop the continent and its human capacity, noting that such dirty energy would further compound the continent's environmental woes and derail altruistic alternatives to African development. Director of Health of Mother Earth Foundation (HOMEF), Nnimmo Bassey said African continent is…
April 30, 2021
Crude oil prices got a major boost this week thanks to optimistic expectations about demand from OPEC+ and rebalancing fuel inventories in the United States. Brent jumped to over $68 per barrel, and West Texas Intermediate neared $65 per barrel by the middle of the week and could rise even further unless headwinds appear. Earlier in…
April 30, 2021
The Energy Sector (NYSEARCA:XLE) has taken the lead in the S&P midday sector standings on Wednesday trading, jumping 3.5% as OPEC+ appears ready to stick with earlier plans to slightly increase oil production from May 1. The OPEC technical committee has issued a bullish oil demand forecast, although a hawkish tone by the Fed could derail the recent oil…
April 29, 2021
Although it is a very rare occurrence to see Nigerian grades trade at levels stipulated by the Nigerian National Petroleum Company (NNPC) every month, the issuance of its official selling prices generally reflects the market’s current sentiment. Today’s current feeling about Nigerian crudes (and Western African ones generally) is that of weakness. Attesting to the…
April 29, 2021
A serious revenue nightmare awaits Nigeria's 36 states and the FCT as the Nigerian National Petroleum Corporation (NNPC) said it won't be able to meet up with its monthly remittance to the Federation Accounts Allocation Committee (FAAC) for the month of May. With this disclosure by the NNPC, it suffices to say the revenue crisis…
April 28, 2021
