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By Steven Kopits In its February Short Term Energy Outlook (STEO), the EIA forecasts this month's world oil consumption at 96.7 million barrels per day (mbpd). The oil supply, however, is much lower, only 93.6 mbpd, with the difference of 3.1 mbpd of necessity being drawn from crude oil and refined product inventories. By historical standards,…
March 13, 2021
By Abiola Olawale The Minister of State for Petroleum Resources, Chief Timipre Sylva, has debunked the announcement contained in a template released by the Petroleum Products Pricing Agency, (PPPRA), announcing increment in the price of Premium Motor Spirit (PMS), also known as petrol to N212.6 per litre, describing it as 'completely untrue'. Following the reaction…
March 13, 2021
Brent is now flirting with the $70 mark after OPEC+ shocked markets once again by refusing to bring more oil production online. Oil skyrocketed on Thursday after OPEC+ decided to hold off on easing production cuts for another month, surprising the oil market. WTI and Brent shot up more than 4%. During early trading on Friday, Brent…
March 6, 2021
Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand. Brent crude futures were up $1.52, or 2.3%, at $68.26 a barrel by 1008 GMT and U.S. West Texas…
March 5, 2021
From Segun Amure, (The New Diplomat's Abuja Bureau) Deputy Senate President, Senator Ovie Omo-Agege, Minister of State for Petroleum Resources, Timipre Sylva, Minister of Transport, Rotimi Amaechi; Minister of State, Labour and Productivity, Festus Keyamo and big wigs in the oil and gas industry will gather at a virtual colloquium to proffer solutions and address…
March 5, 2021
By Tsvetana Paraskova The leaders of the OPEC+ alliance, Saudi Arabia and Russia, are reportedly once again at odds over oil supply management ahead of another crucial meeting of the group next week. OPEC’s top producer and de facto leader Saudi Arabia would likely prefer the March 3-4 meetings(today and tomorrow) to decide that the…
March 3, 2021
From Segun Amure, (The New Diplomat's Abuja Bureau) The Federal Government of Nigeria said it has concluded plans to crash the price of petroleum products in the country through local refining. This was contained in a statement released by the Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, Senator Ita Enang. Enang…
March 1, 2021
By Abiola Olawale Senator Ovie Omo-Agege, the Deputy President of the Senate (DSP), has said there is a need to scale up solar energy development in the country to address the challenge of mono-power generation, leading to energy shortfall nationwide. Nigeria is currently generating most of its electricity from gas-fired power plants and hydro-sources. However,…
March 1, 2021
By Tsvetana Paraskova The OPEC+ group of producers complied at 103 percent with the oil output cuts in January, higher than the estimated compliance in December, Argus reports, citing three delegates from the alliance. In December 2020, the OPEC+ coalition saw its overall compliance with the original production adjustments at 101 percent, OPEC said at the…
February 27, 2021
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By Steven Kopits In its February Short Term Energy Outlook (STEO), the EIA forecasts this month's world oil consumption at 96.7 million barrels per day (mbpd). The oil supply, however, is much lower, only 93.6 mbpd, with the difference of 3.1 mbpd of necessity being drawn from crude oil and refined product inventories. By historical standards,…
March 13, 2021
By Abiola Olawale The Minister of State for Petroleum Resources, Chief Timipre Sylva, has debunked the announcement contained in a template released by the Petroleum Products Pricing Agency, (PPPRA), announcing increment in the price of Premium Motor Spirit (PMS), also known as petrol to N212.6 per litre, describing it as 'completely untrue'. Following the reaction…
March 13, 2021
Brent is now flirting with the $70 mark after OPEC+ shocked markets once again by refusing to bring more oil production online. Oil skyrocketed on Thursday after OPEC+ decided to hold off on easing production cuts for another month, surprising the oil market. WTI and Brent shot up more than 4%. During early trading on Friday, Brent…
March 6, 2021
Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand. Brent crude futures were up $1.52, or 2.3%, at $68.26 a barrel by 1008 GMT and U.S. West Texas…
March 5, 2021
From Segun Amure, (The New Diplomat's Abuja Bureau) Deputy Senate President, Senator Ovie Omo-Agege, Minister of State for Petroleum Resources, Timipre Sylva, Minister of Transport, Rotimi Amaechi; Minister of State, Labour and Productivity, Festus Keyamo and big wigs in the oil and gas industry will gather at a virtual colloquium to proffer solutions and address…
March 5, 2021
By Tsvetana Paraskova The leaders of the OPEC+ alliance, Saudi Arabia and Russia, are reportedly once again at odds over oil supply management ahead of another crucial meeting of the group next week. OPEC’s top producer and de facto leader Saudi Arabia would likely prefer the March 3-4 meetings(today and tomorrow) to decide that the…
March 3, 2021
From Segun Amure, (The New Diplomat's Abuja Bureau) The Federal Government of Nigeria said it has concluded plans to crash the price of petroleum products in the country through local refining. This was contained in a statement released by the Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, Senator Ita Enang. Enang…
March 1, 2021
By Abiola Olawale Senator Ovie Omo-Agege, the Deputy President of the Senate (DSP), has said there is a need to scale up solar energy development in the country to address the challenge of mono-power generation, leading to energy shortfall nationwide. Nigeria is currently generating most of its electricity from gas-fired power plants and hydro-sources. However,…
March 1, 2021
By Tsvetana Paraskova The OPEC+ group of producers complied at 103 percent with the oil output cuts in January, higher than the estimated compliance in December, Argus reports, citing three delegates from the alliance. In December 2020, the OPEC+ coalition saw its overall compliance with the original production adjustments at 101 percent, OPEC said at the…
February 27, 2021
