Ad
Crude prices opened lower on Friday morning as recession fears persist. As of 9:00 a.m. ET on Friday, WTI Crude was trading below the $90 a barrel mark. Both benchmarks were on track for a weekly loss of over 3.5%. After two days of gains, oil prices turned lower early on Friday, weighed down by…
August 19, 2022
The West is looking for ways to reduce Putin’s oil revenues while. The idea of a potential price cap on Russian oil is gaining traction. One surefire way to restrict Russian oil revenues, however, would also inflict pain on the West. The West is looking to cap the price of Russian oil with the double…
July 17, 2022
Outgoing Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Muhammad Sanusi Barkindo is dead. Barkindo, 63, was said to have died at about 11 pm on Tuesday. His death was announced in the early hours of Wednesday by NNPC GMD, Mele Kyari, who described his departure as a great loss to his immediate…
July 6, 2022
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has awarded Petroleum Prospecting Licences (PPLs) to 161 successful 2020 marginal fields awardees. The commission also officially unveiled the Host Communities Development Regulations and model Petroleum Prospecting Licences (PPLs). Chief Timipre Sylva, the Minister of State Petroleum Resources, at the unveiling and licences presentation on Tuesday in Abuja…
June 29, 2022
Bearish sentiments on oil demand coming from renewed COVID lockdowns in China that shaved $4 off oil prices early on Monday failed to maintain traction, with sweeping production outages in Libya and other bullish drivers stealing the day. By 1:37 p.m. EST, Brent crude prices had pushed their way back up to nearly $123 per barrel, with…
June 14, 2022
Platts survey shows that OPEC+ missed its production target again in May. In April, OPEC alone missed its target by 2.7 million barrels daily. Angola, Equatorial Guinea, and Congo also produced well below quotas in May. OPEC+ once again fell short of its oil production targets in May on continued production declines in many OPEC…
June 10, 2022
OPEC's technical panel has cut the oil demand forecast by 200,000 bpd for 2022.O OPEC now sees global demand grow by 3.4 million bpd this year. OPEC+ is not expected to significantly raise its production cap at its meeting this Thursday. The technical panel of the OPEC+ group has reduced its global oil demand forecast…
June 1, 2022
EU leaders agreed to cut Russian crude oil imports by as much as 90 percent by the end of the year. Germany and Poland have agreed to stop buying Russian crude from the Druzhba pipeline at the end of 2022 Meanwhile, Hungary, the Czech Republic, and Slovakia will be exempt from the embargo. The European…
May 31, 2022
For decades, different forms of ‘NOPEC’ legislation designed to pave the way for lawsuits against OPEC have been considered by Congress. Last week, the U.S. Senate Judiciary Committee approved the NOPEC bill, leading to pushback from both within and outside the U.S. OPEC’s most influential energy ministers warned that the bill could send oil prices…
May 12, 2022
Advert
Ad
Crude prices opened lower on Friday morning as recession fears persist. As of 9:00 a.m. ET on Friday, WTI Crude was trading below the $90 a barrel mark. Both benchmarks were on track for a weekly loss of over 3.5%. After two days of gains, oil prices turned lower early on Friday, weighed down by…
August 19, 2022
The West is looking for ways to reduce Putin’s oil revenues while. The idea of a potential price cap on Russian oil is gaining traction. One surefire way to restrict Russian oil revenues, however, would also inflict pain on the West. The West is looking to cap the price of Russian oil with the double…
July 17, 2022
Outgoing Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Muhammad Sanusi Barkindo is dead. Barkindo, 63, was said to have died at about 11 pm on Tuesday. His death was announced in the early hours of Wednesday by NNPC GMD, Mele Kyari, who described his departure as a great loss to his immediate…
July 6, 2022
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has awarded Petroleum Prospecting Licences (PPLs) to 161 successful 2020 marginal fields awardees. The commission also officially unveiled the Host Communities Development Regulations and model Petroleum Prospecting Licences (PPLs). Chief Timipre Sylva, the Minister of State Petroleum Resources, at the unveiling and licences presentation on Tuesday in Abuja…
June 29, 2022
Bearish sentiments on oil demand coming from renewed COVID lockdowns in China that shaved $4 off oil prices early on Monday failed to maintain traction, with sweeping production outages in Libya and other bullish drivers stealing the day. By 1:37 p.m. EST, Brent crude prices had pushed their way back up to nearly $123 per barrel, with…
June 14, 2022
Platts survey shows that OPEC+ missed its production target again in May. In April, OPEC alone missed its target by 2.7 million barrels daily. Angola, Equatorial Guinea, and Congo also produced well below quotas in May. OPEC+ once again fell short of its oil production targets in May on continued production declines in many OPEC…
June 10, 2022
OPEC's technical panel has cut the oil demand forecast by 200,000 bpd for 2022.O OPEC now sees global demand grow by 3.4 million bpd this year. OPEC+ is not expected to significantly raise its production cap at its meeting this Thursday. The technical panel of the OPEC+ group has reduced its global oil demand forecast…
June 1, 2022
EU leaders agreed to cut Russian crude oil imports by as much as 90 percent by the end of the year. Germany and Poland have agreed to stop buying Russian crude from the Druzhba pipeline at the end of 2022 Meanwhile, Hungary, the Czech Republic, and Slovakia will be exempt from the embargo. The European…
May 31, 2022
For decades, different forms of ‘NOPEC’ legislation designed to pave the way for lawsuits against OPEC have been considered by Congress. Last week, the U.S. Senate Judiciary Committee approved the NOPEC bill, leading to pushback from both within and outside the U.S. OPEC’s most influential energy ministers warned that the bill could send oil prices…
May 12, 2022
