Oil Price Rises As Geopolitics Counter Demand Concerns

The New Diplomat
Writer

Ad

NEITI Warns of Deepening Transparency Crisis, Says Nigeria Lost $3.3bn to Oil theft, Sabotage

By Obinna Uballa Nigeria lost an estimated 13.5 million barrels of crude oil valued at $3.3 billion to theft and pipeline sabotage between 2023 and 2024, the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed. Executive Secretary of NEITI, Dr. Ogbonnaya Orji, disclosed this on Thursday at the 2025 Association of Energy Correspondents of Nigeria…

Oil Eases over 1.5% after Gaza ceasefire

Summary Israel and Hamas agree to Gaza ceasefire, return of hostages US oil product supplied highest since December 2022, EIA says Stalled peace talks in Ukraine underpin prices Oil prices edged slightly lower on Thursday after Israel and the Palestinian militant group Hamas signed an agreement to cease fire in Gaza. Brent crude futures were…

Details as Tinubu Grants Herbert Macaulay, Others Presidential Pardon

By Abiola Olawale President Bola Ahmed Tinubu has exercised his constitutional powers to grant presidential pardons to 175 individuals, including the revered Nigerian nationalist Herbert Macaulay. It was gathered that the development happened during the National Council of State that was held at the Presidential Villa on Thursday. Although the presidency has yet to release…

Ad

By Agency Report

Oil prices rose on Monday as traders weighed the impact of wars in the Middle East and Ukraine on oil supply against economic headwinds dampening global oil demand.

Brent crude rose 90 cents to $79.46 a barrel by 1450 GMT.

The front-month U.S. West Texas Intermediate crude futures contract for February delivery was up $1.10 at $74.42 a barrel in tepid trade, with the contract set to expire on Monday. The more active March WTI contract was up 91 cents at $74.16.

“While oil prices have firmed up a little, it is strange that they have not risen further, given the rising geopolitical tensions in the Middle East,” said Gary Dugan, chief investment officer at Dalma Capital.

“Part of the reason why oil prices have remained in check could be the market’s anticipation that global growth is slowing.

There are no signs of respite in Israel’s offensive in Gaza while attacks by Iran-aligned Houthis on commercial vessels in the Red Sea have continued despite retaliatory measures from the United States.

Meanwhile, Russian energy company (NVTK.MM), opens new tab Novatek has been forced to suspend some operations at its Baltic Sea fuel export terminal because of a fire, it said on Sunday, which Ukrainian media said was caused by a drone attack. The fire has been extinguished, local authorities said on Monday.

Oil fundamentals could continue to drag on prices, according to IG analyst Tony Sycamore.
Oil production is higher while the growth outlook in China and Europe is mixed and GDP data this week is expected to show growth of the U.S. economy has slowed considerably, he said.

“Investors want to be bullish, but tepid data and a cautious narrative from policymakers keep them on the back foot,” said Tamas Varga of oil broker PVM.

The latest demand growth forecasts by the U.S. Energy Information Administration, the International Energy Agency and the Organization of the Petroleum Exporting Countries for 2024 are in a wide range between 1.24 million and 2.25 million barrels per day, though all three organisations expect demand growth to slow in 2025.

Separately, production at Libya’s Sharara oilfield resumed on Sunday, state oil company NOC said, after protesters ended a sit-in that had halted output since early January. Reuters

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp