Tag
GLOBAL OIL MARKET
West African crude has traded at its biggest discount in more than a decade as soaring freight costs and weaker Asian demand put pressure on oil cargoes from the region.
The global oil market’s supply buffer has shrunk significantly after more than 1 billion barrels were withdrawn from commercial inventories to cushion disruptions caused by the Middle East crisis, leaving the market increasingly vulnerable to further supply shocks.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) has kept oil production levels unchanged for November 2026 at a combined 31.01 million barrels per day for seven participating countries.
The Federal Government's Naira-to-crude initiative, aimed at bolstering domestic refining capacity has been marred by inconsistent execution, causing local refineries to struggle for crude supplies to maintain operations, and raising concerns about Nigeria’s energy self-sufficiency.
Petroleum Engineer and Oil and gas analyst, Dr Bala Zakka, has criticised the Federal Government for failing to...
The Organization of the Petroleum Exporting Countries (OPEC) has advised the Nigerian National Petroleum Company Limited (NNPCL) to increase oil production in order to take part in the $14 trillion investment opportunity in the global oil market in the nearest future.
Nigerian consumers should prepare for an impending increase in fuel pump prices as privately-run depots are now charging independent oil marketers as high as N505 per liter, up from N490 per liter in the previous week.
The United States is facing a national crisis with the most significant number of coronavirus cases globally, the worst unemployment levels seen in decades, and massive crowd protests from state to state by their citizens.
In the meantime, OPEC+ wants to keep the existing production output cuts beyond the June expiry date as part of efforts to rebalance the market. Countries like Saudi Arabia, the United Arab Emirates (UAE) and Iraq, have all reaffirmed their commitment to this effect.
The week seems to be starting on a gloomy note for the global oil market, as the American headline crude, WTI, crashed by almost 25%
According to data from the Central Bank of Nigeria (CBN), about a third of loans by Nigerian banks were given to oil firms.
The volatility of the global oil market persists as two of the biggest oil-producing countries are considering further output cuts