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Tag: crude oil

featured

India skips US crude, turns to Nigeria amid trade tension

Indian Oil Corporation, the country’s largest refiner, has skipped United States crude in its latest tender, opting instead for two million barrels from Nigeria and one million barrels from the Middle East, according to sources. IOC bought one million barrels each of Nigeria’s Agbami and Usan grades from TotalEnergies, and another million barrels of Abu […]

Business

Oil prices dip as US-EU trade tensions raise demand concerns

Oil prices slipped on Tuesday amid growing investor concerns that an escalating trade dispute between the United States and the European Union—two of the world’s largest crude consumers—could dampen economic activity and slow fuel demand growth. Brent crude futures dropped 24 cents, or 0.35 per cent, to $68.97 a barrel early Tuesday, after closing 0.1 […]

Oil and Gas

Nigerian crude nears benchmark amid Iraq oilfield attacks

Nigerian crude prices moved closer to the Federal Government’s benchmark following a series of drone attacks on oilfields in Iraq, the latest in a wave of regional tensions raising fears of supply disruptions in the Middle East. Key Nigerian grades—Bonny Light, Brass River, and Qua Iboe—were trading at $72.5 per barrel, falling $2.5 short of […]

featured

Petrol imports slump to all-time low in June – Report 

Nigeria’s petrol imports plunged to a record low in June as the Dangote Petroleum Refinery ramped up output, signaling a potential shift in the country’s long-standing dependence on imported fuel. According to a new report from Argus, citing Kpler shipping data, increased gasoline production from the 650,000 barrels-per-day Dangote facility sharply curtailed demand from traditional […]

Oil and Gas

Nigeria to introduce new crude grade ‘Obodo’ in April

Nigeria is set to introduce a new medium sweet crude grade, Obodo in April 2024, as reported by Argus Media, which provides business intelligence, market data, and price assessments for global industries. Obodo crude has a gravity of 27.65°API and a sulfur content of 0.05%, according to an assay seen by the company. A source […]

Oil and Gas

Oil prices rise slightly amid optimism from China

Oil prices saw modest gains in light holiday trading on Thursday, supported by optimism about potential fiscal stimulus in China and expectations of declining United States crude inventories. Brent crude futures edged up by 13 cents (0.2%) to $73.71 per barrel, while U.S. West Texas Intermediate crude rose by 11 cents (0.2%) to $70.21 per […]

News

Crude prices drop as dollar strengthens

Oil prices extended their decline on Thursday, driven by a stronger dollar and reduced crude imports in China, which outweighed potential supply disruptions linked to Donald Trump’s presidential win and output cuts from Hurricane Rafael. Initially, Trump’s election triggered a sell-off, pushing oil prices down over $2 as the dollar surged. However, prices later recovered […]

News Oil and Gas

Oil prices surge over $1 amid escalating Middle-East tensions

Oil prices surged over a dollar in early trading today amid rising concerns about potential disruptions to crude production due to escalating tensions in the Middle East, particularly following Iran’s significant military strike against Israel. Brent futures increased by $1, or 1.36%, reaching $74.56 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by […]

News

ICYMI: Spanish firm wins tenders for Nigeria’s new crude oil

Spanish oil firm, Repsol has won the tender for the first shipment of 950,000 barrels of Nigeria’s new low-sulfur crude oil blend, known as Utapate. In addition, another top crude oil trader, Gulf Transport and Trading, obtained the cargo tenders for August and September of 2024. This was disclosed in a signed statement by the […]

16 missing as oil tanker capsizes off Oman coast
News

16 missing as oil tanker capsizes off Oman coast

At least 16 crew have been declared missing after a Comorian-flagged oil tanker capsized off Oman on Monday, the sultanate’s Maritime Security Centre (MSC) said, adding that a search was underway for survivors. The MSC, which is run by the Omani defence ministry, did not specify the cause of the capsize.In a post on social […]

featured Uncategorized

Nigeria’s crude oil output drops 7% in February – OPEC

Nigeria’s crude oil production, excluding condensate decreased month-on-month by 7 per cent to 1.3 million barrel per day in February 2024, from 1.4 million barrels per day recorded in January; despite the efforts of the federal government to increase oil production. This was disclosed by the Organization of the Petroleum Exporting Countries in its March […]

News

Nigeria’s oil export revenue surges to N29bn

Melvin onwubuke   Nigeria’s total oil export revenue reached N29 billion in 2023, which was a 37 per cent increase from the amount of N21.1 billion achieved last year. This is contained in the recently released foreign trade report by the National Bureau of Statistics. Further analysis showed that 80.64% of the exports recorded in […]

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