President Muhammadu Buhari will on Monday commission the 650,000 BPD Dangote Petroleum Refinery and Petrochemicals.
NNPC Ltd charts the path to consolidating gains, maximising capacity, unleashing potential, and spurring growth while igniting the optimism of stakeholders by providing updates on triumph over adversity in recent months.
Crude oil prices look set to record their first weekly gain since mid-April as sentiment about future demand improves amid signs there may be progress on the debt ceiling negotiations in Congress.
Last month, we reported that energy experts have been growing increasingly bearish on the oil price outlook compared to previous sentiment. Four energy agencies including the IEA and OPEC Secretariat have made their predictions for oil demand growth in 2023, with the only common theme being that all four expect demand to grow compared to 2022, but all are less optimistic than they were a year or so ago.
Following a brief respite at the end of last week, the wildfires in Alberta began raging again this week as temperatures rose, threatening the oil sands operations in the province and forcing operators to shut in oil and gas production.
Oil prices shed 1% in Thursday morning trading over American debt and the prospects for a historic default, despite gains on Wednesday driven by demand optimism in the U.S. market.
Latin America’s largest economy Brazil has experienced a massive oil boom over the last decade and a half that saw the country become the top regional and leading global petroleum producer.
The United States and several other Western countries plus Ukraine are calling for increased surveillance for cracking down illicit ship-to-ship transfers of oil, which have soared since the embargoes on Russian crude and product exports came into effect.
In its latest Oil Market Report, the International Energy Agency forecast that global oil demand would hit 102 million barrels daily, driven by China, whose oil demand, according to the IEA, reached 16 million bpd two months ago.
The much-touted second shale boom has lately been getting a reality check as equipment demand declines sharply, a worrying sign that drilling in U.S. shale energy regions is leveling off.