Oil prices jumped more than 2% on Friday, heading for weekly gains, as Russia announced plans to reduce oil production next month after the West imposed price caps on the country’s oil and oil products.
The managing director of the Bulk Oil Storage and Transportation Company Limited (BOST), Edwin Provencal, has said the company is ready to take advantage of the African Continental Free Trade Area (AfCFTA), after revamping its revenue generating infrastructure.
Oil may resume its rally in 2023 as Chinese demand recovers after COVID curbs were scrapped and lack of investment limits growth in supply, OPEC country officials told Reuters, with a growing number seeing a possible return to US$100 a barrel.
Oil prices eased on Monday after rising 2% in the previous session, as investors focused on short-term demand concerns stemming from crucial upcoming US inflation data and refinery maintenance in Asia and the United States.
European banks are quietly continuing to tighten their oil and gas policies in significant ways, in contrast with the US where debate is raging about the acceptability of limits on fossil fuel financing.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says five petroleum industry regulations have been gazetted.
Nigeria’s oil and gas industry experienced historic crises throughout 2022 as the sector struggled with severe crude thefts and pipeline vandalism constraining output, but will do relatively well this year, a new report has said.
Energy giant BP has reported record annual profits as it scaled back plans to reduce the amount of oil and gas it produces by 2030.
Oil prices could return to the $100 per barrel mark in the second half of 2023 on the back of rising Chinese demand and expected limited additional supply, Afshin Javan, Iran’s OPEC representative, told Reuters on Wednesday.
Russia logged a nearly 50% drop in oil and gas revenue in January, contributing to a wider budget deficit.