Breaking news: the much-touted commodity market boom is officially over. Metals, energy, and agriculture prices have all tumbled from their March peak as inflationary pressure, higher interest rates and a brawny dollar took a heavy toll on the two-year rally.
Saudi Aramco posted a 39% yearly surge in net income for the third quarter and generated record free cash flow as higher oil prices and higher production helped it beat the analyst consensus.
Minister of Trade and Industry, Alan Kyerematen has expressed
confidence that the establishment of the Sentuo Oil Refinery Limited
will dampen demand for foreign exchange meant for imports.
The upstream petroleum industry awarded contracts worth US$3.6billion to indigenous companies over the last three years, thereby deepening the local content policy.
Shell Plc, ExxonMobil Corporation, Chevron Corporation, and Equinor ASA have said they will withdraw their lawsuits of about $3 billion, against the Nigerian National Petroleum Company (NNPC) Limited.
New LNG projects are driven mainly by a short-term increase in natural gas demand in Europe and Asia.
Egypt needs to improve regional stability and energy ties to fully benefit from its hydrocarbon exports
The Caspian Pipeline Consortium said that export disruptions could last more than one month.
Fuel is a key ingredient required to power the economy, and therefore its level of consumption has a direct relationship with how strong an economy is
Global benchmark Brent crude futures fell 21 cents, or 0.2 per cent, to US $100.00. The US West Texas Intermediate crude futures contract was down 10 cents, or 0.1