The Competition Tribunal has approved the proposed acquisition of petrol station brand Engen by independent energy marketing and trading company Vitol Emerald, subject to a set of competition and public interest conditions.
Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an estimated decline of 6.4 million barrels in inventories for the week to April 19.
Reuters: This month, Russia is expected to pocket $14 billion from oil & gas.
Russia’s oil and gas revenues slumped by 23.9% last year compared to 2022.
Reuters estimates that Russia’s revenues from oil and gas for 2024 would be 30% higher compared to 2023.
With no major outbreak in fighting in the Middle East, investors seem less concerned about any impact on the flow of oil out of the region. As a result, prices fell in Wednesday’s trading.
At the same time, crude inventories across the U.S. tumbled and it stopped a further fall in oil prices.
Oil prices increased by 12.9% in the first quarter of 2024, albeit with much volatility due to concerns that global geopolitical tensions will cause supply disruptions.
Crude oil prices began the week with a loss as fears of an escalation between Iran and Israel dissipated.
In the UK, anxiety over the crisis after Iran’s missile strike on Israel drives down UK shares
The OPEC+ oil producers group, having lost Angola and other players in recent years, is eyeing Namibia for possible membership as it sets up what could be Africa’s fourth-largest output by the next decade, an African industry official and sources told Reuters.
In recent months, several oil majors have emphasised the need for greater investment in oil and gas. Many fossil fuel companies have increased their oil and gas output in the wake of the Russian invasion of Ukraine and subsequent sanctions on Russian energy, to support government energy security efforts and fill the gap until there are sufficient green alternatives to meet the rising global energy demand. However, as governments worldwide pursue a green transition, scientists and environmentalists are stressing the need to cut fossil fuel funding to ensure that climate targets, such as those of the Paris Agreement, are met.
The Federal Government of Nigeria has announced that domestic crude oil refiners and other operators in the sector are now permitted to buy crude oil in either naira or dollars.