The continuing conflict involving Iran is creating a strange situation in the global energy market: oil companies are making much more money at the same time that higher energy prices are putting pressure on consumers and businesses. Saudi Aramco, ExxonMobil and Chevron are among the major energy companies benefiting from the sharp changes in oil…
Global oil prices fell sharply on Monday, July 27, after the United States and Iran paused military strikes, easing fears of a prolonged conflict in the Middle East and reducing concerns over disruptions to global energy supplies. Brent crude, the international benchmark, dropped by 5.9% to around $91.08 per barrel, while West Texas Intermediate (WTI)…
Global energy markets remain on edge as escalating conflict in the Middle East and renewed disruptions to key shipping routes continue to drive oil prices higher, with Brent crude hovering around the $100-per-barrel mark after briefly surpassing the milestone this week. The latest surge has been fueled by growing concerns over the security of vital…
The conflict between the United States and Iran has entered another dangerous phase, with fresh US military strikes and mounting threats to global shipping pushing crude oil prices closer to the $100-per-barrel mark and raising concerns over the global economy. US forces carried out a 12th consecutive night of airstrikes targeting Iranian military infrastructure, saying…
Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira, ending a brief period of dollar-denominated transactions for local buyers. The refinery also announced a new ex-depot (gantry) price of ₦1,215 per litre, representing an increase of ₦140, or about 13%, from the previous price of ₦1,075…
The Federal Government is pushing ahead with plans to expand Nigeria’s oil reserves and crude production while the Central Bank of Nigeria (CBN) maintains a cautious monetary policy stance to keep inflation under control. At the ongoing Nigeria 2025 Licensing Round in Abuja, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) concluded the commercial bidding process…
Global oil markets remain on high alert as crude prices continue to fluctuate between $76 and $80 per barrel, driven by renewed military exchanges between the United States and Iran and growing uncertainty over the security of the Strait of Hormuz. Brent crude traded around $76–$77 per barrel on Friday after briefly climbing above $80…
Global oil prices extended their rally on Wednesday as escalating tensions in the Middle East raised fresh concerns over crude supply, pushing Brent crude above $76 per barrel for the first time in two weeks. The latest surge follows renewed military hostilities involving the United States and Iran, along with disruptions to commercial shipping in…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has saved $3.4 billion through an aggressive contract restructuring and optimisation programme, while remitting ₦19.5 trillion to the Federation Account over the past 14 months. Group Chief Executive Officer, Bayo Ojulari, disclosed the figures during the opening of the 25th Nigeria Oil & Gas (NOG)…
