Russia Declares a 700,000 Bpd Reduction in Oil Production in March.
According to Bloomberg, Russia claims to have reduced oil production by 700,000 barrels per day in March, significantly more than…
Category: Commodities
NCAN: Cashew Production in Nigeria can Generate Over $2.7 billion Annually.
According to Mr. Joseph Ajanaku, President of the National Cashew Association of Nigeria (NCAN), Nigeria could earn about $2.7 billion…
Worldwide Food Costs Decreased by 2.1% in March.
The UN Food and Agricultural Organization stated that in March, global food prices fell for the 12th month in a…
The East Coast Refineries Get Rare Cargoes of Forties Crude.
The latest indication that Russia’s invasion of Ukraine is altering global oil supplies is that U.S. and Canadian refiners have…
Senate Indicts NNPCL for Withholding Information on N102 billion.
The Nigerian National Petroleum Corporation Limited (NNPCL) was indicted by the Senate for failing to submit information on the crude…
With Oil Supply Growth Lagging Behind Demand, OPEC+ is in Charge.
After the Organization of Petroleum Exporting Countries (OPEC) members and allies, including Russia, agreed additional production cutbacks of around 1.16…
A Firm Promotes Sustainable packaging
Tetra Pak, a provider of food processing and packaging solutions, has launched its “better with carton” campaign to advocate for…
Nigeria Farmers Protest a 50% Drop in Food Prices.
The International Monetary Fund (IMF) has highlighted near-term downside risks resulting from Nigeria’s elevated inflation, high debt-servicing costs, external sector…
Nigeria: Adamant Oil Marketers Claim that N195 per litre is Unachievable.
According to oil marketers, lineups were still common in many parts of Nigeria, with the exception of Abuja, where they…
PENGASSAN intends to Crack Down on Marketers for N650 Gasoline.
The Petroleum and Natural Gas Senior Staff Association of Nigeria raised the alarm that their findings showed that the price…
Petrol could Hit N800 per Litre if Subsidies are Removed – Marketers.
As the scarcity of Premium Motor Spirit, also known as petrol, persisted, oil marketers predicted that the price of the…
Nigeria NNPC Spent $10 billion on Fuel Subsidies in 2022.
According to the most recent data from the state-owned company, Nigeria’s NNPC spent $9.7 billion on a petrol subsidy last…
IOCs will Icrease their Drilling Activity.
In contrast to reports that International Oil Companies, Shell, Chevron, and other energy companies would finally say goodbye to Nigeria’s…
Nigerian Shipowners and Operators find the NNPC Cargo Policy Frustrating.
Stakeholders in the nation’s maritime industry claim that local shipowners are suffering as a result of Nigerian National Petroleum Corporation…
Chinese Oil Demand is Expected to Increase in 2023, According to OPEC.
In a statement outlining its expectations for the state of the global economy in 2023, OPEC predicted that Chinese oil…
Gold Prices are Seen Rising Toward High Records.
As the United States slows the pace of rate hikes and eventually stops increasing them, analysts predict that gold prices…
Officially, the NLNG Bonny Plant is Still Functioning.
According to the Nigeria LNG Limited, despite a force majeure declaration made in October 2022 and issues with feed gas…
The Licensing for Oil Blocks will End in April – Nigeria FG.
The Federal Government declared that the seven deep offshore open oil blocs licensing round, which started on January 3, 2023,…
Price of Kerosene Increases by 146%
The average retail price of kerosene per litre increased by about 146% from N441 in November 2021 to N1,083/litre in…
Oil Drops to $79.32 Due to US Rate Increases.
According to Reuters, oil prices started to decline as investors anticipated that further interest rate increases in the United States,…
Nigeria FG investigates Shells Oil Leak.
The Federal Government dispatched a team of investigators to look into the Trans Niger pipeline leak.Following an unauthorized connection in…
Marketers Forecast a Six-month Fuel Shortage and Price Increases.
The downstream oil industry in Nigeria has struggled with persistent gasoline shortages. This may take until either June of this…
Kenya Runs the Risk of a Sugar Shortage on the World Market.
Due to high current global prices and a shortage of the commodity globally, Kenya may not be able to secure…
Ghana: Asante Gold Takes Prompt Action to Safeguard Shareholders’ Interests.
Asante Gold Corporation (ASG) has taken swift action to defend the interests of its shareholders from what it terms a…
Rivers Community Discovers Illegal Crude Oil Pipeline.
Authorities in Rivers State’s Tai Local Government Area claim to have found a pipeline that illegal refineries used to steal…
Nigerian FG Distributes N173 billion for a Consistent Fuel Price.
According to information obtained from the Federal Ministry of Petroleum Resources, the Federal Government spent about N173. 2 billion between…
Nigeria’s Oil Output Reaches its Highest Level in Nine Months Due to Crude Oil Theft.
According to data released by the Nigerian Upstream Petroleum Regulatory Commission, Nigeria’s crude oil production increased to 1. 235 million…
2022 Saw a Record-breaking Global Food Prices.
The average price index of the UN food agency reached its highest level ever last year, according to Reuters, as…
NNPC Denies Exporting 17.88m Barrels Crude Oil without Proper Documentation.
The Nigerian National Petroleum Company Limited disputed claims that the oil company illegally exported 17.88 million barrels of crude oil.…
Nigeria to Spend $7.5 billion on Fuel Subsidies in 2023.
Regarding Fuel scarcity, the Finance Minister, Zainab Ahmed, Nigeria has set aside 3. 36 trillion naira ($7.5 billion) to continue…