Energy

Oil prices pared losses on Friday, after falling sharply in early trade and by over 2% on Thursday on perceptions that the voluntary oil output cuts agreed upon by OPEC+ producers were underwhelming. Brent crude futures for February rose…

Major producer Brazil will join OPEC+ from next year, the oil cartel announced on Thursday. Brazil is among the world’s top 10 producers and has been the largest oil producer in Latin America since 2016. Its crude production hit a…

Oil prices rose in Asian trade on Tuesday as media reports suggested that OPEC+ planned to extend or even deepen its ongoing production cuts at a meeting later this week. Anticipation of a swathe of economic readings due this week also…

President Bola Tinubu has approved the appointment of a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL) with effect from December 1, 2023. According to a statement by Presidential Media Adviser,…

NIPCO, Hyde and Dangote, Greenville LNG, Lee Engineering and other top 15 companies are to appear before the Senate Committee on Gas to explain the N130 Billion they received from the Central Bank of Nigeria as intervention fund from the…

Brent crude futures edged down on Friday, extending losses from the previous session, as traders speculated on whether OPEC+ would come to an agreement on further production cuts. Brent crude futures inched down by 6 cents, or 0.07%, to…

Saudi Arabia and its oil allies are once again struggling with a dispute over output quotas for African members, forcing the group to delay a critical meeting. The 23-nation OPEC+ coalition has pushed back a gathering to finalize output…

Amb Maitama Tuggar, minister of foreign affairs, says Nigerians will experience improved electricity supply by the first half of 2024 thanks to the Siemens gas deal between Nigeria and Germany. On Tuesday, Tuggar appeared virtually on…

Luxembourg-based Universal Green Energy Access Programme (UGEAP), and Union Bank of Nigeria have formalised a strategic partnership through which $500 million is mobilised to develop the renewable energy market in Nigeria. The two, bound…

Nigeria is withdrawing civil claims totaling $1.1 billion against energy giant Eni SpA, ending a long battle in Italian courts over allegations of corruption in an oil field deal. The West African country’s justice ministry will waive…