Middle East conflict risks sharp rise in oil prices, says IMF
April 19, 2024
In the UK, anxiety over the crisis after Iran’s missile strike on Israel drives down UK shares
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FG Announces Addition of over 1 Billion Barrels of Crude Oil, 2.574 Trillion New Gas Stock
April 19, 2024
The Nigerian Upstream Petroleum and Regulatory Commission (NUPRC) has said that Nigeria has added new oil and gas reserves The chief executive of NUPRC, Gbenga Komolafe, said that the country added about 1.087bn barrels of crude oil and 2.574 trillion cubic feet of gas Recent data showed that Nigeria ranked second to Libya in crude oil reserves in Africa and first in gas reserves on the continent
Oil Moves Down on Crude Inventory Build
April 18, 2024
Crude oil prices moved lower today after the Energy Information Administration reported an inventory increase of 2.7 million barrels for the week to April 12.
Standard Chartered Says Peak Oil Demand Is Not Imminent
April 18, 2024
The oil price rally has lately lost some steam, with WTI for May delivery and June Brent futures slipping more than 5% since Friday after the Energy Information Administration (EIA) released bearish weekly data that triggered demand concerns. According to the EIA, crude inventories rose 5.84 mb w/w and oil product inventories rose 6.57 mb; however, the builds relative to the five-year average were modest, at just 0.11mb for crude oil and 1.24mb for products. U.S. commercial inventories now stand 16.47mb below the five-year average, with crude inventories at Cushing 7.35 mb below the five-year average.
Eni’s Guido Brusco Joins Angola Oil & Gas (AOG) 2024 as Company Targets Increased Gas Output
April 18, 2024
Guido Brusco, Chief Operating Officer Natural Resources, Eni will speak at the 2024 edition of the Angola Oil&Gas (AOG) Conference&Exhibition – taking place October 2-4 in Luanda under the theme Driving Exploration and Development Towards Increased Production in Angola. Through Azule Energy – a joint venture with energy major bp – the company has an extensive footprint across the Angolan oil and gas market and is looking at accelerating investments across the value chain.
Nigeria Boosts Oil Reserves by 1 Billion Barrels
April 18, 2024
Nigeria’s crude oil reserves have increased by 1 billion barrels while natural gas reserves have jumped by 2.573 trillion cubic feet (TCF), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
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