Africa’s largest refinery, the Dangote Refinery in Nigeria, is making headlines as major global oil traders, including Vitol, Trafigura, and BP, emerge as dominant buyers of its refined fuels. With the refinery finally operational, it holds the promise of transforming Nigeria’s oil sector, slashing imports, and boosting exports. Let’s dive into how this monumental facility […]

Angola’s LNG project is gearing up for a major expansion, with new supplies of natural gas expected in the coming year. This project, which has been running below its full capacity, is now poised for growth, driven by rising global demand for liquefied natural gas (LNG), especially in Asia and Europe. A Landmark Investment in […]

October marks the sixth consecutive month of lower imports compared to 2023. China’s crude oil imports continued to decline in October, marking the sixth consecutive month of slower arrivals than in the same period last year. According to data from China’s General Administration of Customs, cited by Reuters, last month saw crude imports drop to […]

APA Corporation cites higher tax burdens and regulatory uncertainties as primary reasons for the decision. In a significant development for the UK’s North Sea oil industry, Apache Corporation, a prominent U.S.-based oil producer, has announced plans to cease production at its North Sea assets by 2030. This decision follows the UK government’s recent increase in […]

Oil prices have pulled back from their highs on geopolitical tensions, but there is still a risk of supply disruption in the Middle East, according to Rystad Energy. Crude oil futures rose slightly Thursday after a four-day losing streak as fears of a supply disruption in the Middle East eased and a surplus looms over […]

Saudi Arabia’s decision to reduce crude production will help OPEC+ (includes OPEC members along with Russia) to manage the inventory efficiently. But, it will put global crude prices on a boil. It, in turn, will impact the global economies and pockets of the common man alike. The global oil market witnessed a very rare occurrence […]

India continues to boost imports of Russian crude oil as Russia continues to be the single largest crude supplier to the world’s third-biggest oil importer.   Indian imports of Russian crude jumped by 11.7% in September compared to August, according to tanker data from industry sources reported by Reuters. India imported last month about 1.9 million […]

(WO) – Peru’s government can’t find board members to lead its struggling state-owned oil company more than five weeks after its last board resigned. “It is pretty complicated to find the right people,” Prime Minister Gustavo Adrianzen said on Wednesday during a press conference at his office in Lima. Petroleos del Peru S.A. has been […]

(WO) – Petrobras is pushing to extract as much oil as possible from its existing fields in Brazil while simultaneously hunting for new reserves to prevent production from starting to decline in the 2030s. The mantra “all the oil counts” will guide the company’s next strategic plan that will be unveiled in late November, members […]

Oct 9 (Reuters) – Geopolitical risk premium gauges in the oil market have decreased slightly this week, following sharp increases last week in both Brent implied volatility and call options implied volatility skew, Goldman Sachs said. Oil prices steadied in Asian trading as traders weighed developments in the Middle East conflict against continued bearish expectations […]