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IEA unleashes record 400 Mbbls oil release as Gulf war jolts markets
Frank Okon The International Energy Agency has approved a record release of emergency oil reserves as the war in the Middle East threatens global energy supplies and drives crude prices sharply higher. The agency said March 11 that its 32…
Oil surges past $100 as Iran strikes ships and energy targets
Dangote likely to hike domestic fuel prices Frank Okon Retail prices of transportation fuels in Nigeria are far from stable as the war in the Middle East continues to cause fluctuations in the crude oil prices, compelling similar pattern of…
Over 27,000 flights, 4.4m seats cancelled as travelers stranded in Middle East
Frank Okon More than 27,000 flights to and from the Middle East to international destinations have been cancelled, with an estimated 4.4 million airline seats removed from schedules over the past week as Iranian regime ratchets bombardment of neighboring Arab…
Iran war erases LNG glut fears as market shifts toward deficit
Attacks linked to the ongoing conflict involving Iran and disruptions to oil and gas production across the Middle East have rapidly changed the outlook for the global liquefied natural gas (LNG) market. Security concerns around shipping through the Strait of…
Dangote knocks off N100/l from petrol price as crude oil price drops
Sopuruchi Onwuka Nigeria’s dominant fuel producer, Dangote Petroleum Refinery says it has reduced gantry price for petrol and diesel by some N100 per liter even as the prices remain very high in the face if the prevailing oil supply crisis…
Dynacom tanker slips through Hormuz flashpoint without signal
Ziggy Ojiegbe A tanker carrying about one million barrels of Saudi crude oil has quietly sailed through the strategically vital Strait of Hormuz, becoming one of the first large vessels to leave the Persian Gulf since maritime traffic through the…
SEFA targets $10 Bn for Africa’s clean energy projects
Sopuruchi Onwuka The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank Group, plans to mobilize more than $10 billion in commercial capital by 2030 to finance clean energy projects across the continent as momentum builds behind…
Oil crisis portends chaos on global economy__ Aramco CEO
Ziggy Ojiegbe The Chief Executive Officer of Saudi Aramco, Amin Nasser, has warned that continued disruptions to global energy supply could have “catastrophic” consequences for the world economy as tensions in the Middle East escalate. Speaking to analysts and investors…
Oil crunch: European forces mobilizing to reopen Strait of Hormuz
Sopuruchi Onwuka Military hardware from several European countries is being assembled in Cyprus following recent missile and drone attacks by Iran, as the United States and Israel intensify their aerial campaign against the Islamic Republic. The conflict has triggered a…
ExxonMobil’s Esso restates commitment to vendor diversification
WIEN decries low opportunity for women-led businesses Sopuruchi Onwuka ExxonMobil affiliate, Esso Exploration and Production Nigeria Ltd. (EEPNL) has restated its commitment to supplier diversity, inclusive sourcing, and local capacity development within Nigeria’s energy sector. The company which hosted a…
