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Oil price gains capped by demand fears

*Oil prices London — Oil prices rose on Friday and were broadly flat on the week as concern over oil demand growth was balanced by Saudi output cuts. Brent crude futures rose 36 cents, or […]

‘Nigeria’s oil earnings grew by 7% to N4.64trn in 2022’

*A view shows Nigeria’s Central Bank headquarters in Abuja, Nigeria. REUTERS/Afolabi Sotunde Ike Amos Dublin, Ireland — Nigeria earned a total of N4.641 trillion from the petroleum industry in 2022, rising by 6.5 per cent […]

An African perspective on latest OPEC+ consensus on production

*L-r: Suhail Mohammed Al Mazrouei of UAE, Antonio Oburo Ondo, President of the OPEC conference, Prince Abdulaziz Bin Salman Bin Al Saud of Saudi Arabia and Manaf Abdulaziz Al Majeri of Kuwait addressing an OPEC […]

Oil extends losses as economic slowdown concerns return

*Global oil flow. Tokyo — Oil extended losses on Wednesday as concerns over global economic headwinds deepened, erasing the price gains booked after top crude exporter Saudi Arabia’s surprise weekend pledge to deepen output cuts. […]

Fuel deliveries from TotalEnergies refinery blocked due to strike

*French energy workers on strike raise their hands in approval to vote on wether to continue their strike to protest against French government’s pension reform plan in front of the oil giant TotalEnergies refinery in […]

Shell to exit European home retail energy businesses

London — Shell (SHEL.L) said on Tuesday that it had decided to exit its home retail energy businesses in Britain, Germany and the Netherlands due to their poor returns. Shell launched a strategic review of […]

Industrial Court bars NLC, TUC from embarking on strike

…Fixes June 19 for hearing in suit filed by govt *Nigeria Labour Congress Abuja — The National Industrial Court, NIC, has barred the Nigerian Labour Congress, NLC, and the Trade Union Congress, TUC, from embarking […]

Oil rises on Saudi plan to deepen output cuts from July

*General view of Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo – Brent and WTI both jump by more than $1– Saudi move is in […]

‘NNPC winding down crude oil swap contracts’

*A general view of the newly rebranded NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde Abuja — Nigeria’s state oil firm NNPC Ltd is winding down crude swap contracts with traders […]

NLC to commence strike on Wednesday over fuel subsidy removal

*Nigeria Labour Congress. Abuja — The Nigeria Labour Congress, NLC, has said it plans to go on strike from Wednesday to protest against a tripling of fuel prices in what would be the first big […]