By Nick Cunningham The oil market has experienced a “cooling down” this summer as global supply disruptions have eased at a time when demand has also slowed a bit, according to a new report from the International Energy Agency (IEA). But that pause may only be temporary, with the road getting much rockier towards the…
By Nick Cunningham Canadian oil producers are once again suffering from a steep discount for their oil, causing the largest spread between Canadian oil and WTI in years. Western Canada Select (WCS) recently fell below $40 per barrel, dropping to as low as $38 per barrel on Tuesday. That put it roughly $31 per barrel…
By Energy Worth Investigation has shown that the Nigeria’s electricity grid is still witnessing system collapse as it recorded total failure twice in the last two months. Figures obtained by our correspondent from the Federal Ministry of Power, Works and Housing in Abuja on Thursday showed that the system collapsed once in June and it…
By Energy Worth In its determination to enhance its Corporate Social Responsibility (CSR), the First City Monument Bank (FCMB), has organized a workshop on Sustainable Energy Finance (SEFi). The programme was arranged by the FCMB in partnership with the International Finance Corporation (IFC) and the World Bank. The event was held at the Civic Centre,…
By Energy Worth The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has challenged the Nigeria LNG Limited to expand its Liquefied Natural Gas production capacity to 40 million tonnes per annum over the next 30 years. He said this would enable the country to secure a significant share in the global LNG market,…
By Tsvetana Paraskova Over the past year, the U.S. has imposed increasingly restrictive sanctions on Venezuela’s finances and debt issuance as Nicolas Maduro continues to tighten his grip over the collapsing Venezuelan state. Yet, despite expectations that the U.S. would slap direct sanctions on Venezuela’s oil industry, Washington appears reluctant to go any further. The…
By Nick Cunningham The first round of U.S. sanctions on Iran just took effect, a slew of measures targeting Iran’s currency and its financial sector. The U.S. sanctioned the trading of bank notes issued by the Iranian government, the trade of gold and precious metals, any transactions involving the Iranian rial, Iran’s sovereign debt and…
With the current administration’s commitment to economic diversification, and its huge dependence on mining, the sector is not expected to only develop, but to contribute meaningfully to government coffers in taxes and other levies, STANLEY OPARA writes. Today the mining sector accounts for 0.3 per cent of national employment, 0.02 per cent of exports and…
By Tsvetana Paraskova Iran’s oil exports dropped by 7 percent to 2.32 million bpd in July—their lowest level in four months—as South Korea and Europe are slashing imports ahead of the return of the U.S. sanctions on Tehran, data from S&P Global Platts showed on Tuesday. However, Iranian oil exports to its top two customers—China…
By Tsvetana Paraskova Iran’s oil exports dropped by 7 percent to 2.32 million bpd in July—their lowest level in four months—as South Korea and Europe are slashing imports ahead of the return of the U.S. sanctions on Tehran, data from S&P Global Platts showed on Tuesday. However, Iranian oil exports to its top two customers—China…
