Category: Petroleum

The recently rehabilitated Port Harcourt Refinery, operational since November 26, 2024, has faced hurdles similar to those affecting Dangote’s refinery, with disputes over fuel pricing threatening its success. Contrary to reports of halted operations, the facility had only scaled down to implement necessary improvements, according to Managing Director Ibrahim Onoja and Executive Director of Operations Moyi Maidunama of the Nigerian Pipeline and Storage Company Limited. During a guided tour, Onoja emphasized that product distribution continues,

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LONDON – US oil and gas companies are unlikely to make significant production increases under president-elect Donald Trump, as the industry remains focused on capital discipline, according to Liam Mallon, head of Exxon Mobil’s upstream division. Speaking at the Energy Intelligence Forum in London on Tuesday, Mallon stated, “We’re not going to see anybody in ‘drill, baby, drill’ mode.” He emphasized that the industry’s focus on economic factors and disciplined capital management will likely prevent

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Oil futures for January delivery rose to $70.14 per barrel on Friday, marking a 0.06% increase on the New York Mercantile Exchange at the time of reporting. Earlier in the session, prices reached their peak before showing potential support at $66.53 and resistance at $70.75 per barrel. The U.S. Dollar Index Futures, which tracks the dollar’s performance against a basket of six major currencies, gained 0.51%, trading at 107.48. Meanwhile, on the ICE Futures Exchange,

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The price of a barrel of oil has dropped by 4.45%, settling at $72.25. This decline is largely attributed to an oversupply in the market coupled with weakening demand, especially from China. China, which is a major driver of global oil demand, is facing an economic slowdown. As a result, OPEC has revised its 2024 growth forecast downward, predicting a drop of 135,000 barrels per day in demand. Despite China’s stimulus efforts, oil consumption remains

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The Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have reached a deal to supply Premium Motor Spirit (PMS), also known as petrol, directly to IPMAN for nationwide distribution. This agreement, following prolonged negotiations, was announced by IPMAN President Abubakar Garima during a press conference in Abuja after the Association’s National Working Committee meeting. Garima stated that the partnership would ensure a steady and competitively priced supply of PMS across Nigeria. “After

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