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IMO seeks essential personnel status for seafarers

IMO Secretary-General Kitack Lim has asked the United Nations system agencies to support IMO in its request to governments to declare seafarers,...

Worldwide offshore rig count drops in March year-over-year

The worldwide offshore rig count in March 2020 has dropped four rigs sequentially and year-over-year, according to rig count reports by Baker...

OPEC+ producers debate possible oil cuts of 10 mln bpd

The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said...

In oil markets, it’s back to 1998 crisis pricing

…Prices fall as low as $10 a barrel, not seen since 1998…Light grades slide as jet fuel and gasoline not needed…Heavy and...

Storage dilemma besets oil industry

…Lease costs rise as tanks fill up The scramble for cheap oil floating around has added another dimension to...

Oil price risk further losses as demand, supply concerns mount

Oil prices have seen an incredible decline throughout the first three months of 2020, with Brent losing 59% since the January peak...

Nigeria joins oil war, makes brutal price cuts

…Selling barrels at record discounts to Brent…Traders see lackluster buying, weak demand from refiners Nigeria opened a new front...

As OPEC pursues oil supply war, here’s who has most firepower

…Saudis plan maximum output with aim to reach record levels…Kuwait, Abu Dhabi are adding barrels, Iraq’s capacity limited With...

Shell cuts spending, buybacks in response to oil price slump

Shell said Monday it was cutting its capital expenditure by 20% to $20 billion and would pause its share buyback programme as...

Why the OPEC-Russia blowup sparked all-out oil price war

First Russia tossed a hand grenade into global oil markets. Then Saudi Arabia dropped a bomb. After the dramatic collapse of an...

COVID-19: IMO advocates sustained shipping, improved seafarers’ welfare

In an address on 20 March IMO Secretary-General Kitack Lim stressed the vital need to maintain commerce by sea and protect seafarers’...

Demise of the Petrostates

The oil price crash is an existential threat to petrostates from Nigeria to Iran, where governments rely on oil wealth to stabilize...
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Nigeria leads rebound as Chinese demand lifts West African crude values

The resurgence of Chinese buying interest has sustained a dramatic rise in values for Angolan, Chadian, Ghanaian and Congolese crude grades, while...

Nigeria’s Bonga oil export terminal shut for maintenance

Nigeria’s Bonga crude oil export terminal has begun routine maintenance, its operator Shell disclosed on Tuesday, adding it aimed to have the...

Covid-19: Downstream Petroleum Group to complete, equip Abuja Diagnostic Centre

Just when you thought Nigeria’s oil marketing companies were all about their profit margins and clamouring for total market deregulation, the industry’s...

Petrol price may rise as Brent stabilises around $35/barrel

Brent, the oil against which Nigeria’s crude is priced, has hovered around $35 per barrel for about one week, raising concerns of...