oil

In a striking move that underscores the evolving dynamics of international relationships, Niger's military-led government has recently mandated the departure of various Chinese nationals engaged in oil projects within the country. This decision, which is bound to affect numerous employees and complicate Niger's ties with Beijing, raises important questions about sovereignty and resource management. Oil Minister Sahabi Oumarou conveyed this directive with precision when he instructed the China National Petroleum…

On Saturday, Femi Soneye, the Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), made a significant announcement regarding the Port Harcourt Refining Company (PHRC). The forthcoming closure of the refinery is described as a temporary measure, aimed at enhancing operational efficiency and ensuring the refinery's long-term viability. Reflecting on the situation, Soneye stated, “The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to inform the general…

Indonesia’s recent announcement to raise its export tax on crude palm oil (CPO) from 7.5% to 10% is stirring ripples across global markets. While this change is significant for many countries worldwide, the ramifications are particularly acute for Africa, which heavily relies on palm oil imports from Southeast Asia. For many African nations, the news of this new levy, set to take effect on May 17, 2025, poses a troubling scenario: heightened import costs. It’s a reality that can significantly affect local economies and…

On Monday, the International Court of Justice (ICJ) made a landmark decision affirming that Equatorial Guinea possesses legal sovereignty over a cluster of small islands situated in the potentially resource-rich Gulf of Guinea. For many, this may feel like just another ruling in the international legal arena—but the implications resonate deeply. Imagine engaging in a decade-long tug-of-war over territories, only to finally see the scales tipped in your favor. This ruling effectively marks the closure of a…

The latest market report reveals a consistent decline in the prices of all ORB (Official Reference Basket) components, aligning with the downward trend in corresponding crude oil benchmarks. This convergence between basket component prices and crude oil benchmarks isn't just a coincidence; it's rooted in the broader market dynamics that dictate pricing in this volatile industry. Moreover, lowered official selling prices across the primary marketplaces have exacerbated the price drops, creating a ripple effect felt by…

Turkey's Strategic Oil Deal with Somalia: A Turning Point In an unexpected twist in the global energy market, recent discoveries off the shores of Somalia, projected to contain up to 20 billion barrels of commercially viable crude oil, signal a monumental shift. This development reflects Turkey's escalating interest in Somalia and the broader energy landscape of East Africa. According to the Somali Guardian, the initial yields from two pilot oil blocks have been promising. Meanwhile, a third block continues to undergo…

Crude oil has long been the backbone of the global energy economy, a fiercely competitive arena dominated by a few key players. The push and pull of geopolitics, technological advancements, and economic imperatives shape this essential resource, influencing not only nations' fortunes but also the daily lives of millions. Have you ever stopped to consider the intricate web of dependency that crude oil weaves through our societies? Global Leaders in Oil Production As of the latest statistics, the United States proudly…

Aliko Dangote’s Struggle Against the Oil Cabal in Nigeria The saga surrounding Nigeria's oil industry has been a tapestry of power struggles, intricate relationships, and significant financial stakes. Central to this narrative is Aliko Dangote, the wealthiest man in Africa, who has taken on a monumental challenge: building a $23 billion oil refinery poised to reshape the nation’s energy landscape. Yet, as he dives deeper into this project, he finds himself in a persistent battle against entrenched interests within…

In the complex landscape of Sudan's conflicts, a significant development has emerged: the resumption of pipeline operations that were halted due to a rupture caused by ongoing hostilities between the Sudanese Army (SAF) and the Rapid Support Forces (RSF). This interruption occurred in April of last year, during a period marked by immense upheaval that displaced millions and plunged many into famine. It’s a stark reminder of the interplay between conflict and the basic needs of local populations. A recent letter…

Ghana's oil production in 2024 has seen a heartening yet frustratingly narrow miss as the nation recorded a shortfall of just 0.01%, equating to merely 7,000 barrels, compared to its output in 2023. By the end of 2024, the total crude oil output reached an impressive 48,240,010 barrels, but just shy of the 48,247,037 barrels produced in the previous year. This slight decline raises a myriad of questions: What factors are contributing to this near miss? Is it a reflection of broader global trends or domestic challenges?…