Oil
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Oil prices climbed on Tuesday over fears of tightening global supply as the August output cuts of OPEC+ oil-producing countries approach, coupled with anticipation of more Chinese economic stimulus. International benchmark Brent crude traded at $82.65 per barrel at 10.08 a.m. local time (0708 GMT), a 0.20% gain from the closing price on Monday of…
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The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mele Kyari, on Thursday, allayed the fear of Nigerians on the rising prices of Premium Motor Spirit, known better as petrol across the country. The NNPC boss said competition among major players in the oil sector would force down the price of petrol as against the upward…
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Russia’s sanctions against Gazprom Germania and its subsidiaries could cost German taxpayers and gas users an extra 5 billion euros ($5.4 billion) a year to pay for replacement gas, the Welt am Sonntag weekly reported, citing industry representatives. In May, Russia decided to stop supplying Gazprom Germania, which had been the German subsidiary of Gazprom, after Berlin put the…
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President Joe Biden announced Tuesday that the US will ban Russian energy imports as part of sanctions responding to Russia’s invasion of Ukraine. The embargo will include oil, liquefied natural gas and coal. “That means Russian oil will no longer be acceptable at US ports, and the American people will deal another blow to the…
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Saudi Arabia says its initial investigations indicate that Iranian weapons were used in attacks on key oil installations and it “will invite U.N. and international experts to view the situation on the ground and to participate in the investigations.” A statement from the Saudi Ministry of Foreign Affairs on Monday says, “The kingdom will take…
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For months Iranian officials have issued veiled threats, saying that if Tehran is blocked from exporting oil, other countries will not be able to do so either. However, Iran has denied a role in specific attacks, including bombings of tankers in the Gulf and previous strikes claimed by the Houthis. Foreign Ministry spokesman Abbas Mousavi…
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“Must do better” was the IMF’s recent verdict on the Nigerian banking system. Many reforms were “highly commendable”, it said, but more still needs to be done to strengthen the central bank’s oversight. Image: Alex Otti Dr Alex Otti, CEO of Nigeria’s Diamond Bank, discusses the challenges for Nigeria’s banking sector, the impact of the country’s dependence…
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