OPEC+ headed for a clash with the U.S. as more members rejected President Joe Biden’s call for the group to raise oil production faster and help reduce gasoline prices. On Monday, Kuwait said the cartel should stick with its plan to increase output gradually because oil markets were well-balanced. That followed similar statements from other
OPEC is reviving supplies halted during the pandemic, but added only 140,000 barrels a day last month because of the difficulties faced by both countries, according to a Bloomberg survey based on ship tracking data. The under-performance may increase the impatience expressed by the United States President, Joe Biden and other world leaders, who have
The UK Oil and Gas Authority (OGA) has announced that it has opened an investigation into the proposed sale by Esso Exploration & Production Ltd (EEPUK) of 13 producing fields, specifically Elgin Franklin, to NEO. The OGA outlined that the investigation was taking place amid concerns it is not progressing as quickly as expected. The investigation will examine the engagement between the parties since EEPUK and NEO
Gas flaring payments made by oil companies increased from a meager $15.5 million to $307.4 million between 2018 and 2019, the most recent audit report from the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed. While gas flaring, the controlled combustion of associated gas, is almost impossible in the extraction of molecules, companies, which operate
The Nigerian National Petroleum Corporation (NNPC) yesterday said Nigeria’s demand for petroleum products is expected to grow from 15.1 million metric tons last year to 17.3 million metric tons by 2025. Its Group Managing Director (GMD), Malam Mele Kyari, made this known in a keynote address at the 15th Oil Trading and Logistics (OTL) Africa
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