Invesco Db Oil Fund ETF News

At least three people died in Nigeria when the oil storage and production vessel, FPSO Trinity Spirit, exploded last week and four crew are still missing, the operating company said on Monday. The vessel had 10 crew on board when it exploded on Wednesday, Nigeria''s Shebah Exploration & Production Company Ltd (SEPCOL) said, adding that three were found dead on Sunday after three people had been found alive last week. "Our priority remains focused towards establishing the whereabouts, safety, and security of the four crew members still missing," the company said. The Trinity Spirit floating production, storage and offloading (FPSO) vessel was not producing oil at the time of the blast, after the consortium running the oilfield, including SEPCOL, lost its production license in 2019. Two oil industry sources and an environmental group said the vessel was old and badly maintained prior to the explosion. One source said major trading firms had stopped using it to store crude. The company has not responded to requests for comment on the allegations.

As international oil prices near USD 93 per barrel for the first time in 7 years, India on Monday said it strongly prefers responsible and reasonable pricing and has conveyed serious concerns over crude oil price volatility.

Credit is due to Shell and its partners for continuing their drilling campaign in an environment where frontier exploration drilling fell to the lowest level ever recorded in Africa. WINDHOEK, Namibia, February 7, 2022/APO Group/ — The Namibian National Petroleum Corporation (NAMCOR), together with its partners Shell Namibia Upstream BV and Qatar Energy, have announced the discovery of significant quantities of light oil in primary and secondary targets in the Graff-1 well off the coast of Namibia, marking the beginning of a new era. exploration and production of hydrocarbons for the country. This discovery, coupled with the country’s favorable regulatory environment, will create an influx of new investment, while also positioning Namibia as a highly competitive and increasingly lucrative upstream destination. Representing one of Africa’s final frontiers for oil and gas exploration, the potentially rich basins in Namibia have whetted the appetite of regional and international oil companies (IOCs) alike, […] Shell’s Sizeable Oil Discovery in Namibia Means Huge Opportunity For Economic Growth NNN NNN - Nigeria News, Latest N igerin Newspapers Updates Today

Oil futures pull back after a seventh straight week of gains, with traders noting signs of progress on negotiations around Iran nuclear sanctions.

With a $480.5 billion Gross Domestic Product (GDP) as at 2021, Nigeria is the biggest economy in Africa and 29th in the world, according to the IMF. But, surprisingly, the countrys rather large economy is running on the back of poor funding of its education sector. How the country wants to run and sustain the growth of the economy, manage industries within various sectors, feed its 200 million population and compete favourably in the international market with graduates from the deprived education sector remains a mystery. For experts, education is at the heart of achieving Sustainable Development Goals. Other countries are heavily relying on intellectual capabilities derived from the education sector to transform their economies faster instead of natural resources such as oil that are finite. With clear knowledge that education is the foundation of a better future as stated by Elizabeth Warren, American public servant and a candidate in the 2020 Democratic Party presidential primaries, Nigeria is expected to pay much attention to the sector, but it is not.

U.S. equity futures traded mixed Monday, while oil prices eased and Treasury bond yields held in check, as investors peeled away from risk markets amid rising geopolitical tensions in Europe and indications of faster rate hikes from the Federal Reserve.

Nepal Oil Corporation has hiked the prices of petroleum products to Rs142 and diesel and kerosene Rs125 per litre. The price of aviation fuel has also been increased by Rs10 per litre while LPG prices remain the same.

By Gloria Akudoro, Abuja The Federal Government has swiftly intervened to recent fire incident at Ukpokiti Oil Field (OML 108) in Delta State, involving the Floating Production Storage and Offtake of Shebah Exploration and Production Company Limited (SEPCOL), noting that the inferno has been totally extinguished. The Minister of State for the Environment, Chief Sharon [] The post FG extinguishes SEPCOLs oil field fire, begins assessment operation appeared first on Nigeriannewsdirectcom .

China Fixes Yuan At Weakest On Record Relative To Expectations China has returned from its week-long holiday. While it is no secret that Beijing is easing (ever more aggressively, prompting fund managers to allocate capital to China at a time when the country is increasingly viewed as non-grata by both the left and right) to stabilize its slumping economy, just as the rest of the world is tightening, moments ago the PBOC underscored its commitment to keeping the yuan on a downward slope when it fixed the yuan at 6.3580. Compared to expectations of 6.3328, this was the weakest fixing on record! The weak fixing comes less than two weeks after the yuan hit a near four-year-high against the dollar on Jan. 26 while an index tracking yuan''s value against a basket of currencies (the CFETS RMB basket ) is flirting with the highest level since late 2015. It follows two months after the PBOC''s previous record low fixing vs expectations which was set on December 9 of 2021, and according to Bloomberg , "signaled a limit to its tolerance for the yuans recent advance by setting its reference rate at a weaker-than-expected level" and when Malayan Banking Berhad said that "the weaker-than-expected fix is a reminder to markets that the currency is being watched and the central bank wants to prevent appreciation bets from snowballing." Despite China''s ongoing weakness and the PBOC''s recent pivot toward easing, in the past year the yuan has been supported by strong inflows given Chinas robust exports and foreign investment in onshore bonds.

As part of its plans to mitigate the effects of removing petrol subsidies, the Federal Government is seeking to convert one million petrol-powered vehicles into gas vehicles, but the programme could do little to dent the damage subsidy is causing, analysis shows. BusinessDay sampled the views of some analysts about the programme and they expressed []

Chief Consultant of B. Adedipe Associates Limited, Dr. Biodun Adedipe, has charged the Federal Government to utilise excess earnings from crude sale proceeds to reduce the fiscal deficits and build infrastructure. The post Use surplus fund from crude sale to tackle deficits, expert tasks FG appeared first on The Guardian Nigeria News - Nigeria and World News .

Comments from analysts at ANZ on oil: Crude oil sentiment is bolstered by rising consumption amid ongoing supply constraint Demand for transportation fuels continues to rise as restrictions from the recent surge in COVID-19 are wound back. In the US, diesel demand has risen to its

U.S. President Joe Biden''s administration on Friday restored sanctions waivers to Iran to allow international nuclear cooperation projects, as the talks on the 2015 international nuclear deal enter the final stretch.

Crude oil futures started the week steady to higher in mid-morning trade in Asia Feb. 7, riding on the bullish momentum from the last seven weeks as supply concerns remained at the fore. At 10:20 am Singapore time (0216 GMT), the ICE April Brent futures contract was up 23 cents/b (0.21%) from the previous close at $93.52/b, while the NYMEX

Oil prices fell on Monday on expectations the U.S.-Iran talks may be nearing a conclusion on reviving a deal restricting the OPEC country''s nuclear weapons development, which would raise crude supply, though global supply concerns capped losses.