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New Delhi: Crude oil price on Wednesday surged to $90 per barrel for the first time since 2014. It may rise further due to political tensions in Europe and the Middle East. Analysts believe that the price may hit $125 per barrel if the tension between the North Atlantic Treaty Organization (NATO) and Russia over Get the latest updates in Hyderabad City News , Technology , Entertainment , Sports , Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS .

The Nigeria Labour Congress (NLC), has declared that the lasting solution to the crisis associated with petrol subsidy removal could only be resolved through the construction of new refineries in the country. Akpausoh Akpausoh, National General Secretary, Radio, Television and Theatre Arts Workers Union (RATTAWU) stated this on Wednesday in Akure, Ondo state capital while speaking with journalists on why the planned nationwide rally against the proposed increase in pump price was suspended. Akpausoh, who represented NLC President, Ayuba Wabba in Ondo State and coordinated the suspended protest, said the several attempts to resuscitate the existing refineries had failed with over $10 bilion going down the drain. He, therefore, declared that the only way out of the fuel subsidiary crisis was for the Federal Government to establish another set of refineries so that the importation of finished products of crude oil would come to an end. Comrade Akpausoh noted that the Federal Governments attempt to hike pump price was illegal because it ran afoul of the November 20, 2020 agreement reached by the Federal Government and the labour union on fuel subsidy.

The brewing Russia-Ukraine geopolitical crisis is unlikely to have any significant impact on oil and gas flows, Jeff Currie, Goldman Sachs Global Hea

Oil stocks rallied. MDRX rose on a strong forecast. PINS retreated on signs of an executive brain drain. AJRD fell on regulatory resistance to its LMT merger. SRRA climbed on clinical data.

Senior administration officials revealed that they have been working to identify natural gas sources around the world -- "from North Africa and the Middle East to Asia and the United States."

United States API Weekly Crude Oil Stock fell from previous 1.404M to -0.872M in January 21

Oil futures trade mixed Tuesday, with prices underpinned by supply concerns but pressured as global equities see renewed pressure.

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Nigerias gross domestic product (GDP) growth is expected to lag some of the continents smallest nations as analysed from the 2022 projections by the International Monetary Fund (IMF). With a combined economy size that is four times less than Nigerias real GDP, five of Africas smallest nations are expected to grow at a rate that is individually higher than Africas most populous nation by over 100 percent. On why the economy of Africas acclaimed giant will be crawling behind its smaller peers in 2022, analysts point at the countrys insecurity, lack of growth-driven reforms, foreign exchange volatility, and a harsh business environment. Size is not everything. In 2022 and beyond, the big boys would do well to learn from the diversification of some of their smaller neighbours, analysts at The Economist say. The five small countries Rwanda, Benin Republic, Ghana, Senegal, and Seychelles that have been predicted by the Washington-based intuition to surpass the 3.8 percent growth projection for sub-Saharan Africa region (SSA) have one thing in common none is reliant on oil or mining.

The thinking re oil on getting the Iran nuke deal back is that (eventually) there will be more oil supply. Eventually.

Oil and gas facilities across the Permian Basin have "persistently" released large amounts of methane over the past three years, emitting the equivalent annual climate pollution from

Saudi Aramco (ARMCO) CEO Amin Nasser was in the press today discussing oil markets (USO) - demand is back, investment is low and consumption is undeterred by high prices. Demand is

Investments in crude oil this year in Canada could rise by as much as 22 percent, according to the Canadian Association of Petroleum Producers

Tanker, Bulker, LNG Rates Plunge, Container Rates Hold Near Top By Greg Miller of FreightWaves Its a tale of two shipping markets. Spot rates remain near historic highs for container shipping; the boom shows no sign of ending. But over in commodity shipping dry bulk, crude and product tankers, liquefied natural gas (LNG) carriers spot rates have now sunk below five-year averages. Crude tankers A bleak outcome, said brokerage BRS of the recent rates for very large crude carriers (VLCCs; tankers that carry 2 million barrels). A terrible start of the year, it said of rates for Suezmaxes (tankers that carry 1 million barrels). According to Clarksons Platou Securities, average global spot rates for 10-year-old VLCCs fell to just $800 per day on Wednesday. Thats down 90% month on month and down 70% on average year to date versus the same period in 2021, to just a sliver of the breakeven rate of $26,000 per day. (The assessment for the Middle East-China route has just fallen back below zero, to -$400 per day, implying that freight is not covering the cost of fuel .) The end of the holiday season didnt help push [VLCC] rates up, said brokerage Banchero Costa.

How do you explain the strength in crude