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February 19, 2022 10:09 AM Governments in countries where salaries lag behind inflation are most vulnerable to oil price hikes.

Gunmen on Thursday attacked Okomu Oil Palm Company in Ovia South West Local Government Area of Edo State, a day after two suspects were paraded by the State Police Command over their involvement in the February 1 attack, which left two work-ers dead, and burned down 90 hectares of the rubber and three excavators. The []

Feb 18, 2022 (Bloomberg) Oil posted its first weekly loss in two months as traders weighed heightened geopolitical tensions over Ukraine against the potential for Iranian barrels to be added to the market. West Texas Intermediate closed down near $91 a barrel on Friday. U.S. crude fell 2.2% this week, fluctuating as prices of commodities from Read more

U.S. benchmark WTI crude oil futures (CL1:COM) fell 0.8% Friday to end the week -2.2% at $91.07/bbl, marking their first weekly decline in nine weeks, as the outlook for increased…

Gunmen on Thursday attacked Okomu Oil Palm Company in the Ovia South West Local Government Area of Edo State, a day after two suspects were paraded by the state police command over their involvement in the February 1 attack. Two company workers were killed in the attack and 90 hectares of rubber and three excavators Read More

GEORGETOWN, (Guyana): Guyana is in talks with state-run oil firms from the Middle East to discover new offshore fields, Vice President Bharrat Jagdeo told Reuters, hoping to recruit a new and substantial explorer to its nascent energy industry. Results of the talks with Middle East firms could lead Guyana to bar a consortium led by U.S. major Exxon Mobil Corp from a prospective drilling rights auction, the vice president added. The Exxon-led group currently pumps all the South American country’s output since discovering significant amounts of oil offshore in 2015. With more than 10 billion barrels of recoverable oil and gas reserves found so far, Guyana has become one of the hottest exploration and production frontiers in decades. “We’ve had offers from some countries to work with us in this regard. Some from the Middle East,” Jagdeo told Reuters in an interview at Guyana’s International Energy Conference on Wednesday. “Diversification of interest is good for our country.” He declined to name the national oil companies discussing future oil projects in the tiny nation.

The Minister of Justice and Attorney General of the Federation, Abubakar Malami, has advocated the need to focus on the non-oil sector to boost export and drive economic growth. The minister who was represented by Barr. Ifunanya Nwajagu, Director, Legal Drafting at the Ministry of Justice made the call at the just concluded National Conference on creating Legal and Institutional Frameworks for Geographical Indications in Nigeria. Recall that latest Gross Domestic Product figures from the National Bureau of Statistics (NBS) showed that Nigeria’s economy grew by 3.98 per cent in the fourth quarter of 2021 with the non-oil sector as the major contributor to the positive growth. To this end, the AGF noted that focusing on Geographic Indications will serve as a further panacea for poverty reduction, community development and social inclusiveness. According to him, “the time has come to move away from the oil economy. Surely, the time has come to embrace the green economy through economic drive powered by geographical indications for which Nigeria is richly endowed in quality assets and products. “Needless to state clearly that Geographical Indications represent economic opportunities in rural areas, leading to more rural jobs and stronger rural communities.The right to use a geographical name belongs to the community of producers in a given area and empowers those who are involved in the origin of so many wonderful products thereby making Geographic Indications the perfect tool for local development,” the minister explained.

An international oil pipeline running through a key rebel-held city in eastern Ukraine blew up on Friday, Russian media said, with images showing a fireball lighting up the night sky.

This week''s DOE inventory update showed a larger than expected 12.6mb draw in oil and oil products (USO).TSA checkpoint numbers pointed to a ~13% increase in traffic week on…

By Achadu Gabriel, Kaduna For millions of Nigerians that fall far below the average, It’s no longer news that the country is blinking and drifting, if not author plotting. From the North to the South, East and West, Nigerians are lamenting. This lamentation cut across the length and width of the country. Begining from insecurity to adulterated and scarcity of fuel, everybody is feeling the heat across the entire nation. Poverty level has not only increased or multiplied, but has continue to scale up the strata of the society. Both in the north and in the South, people are crying for hunger brought to the fore by insecurity especially terrorism. Farming, which is the main stay of the country’s economy and occupation has been dwindled and jettison due to incessant attacks, kidnapping and killings of farmers by the Bandits. In some instances, entire community are ran sacked and their ancestral home taking over by the terrorists. Even though more people are languishing in the north owing to the rampant case of attacks, Kidnapping and Killings by the terrorists on daily basis.

Crude oil markets have initially pulled back during the trading session on Friday, but then turned around to show signs of life yet again as we continue to see plenty of fundamental reasons to go higher.

Friends of the Earth says a ruling by Court of Appeal judges relating to an oil well in Surrey might have implications for the planned mine.

''Energy uncertainty in the world''

LUANDA, Angola: Angola, the second-largest crude producer in sub-Saharan Africa, on Thursday (Friday in Manila) said oil exports rose 3 percent during the last three months of 2021 as energy prices soared. The country raked in $7.8 billion from crude oil exports between October and December, when prices averaged $79 a barrel, the secretary of state for oil and gas, Jose Alexandre Barroso, said. The export volume "represented an increase of 3 percent over the previous quarter," he told a news conference in the capital Luanda. Angola exported a total of 394 million barrels of crude oil last year, he added. In December, the International Monetary Fund (IMF) projected that Angola''s economy will grow by about 4 percent in the medium term, "bolstered by the implementation of planned growth-enhancing structural reforms." "Continued fiscal restraint should deliver a substantial overall surplus in 2021, while higher oil prices are supporting a high current account surplus," the IMF said in a statement.

Events in Russia and Iran have caused investor sentiment to cool.