We’re glad you’re here for the most recent Oil & Gas News collections, where we swiftly present the most interesting AllNews stories from the previous week.
Oil Remains Below $100 Per Barrel As Market Balances Chinese Data
As a result of a weaker dollar and increasing Chinese crude imports, oil prices were stable on Monday and remained close to $100 per barrel.
This was despite new demand worries brought on by China’s strict COVID containment strategy. Read more here.
Fuel Marketer Criticises FG’s Costing Template, Says Realistic Cost Of Petrol Is N200 Per Litre
An independent petroleum products marketer, Mike Osatuyi has said that the only realistic pump price of petrol is between N200 and N210 per litre.
He said on Tuesday in Lagos that the Federal Government’s pricing template that fixed the pump price at N169 per litre of petrol is grossly unrealistic when the landing cost of the fuel at the station is N194 per litre
Oil theft: Firm Calls For Cooperation Between FG, Multinationals
To prevent theft of the nation’s oil pipelines, Lee Engineering and Construction Company Ltd. has asked for cooperation between the Federal Government and global corporations.
At a news conference on Friday in Abuja, Dr Leemon Ikpea, the company’s group chairman and CEO, said this. Read more here.
Oil Prices Drop As U.S. Inventories Rise, China COVID Worries Subside
Oil prices fell on Wednesday after industry data revealed that U.S. oil stockpiles increased more than anticipated and on concerns that a rise in COVID-19 cases in China, the world’s largest importer, would reduce demand for fuel.
Brent crude futures had decreased by 44 cents, or 0.5%, to $94.92 per barrel, while U.S. West Texas Intermediate (WTI) crude futures had down by 53 cents, or 0.6%, to $88.38 per barrel. Tuesday saw a roughly 3% decline in the benchmarks. Read more here.
Increased Domestic Refinery Capacity Will End Fuel Scarcity – PETROAN’s President
The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, has revealed that the lack of petroleum products in Nigeria will persist until domestic refining capacity is increased.
“The reality is that until we have our local refining capacity improved, efficient and inconsistent production, we are not going to be able to say this is when this is going to end,” he said on Thursday. Read more here.
These are the latest Oil & Gas news that made trends during the week. Visit our website https://allnews.ng for more Oil & Gas news around the world.
