(Bloomberg) – Global oil markets are on track for a record surplus next year as demand growth slows and supplies swell, the International Energy Agency said. Oil inventories will accumulate at a rate of 2.96 million bpd, surpassing even the average buildup during the pandemic year of 2020, data from the IEA’s monthly report showed....
Month: August 2025
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NPA Cracks Down on Unlicensed Fuel Stations, Warns of Immediate Closure
The National Petroleum Authority (NPA) has issued a stern warning to fuel stations operating without the necessary licenses, cautioning that such outlets face immediate closure and possible decommissioning. In a statement, the regulator reaffirmed its mandate under the National Petroleum Authority Act, 2005 (Act 691), as amended, to oversee all commercial activities related to the...
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Gold-for-Oil Confusion: Think Tank Demands Parliament Grill Finance Minister, BoG Governor
The Institute for Economic Research, Policy, and Practice (IERPP) is demanding that Parliament summon the Minister of Finance and the Governor of the Bank of Ghana to clarify conflicting accounts regarding the country’s Gold-for-Oil (G4O) programme. In a statement issued on Tuesday, August 12, 2025, the think tank expressed “grave concern” over what it described...
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Exxon signs deal to explore Trinidad deepwater blocks, could see $21.7B investment
Exxon Mobil said Tuesday it signed a deal to explore a vast deepwater area offshore Trinidad and Tobago for oil and gas, and the country’s energy minister said the company could spend as much as $21.7B if it finds sufficient reserves. The search will take place off Trinidad’s east coast in a region that spans...
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Nigeria generates N5.21tn from oil sales in H1
The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission, raked in N5.21tn from the sale of crude oil, gas and other economic activities in the first six months of 2025. It said the revenue inflow represents 42.7 per cent of the record N12.2tn it generated in the entire 2024 fiscal year. The figure, however,...
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Cooking gas prices hit Nigerians hard for fifth straight month
For the fifth month in a row, Nigerian households are feeling the heat, literally and financially, as cooking gas prices climb yet again, leaving many struggling to afford what has become a basic necessity in daily life. “I used to refill my 12.5kg cylinder for about N15,000 last year. Now, it’s over N21,000,” sighed 38-year-old...
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Marketers engage Dangote Refinery ahead August 15 direct supply rollout
Marketers across Nigeria are intensifying engagement efforts with the refinery’s management to secure reliable and cost-effective fuel supplies as Dangote Petroleum Refinery prepares to commence the direct distribution of petrol to the domestic market on August 15. The engagement, according to industry sources, is aimed at securing direct access to refined petrol at stable and...
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Five countries account for 71% of the world’s nuclear generation capacity
Five countries account for more than two-thirds of the world’s total nuclear electricity generation capacity. The United States has the most capacity, followed by France, China, Russia, and South Korea, based on International Atomic Energy Agency (IAEA) data as of June 2025. Globally, 416 nuclear power reactors are operating in 31 countries, with a total installed net generating...
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Schneider Electric Launches MasterPacT MTZ Active circuit breaker in West Africa – a new standard in safety, efficiency and digitisation.
replacing entire systems,” says Olaniyan. The MTZ Active product has also been designed with circularity in mind, the components can be refurbished and reused with full Schneider Electric certification. Key MTZ Active key technical features include: Rated current: Up to 6300 A, suitable for high-demand applications.Energy Reduction Maintenance Setting (ERMS) – enhances arc flash protection...
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Israel’s Leviathan partners seal $35-billion gas export deal with Egypt.
Middle EastLeviathan partners seal $35-billion gas export deal with Egypt$2.4-billion expansion project calls for new offshore gas transmission pipeline.Related To:NewMed EnergyAug. 11, 20252 min readCourtesy NewMed Energy$2.4-billion expansion project calls for new transmission pipeline. The partners in Israel’s Leviathan offshore gas field have signed the largest export agreement in the country’s history, worth up to...