Gabon has signaled a renewed interest in exploration from international partners, as African OPEC members highlight their expanding global influence and commit to boosting stability, production, and investment. Gabon is signaling renewed interest from major international energy companies as it looks to expand oil and gas development across the country’s largely untapped reserves, according to...
Category: Oil Prices
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Crude Oil and Refined Products Market Review and Outlook
Compared to August 2025, global petroleum markets in September recorded modest price uptick across crude oil and refined products, reflecting the combined impact of geopolitical tensions and broader economic conditions. In the pricing window under review, crude oil prices rose by about 1.86%, driven largely by supply constraints linked to the sanctions imposed on Russia...
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Oil prices dip amid concerns on upcoming OPEC+ decision
Oil declined on concerns that OPEC+ will once again bolster supply at a meeting on Sunday, compounding fears of higher volumes later in the year.West Texas Intermediate futures fell about 1% to trade near $63 a barrel, extending an earlier decline after softer-than-expected U.S. jobs data added to concerns demand may wane. Prices slumped Wednesday...
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Oil settles higher on weaker dollar and Russian supply disruptions
Global benchmark Brent crude oil settled 1% higher on Monday, as concerns mounted that intensifying airstrikes in Russia and Ukraine could lead to supply disruptions, and as a weaker dollar lent additional support.Brent crude futures settled up 67 cents, or 1%, at $68.15 a barrel. The U.S. benchmark, the West Texas Intermediate futures contract ,...
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Oil falls from almost three-week high driven by Russian supply risks
LONDON, Aug 26 (Reuters) – Oil prices lost more than 1% on Tuesday after surging nearly 2% in the previous session as traders monitor developments surrounding the war in Ukraine and potential disruption to Russian fuel supplies.Brent crude was down $1.08, or 1.57%, at $67.72 a barrel by 1040 GMT, having hit its highest since...
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Star Oil Revises Fuel Prices Effective August 25
Star Oil has announced new fuel prices, which took effect from 8:00 a.m. on Monday, August 25, 2025. Under the revised pricing, Super now sells at GH¢12.77 per litre, up from the previous rate, although some outlets are expected to retail at GH¢11.97m. Diesel has been reduced to GH¢13.45 per litre, with certain stations pricing...
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Global oil markets will face record surplus in 2026, says IEA
(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....
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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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Non-oil exports boom, hit $3.2bn in six months11th August 2025.
Nigeria’s non-oil exports soared to $3.225bn in the first half of 2025, marking yet another milestone in the sector’s growth, the Nigerian Export Promotion Council announced on Sunday. This figure represents a 19.59 per cent increase over the $2.696bn recorded in the same period of 2024. The Executive Director/Chief Executive Officer of the NEPC, Nonye...
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Star Oil Announces Revised Fuel Prices Effective August 2, 2025
Star Oil has announced new pump prices for its petroleum products, effective 8:00 AM on Saturday August 2, 2025 The latest pricing sees a drop in the cost of Super and Diesel, bringing some relief to motorists amid ongoing economic pressures. According to the company: Star Oil says the revision is in line with its...