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...
Category: Oil Prices
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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...
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Exxon, Chevron profits to drop to lowest point since pandemic, analysts say
(Reuters) -Top U.S. oil producers Exxon Mobil and Chevron are expected to report their lowest earnings in four years when they release second-quarter results on Friday, as weaker oil and gas prices slashed revenue. The April-June quarter covered a volatile period in which the OPEC+ group of producers continued raising their production volumes, putting pressure...
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Transparency and Reform in NPA’s Fund Management: Decoupling Roles for Accountability
The Centre for Environment Management and Sustainable Energy (CEMSE) is calling for urgent reforms within the National Petroleum Authority (NPA), advocating a clear separation between the Authority’s regulatory role and its management of petroleum-related funds. CEMSE argues that the NPA’s dual mandate has led to a lack of transparency and accountability, with significant revenue surpluses...