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Thursday, August 13, 2020

Nigeria imported 5.26bn Litres of Premium Motor Spirit in Q1 2020

The petroleum products importation statistics for Q1 2020 reflected that 5.26bn litres of Premium Motor Spirit (PMS), 1.66bn litres of Automotive Gas Oil (AGO), 258.27m litres of Aviation Turbine Kerosene (ATK), 28.33m litres of Low Pour Fuel Oil (LPFO) and 135.14m litres of Liquefied...

IEA see Oil, kerosene, jet fuel demand slump in 2021, warns COVID-19 clouds outlook

LONDON, July 10 - The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. The Paris-based IEA raised its forecast to 92.1 million barrels per day (bpd),...

Goldman Sachs Analysts see global oil demand spikes pre-pandemic levels by 2022

In a research note published Thursday, analysts at Goldman Sachs estimated global oil demand would decline by 8% in 2020, rebound by 6% in 2021 and “fully recover” to pre-coronavirus levels by 2022. It comes after oil...

Pump or dump? With oil in decline, Africa ponders its energy future

Laurie Goering LONDON, July 2 - As the COVID-19 pandemic bashes economies and demand for oil, many African nations dependent on exporting fossil fuels are “haemorrhaging” cash, African energy experts warned this week. The crisis - which comes as more investors shun carbon-heavy businesses -...

Raising Finance to Acquire A Marginal Field? Key Issues to Consider

On the 1st of June 2020, the Federal Government of Nigeria (“FGN”) via the Department of Petroleum Resources (“DPR”) formally announced the commencement of the long-awaited marginal field bid round. According to the guidelines published by the DPR, a marginal field is defined as a...

‘Fuel made from Nigeria’s illegal refineries in Niger delta have higher quality than imported petrol’

Samples from illegal refineries in Niger delta found to be of a higher quality than imported petrol in new analysis Black market fuel made from stolen oil in rudimentary “bush” refineries hidden deep in the creeks and swamps of the Niger delta is less polluting...

The Long Road To Global Oil Demand Recovery

Fuel demand in the United States has been gradually increasing in recent weeks, clawing back over half of the consumption lost during the first couple of weeks of lockdowns. Gasoline demand has been rising since early April as lockdowns eased and...

Oil Markets May Fully Recover In 2022

Oil demand may not recover to pre-pandemic levels until 2022 at the earliest, according to a new report from the International Energy Agency (IEA). The surplus of crude oil sloshing around the world has narrowed quicker than expected, owing to a severe drop in supply...

OPEC Production Cut will affect Nigeria, Says FSDH

The crude oil production cut agreed by members of the Organisation of Petroleum Exporting Countries (OPEC) to rebalance the market could pose more challenge challenging for Nigeria and other oil exporters, analysts at FSDH Merchant Bank have stated. The financial institution stated this in its...

Spot LNG, the worst-performing energy commodity, faces more price pain

With the recovery in crude oil prices, spot liquefied natural gas has assumed the unwanted mantle of the worst-performing major energy commodity this year. Spot LNG for delivery to North Asia in July dropped to $1.85 per million British thermal units (mmBtu) in the week...
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