All eyes on OPEC as Trump gripes over prices
Just nine days before a big OPEC meeting, US President Donald Trump joined the oil-market fray on Wednesday, blaming the group for high prices.
Nigeria’s transmission network requires N1.8tr five-year funding
The Federal Government has said that Nigeria’s power sector required an investment of $5billion (N1.8 trillion) in the next five years to solve transmission challenges.
Global oil discoveries fall to lowest level in 70 years
Global oil discoveries fell to a record low in 2016, as companies continued to cut spending, and conventional oil projects sanctioned were at the lowest level in more than 70 years...
World oil market 'close to balance' despite OPEC cuts
Supply and demand in the oil market are close to matching up, the IEA said Thursday, as landmark OPEC-led production cuts are mitigated by rising US supply and slipping worldwide demand growth.
Energy insecurity, a time bomb waiting to explode!
The International Energy Agency (IEA) defines energy security as “the uninterrupted availability of energy sources at an affordable price. Energy security has many aspects: long-term energy security mainly deals with timely investments to supply energy in line with economic developments and environmental needs.
Energy efficiency gains ground amid lower prices, says IEA
Economies have needed less energy to grow in recent years, especially in China and other developing countries, but more vigorous policies are needed to achieve climate targets ...
Crude oil prices hit one-month high at $47.38 a barrel
Meanwhile, the International Energy Administration (IEA) said in its August report that global oil demand growth is expected to slow from 1.4 mbpd (million barrels per day) in 2016 to 1.2 mbpd in 2017, as underlying support from low oil prices wanes.
Operators cut $300b spending in two years
The global oil and gas industry has in the last two years cut about $300 billion investment, or 42 per cent of the total due to the low crude oil prices.
No respite for OPEC’s dwindling crude oil revenue
There is no doubt that crude oil has contributed substantially to Nigerian revenue since its discovery in 1956 and more especially, since 1970 when its price was on the upward trend.