The International Energy Agency (IEA) announced on Tuesday that its 32 member countries will release a record 400 million barrels of oil from emergency reserves to counter supply disruptions caused by the Iran war.

Power Grid Collapsed 46 Times in Six Years, Says IEA The International Energy Agency says Nigeria’s national power grid collapsed 46 times from 2017 to 2023. According to the report released on Wednesday, Nigerians endured more nationwide blackouts in 2023, especially on September 14 when the...

Nigeria’s Oil Faces Threat As Electric Vehicle Sales Rise         The rising number of countries gradually shifting from fossil fuels and encouraging the adoption of electric vehicles may pose a major threat to Nigeria’s crude oil exports. Sales of electric cars topped 2.1 million globally in 2019,...

Electricity: In 10 Months, Nigeria Loses N243bn       Nigeria recorded losses in power generation volume valued N243 billion between January and October this year. This is contained in the October 2020 electricity generation statistics released by the Association of Power Generation Companies (APGC), the umbrella body...

Covid-19: Developing Countries’ Oil Revenue To Drop By 85%   The outbreak of the Covid-19 is expected to push down the oil revenue of Nigeria and other developing countries who rely on oil to fund their public spending, by up to 85 per cent, the Organisation...

Oil prices were lower on Friday but on course for weekly gains, the third in a row in the case of Brent as the clean-up after hurricane in the United States gathers pace and the outlook for demand rise. U.S. West Texas Intermediate crude was...