Oil Market Rises As Dollar Weakens On Thursday, the oil market rose after retail data in the United States prompted a sell-off in the Dollar, the trading currency for the commodity, with Brent crude futures up by $1.26 or 1.5 per cent to $82.86 a...

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,...

IEA, OPEC Predict Deeper Drop In Global Oil Demand       The International Energy Agency (IEA) has trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic. Oil prices slumped further below $40 per barrel on Monday, close to...

Oil Demand To Drop 8m Barrels As Air Travel Dips     The International Energy Agency, IEA, has warned that demand for oil will plummet by 8.1 million barrels per day (bpd) in 2020 due to reduced air travel occasioned by the Coronavirus (COVID-19) pandemic. This is...

Concern Over Nigeria’s Gas Industry As Shortfall Persists   Amid lingering gas supply shortage in Nigeria despite huge reserves, the International Energy Agency has said the current outlook for Nigeria’s gas industry is far from bright. Early this month, the country saw a sharp increase in the...

Gradual Shift To Natural Gas For Local Consumption In Nigeria   Gas is one of the hydrocarbons Nigeria has in abundance, yet under-utilised. With the need for increased energy generation, industrial production and household consumption, the country is beginning to explore measures to take advantage of...