Amid escalating geopolitical tensions, oil prices surged due to concerns over potential disruptions in global oil supply chains, affecting market stability and price dynamics.
Victor Adetimilehin
Victor Adetimilehin
Victor Adetimilehin, widely known as Vic’Adex, is a celebrated global arts in medicine fellow and a staunch ambassador for religious tolerance. Beyond his institutional affiliations, Victor is an incredibly passionate and award-winning spoken word artiste, most notably recognized for his stirring poem, "men not gods." A fervent supporter of pan-Africanism, he actively champions and bolsters Nigerian creative hubs, fostering an environment of artistic growth and cultural exchange. Victor's dedication to the arts and peace advocacy positions him as a vital influencer in bridging cultural gaps.
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A Texas judge dismissed a lawsuit by Exxon Mobil against activist investor Arjuna Capital after the group agreed to withdraw a proposal on greenhouse gas emissions. The dismissal raises concerns about Exxon’s approach to shareholder engagement on environmental issues.
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Texas, Louisiana, and Mississippi challenge a federal rule demanding $7 billion in cleanup guarantees from oil companies, arguing it could devastate smaller operators.
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British wind and solar farms could face unexpected charges when exporting clean power to continental Europe under the European Union’s new carbon border tax plan. This has sparked concerns within the UK energy industry, which fears the levy could penalize green energy producers and increase energy prices for consumers.
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The United States’ oil refining capacity edged up for the second consecutive year, reaching 18.38 million barrels per day (bpd) in 2024. This increase is primarily driven by expansions at existing facilities, with a major project at Exxon Mobil’s Beaumont, Texas refinery playing a significant role. However, the industry grapples with consolidation and uncertainty surrounding the ownership of Citgo Petroleum, the sixth-largest refiner, potentially impacting future fuel prices.
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Western sanctions aimed at crippling Russia’s oil exports have had a mixed impact. While Russia is selling less oil and for lower prices overall, a growing network of shippers is helping them find new buyers and earn more revenue than initially anticipated. This network, known as the shadow fleet, is allowing Russia to sell its oil to countries like India for a higher price, despite the $60 per barrel price cap imposed by the West.
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OPEC, the world’s leading oil producer group, contradicts the IEA’s forecast of imminent peak oil demand. OPEC maintains a bullish outlook, expecting oil consumption to rise for decades to come.
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The fight to acquire Citgo Petroleum, the seventh-largest oil refiner in the United States, has intensified. A court overseeing the auction of shares in Citgo’s parent company, Venezuela’s PDVSA, is allowing bidders to increase their initial offers submitted by the June 11th deadline.
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Attacks by Yemen’s Houthis on Red Sea tankers are disrupting global oil shipments, forcing a surge in shipments around Africa’s Cape of Good Hope. This rerouting is raising concerns about oil supply stability and pushing up shipping costs.
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The anticipated takeover of Spanish energy firm Naturgy by TAQA has been called off, stirring the global energy market and altering future investment plans.